Australian Finance Industry Association

Mario Rehayem, CEO, Pepper Money ANZ, Diane Tate, CEO, AFIA; Lyn McMorran CAE, CEO, Financial Services Federation & Leigh Lytle, CEO, Equipment Leasing & Finance Association talked about how lenders are facing different economic and regulatory conditions across the U.S, New Zealand and Australian markets.   We also heard about the importance of collaboration of industry associations globally, noting the value of collective advocacy.

Gerard Florian, Group Executive Technology & Group Services at ANZ, and Duncan Taylor Manager of Financial Services Industry at ANZ Microsoft, shared their experiences with adopting innovation, from AI to building a cohesive set of experiences. They offered some key advice, before creating new policies and models, it's essential to leverage existing tools wherever possible. There’s also a noticeable reluctance among regulators, who may struggle to keep up with rapid advancements. However, when it comes to policy procedures and governance, there are no shortcuts. ANZ is taking a measured approach to ensure thoughtful, deliberate progress. ANZ's approach is delivering significant benefits, including richer experiences for consumers and impressive productivity gains.

Nigel Marsh shared his insights on the key characteristics of great business leaders. They have a steadfast focus on the basics and can clearly and concisely articulate the purpose of their business. They prioritise quality communication with their employees and are deeply committed to unlocking the creativity within their teams. When things go wrong, they remain calm and effective, handling challenges without becoming overwhelmed. When these traits are present not just in individual leaders but across entire teams, the impact is even greater. The secret to true leadership, and to being human, is embracing our limitations and learning to enjoy the process. Recognising the value of needing others is essential for growth and success.

The Hon. Luke Howarth MP, Shadow Minister for Financial Services, reflects on the ongoing economic, cost of living, and housing challenges. He affirms the Coalition’s commitment to boosting productivity for both businesses and Australians, while recognising the vital role of the finance sector in stimulating the economy and supporting business growth. Australia is grappling with rising debt, declining investment, resulting in shrinking disposable income. Unlike other major economies, inflation in Australia remains stubbornly high. Self-regulation remains crucial to meeting community expectations and reducing the need for government intervention. While regulation has its place, fostering competition, efficiency, and choice will be key to helping Australians navigate these tough times.

The Hon Stephen Jones highlighted the crucial role of well-functioning credit markets in driving economic growth and helping people achieve their aspirations. He also shared the positive news of the BNPL legislation's passage through Parliament, noting how this Australian innovation has introduced competitive pressure, resulting in lower-cost credit products for consumers. On scams, the Minister noted that scam activity in Australia has declined for the first time in recent data, reaffirming the Government's commitment to working with businesses to reduce these numbers further. Finally, he committed to ensuring a workable Consumer Data Right (CDR), acknowledging the potential regulatory burden for non-bank lenders.

Wendy Mackay, Program Director at Digital Finance CRC, highlights the powerful intersection of innovation and sustainability. As digital markets drive a rapid industrial revolution, businesses that adapt, embrace innovation, and collaborate will thrive. The rise of green fintechs reflects growing demand for sustainable solutions, creating new opportunities. Directors play a critical role in ensuring compliance and avoiding greenwashing as we transition to a greener future. AFIA’s sustainability toolkit can help members assess their readiness—contact us for access!

As we dive into the Cybersecurity Risks session today, one question is top of mind: What’s keeping you up at night?The world of cyber threats is evolving fast, and every business faces the challenge of staying ahead of increasingly sophisticated risks. Our hosts Roza Lozusic BA LLB, Executive Director, Policy & Public Affairs, Jacqui Kernot, Vice President, Thales, Feyi Akindoyeni, Founding Partner, Communications, SEC Newgate, and Heidi Hutchison, Signals Directorate shared their thoughts on this pressing topic. To further support the finance industry, we're proud to be launching the AFIA Cybersecurity Toolkit—a critical resource designed to help organisations navigate this complex landscape and strengthen their security frameworks, against the things keeping them up at night.

Melanie Hayden, Managing Director, Truyu, delivered a compelling session on some of the most prevalent scams in the market today. From classic door-to-door frauds to the increasingly sophisticated deep-fake AI scams, she provided an eye-opening look at the tactics scammers are using. The session also highlighted essential tools that customers can utilise to protect their data in real time, empowering attendees with practical strategies to stay one step ahead of cybercriminals.

Richard Wormald from Mastercard delivered an inspiring presentation, showcasing compelling case studies that highlight the transformative power of technology in promoting financial inclusion. He shared innovative initiatives, such as leveraging tech to drive inclusion for Australians in remote communities, supporting businesses owned by Ukrainian refugees in Poland, and using thoughtful design to enhance accessibility for wheelchair-bound ball kids and vision-impaired users. Each case study underscored the profound impact of technology in creating a more inclusive world.

A thought-provoking session was delivered by Warren Hogan, Chief Economic Advisor at Judo Bank, who spoke to how difficult it is for economists to make credible interest rate forecasts, and how the fundamental demographic shift since Covid-19 has changed the supply/demand dynamic of the economy.