Page 1

AUSTRALIAN RETAIL BANKER w www.rfigroup.com t twitter.com/RFiMediaGRB

Founder and CEO, Rare Birds

RFi OPINION

INTERVIEW

PAYMENTS & DIGITAL

09 Marginal market share movements & opportunities

22 Paul Shetler, Digital Chief Executive & entrepreneur

45 MasterCard to launch “Selfie Pay” in Australia


CONTENTS

12

09 16 20

22 25 RFi GROUP OPINION

WOMEN IN LEADERSHIP

RFi ANALYTICS OPINION

09 Marginal market share movements and opportunities

16 Jo Burston, Inspiring Rare Birds

25 A warm Vale to Hans Rosling

RFi GROUP INSIGHT 12 Focusing on digital is not enough

THOUGHT LEADER INTERVIEW 20 Bradley Gerdis, SmartPay 22 Paul Shetler

TRANSACTIONS 28 Woolworths to accept UnionPay


CONTENTS

28 32

36 39 42 45 SAVINGS

CARDS

PAYMENTS & DIGITAL

32 Savings shortfall as workers near retirement

39 Apple to spark credit card competition

45 MasterCard to launch “Selfie Pay” in Australia

MORTGAGES

PERSONAL LOANS

36 NAB unveils two new broker channel promotions

42 Canon and SocietyOne partner up


RFi March Statistic

Data taken from RFi Global Distribution report, Global Islamic Banking report and SME & The Gulf Cooperation Council (GCC) and the Middle East and North Africa region (MENA) accounts for

more than 80% of total Islamic banking assets globally In

For loan products,

digital applications overtook branch applications for the first time in the last 12 months.

us co for

Globally, one in two loan product holders applied in the last 12 months applied via a digital channel, compared to two in five who applied at a branch.

Tw int mo

50%

MEDIUM

MICRO

38%

ac pa

CHANNEL

SMALL 30%

In Mexio, micro companies

than SMEs – 38% vs 30% and 22% respectively

product via a digital channel,

compared to 32% who applied for their

22%

are more likely to use cash

Globally, 50% of banking customers would prefer to apply for a future banking

32% APPLICATION

last product via digital.

Appetite for digital applications is highest in China and India.


cs

& Commercial Payments reports Despite cheques still being commonly used for business expenses in Canada,

40%

ccount balances and aying bills

sing mobiles are the most ommonly preferred options r SMEs by a wide margin.

wo thirds of SMEs would be terested in paying bills via obile banking

29%

INTERAC ONLINE

E-TRANSFER & EFT

Canada, checking

CHEQUES

78%

38%

electronic payments are quite popular,

particularly for Interac Online, e-Transfer and EFT

In Mexico, digital banking is already the most used channel by SMEs to pay bills. 29% of SMEs

use the bank’s website via the web browser on a PC / laptop

45%

g

APPLICATIONS

More than 1 in 2

of Islamic banking participants in Indonesia are

highly likely to advocate their Islamic banking provider

Digital application channels continue to displace the bank branch. Globally, 45% of consumers who applied for a product in the last 12 months used a

digital application channel.


The 8th annual Australian Retail Banking Summit is a high-quality, two-day summit hosted in Sydney. It is a collaborative venture; aligning the success of RFi Group’s Australian Savings and Deposits Conference, Customer Experience and Consumer Finance Forums. The event will draw upon the latest RFi Group research findings and bring together top industry professionals both globally and nationally to provide key insights on the latest issues within retail banking. This retail banking segment is arguably one of the most important areas within a bank, and one that is paving the way for innovation and disruption within financial services, making focus on this segment integral to the future of banking. The event program will encompass all facets of ‘everyday banking’ including; transactions, savings, deposits and payments.

In attendance, will be: + Senior Directors and executives of retail banking + Senior executives, heads and directors of customer experience + Head and directors of lending - Mortgages and Personal Loans + Head and directors of cards and payment processing + Senior executives, heads and directors of digital and technology + Heads and directors of branches, distribution, and product development + Head and directors of marketing For more information or to register, please contact: James Harradine, RFi Group jharradine@rfigroup.com / 02 9126 2616


Welcome to the March 2017 Edition of the Australian Retail Banker, a newsletter designed to provide updates on news and trends within the Australian retail banking market specifically in the areas of transactions, savings, deposits, mortgages, cards, personal lending, payments and digital banking. March is all about Digital, beginning with RFi’s Alan Shields sharing his thoughts on the digital wallet economy in his monthly Opinion Piece, while the Insight Piece looks at consumer preferences, also, firmly within that digital mindset. During International Women’s Month (International Women’s Day falls on March 8th) our Women in Leadership interview features the incredible entrepreneur and business powerhouse, that is Jo Burston. Jo’s candid, no holds barred interview is such an inspiration and I hope you love the read as much as I enjoyed writing it. This issue’s Thought Leader Interviews features world class Digital Chief Executive and entrepreneur, Paul Shetler

as well as a special spotlight on new market entrant SmartPay CEO, Bradley Gerdis. Our product news looks at Square’s new offer of online payments in Australia, the startling statistic that one quarter of Australian children don’t have a savings account, the closure of a loophole to use personal loans to fund home deposits, MasterCard’s launch of “Selfie Pay”, the new mortgage rate rises hitting borrowers and Coles and Citi finalising a new credit card agreement. I hope you enjoy this edition, as always, thank you for your support of RFi Group. Have a great month,

Chloé James Editor / Group Media & PR Director +61 (0) 451 790 929 cjames@rfigroup.com


AUSTRALIAN RETAIL BANKING AWARDS 2017 THURSDAY 25 MAY 2017 I SHERATON ON THE PARK

The 27th annual Australian Retail Banking Awards (formally the AB+F Awards) are the only awards dedicated exclusively to achievement within the retail banking industry. The awards acknowledge the quality operators across the board as well as those catering to specific market segments, leading professionals and thought leaders. Award categories including Innovative Card Payment of the Year, Innovative Retail Banking Product of the Year, Financial Services Executive of the year, and many more and will be awarded to top leaders and institutions. Submissions close 10 March 2017.

Visit www.australianretailbankingawards.com.au for more information and to download the nomination pack


RFi GROUP OPINION

WORDS ALAN SHIELDS, RFi GROUP

A

s a financial service business intelligence organisation, it’s important for us to keep our finger on the pulse of what trends are emerging globally and what the market sees as key metrics to be tracking. Our job is made that much easier by the fact that we are in constant contact with the market through our client interactions. This is particularly relevant in the payments industry where the foundations are shifting so quickly. Bankers love a good acronym and

the TLA (three letter acronym) has a special place in the hearts of many. To this end, a key driver of success of card issuers the world over has traditionally been their position in the consumer wallet and whether or not they could obtain ‘Front of Wallet’ (FOW) status. Essentially the FOW card gets the lion’s share of the spend and usage and therefore, achieving this status impacts significantly on card profitability.

Essentially the FOW card gets the lion’s share of the spend and usage and therefore, achieving this status impacts significantly on card profitability.

However, one trend that I have seen emerge in the last 12 months is that ARB - RFi MEDIA 09


RFi GROUP OPINION

card issuers are increasingly interested in understanding where they sit in the new digital wallet economy. Success in this area consists of winning in two key areas: - Snaring the ‘Card on File’ (COF) position when it comes to one-off or recurring digital payments. Examples of this are; iTunes, PayPal, Netflix, Uber, Amazon, Alipay etc. - Winning the battle for ‘Top of Device’ (TOD) status in the mobile wallet space. Examples of this are: Apple Pay, Android Pay, Samsung Pay, NABPay, ANZ Mobile Pay etc. These metrics are only going to become more important over time. RFi’s annual payments diary tells us that almost 40% of the value of all Australian consumer spend is now online, up from less than 20% in 2012. In conjunction with this, RFi’s December 2016 data tells us that more than 17% of Australian credit cardholders have now used a mobile payment wallet, up from less than 12% in March 2016 – an increase in relative terms of almost 50%. As if these growth figures weren’t enough of a reason for focusing on the trends, taking the TOD customers in isolation, they are much more attractive than their FOW-only 010 ARB - RFi MEDIA

counterparts. For starters RFi data shows that they are more than 8 years younger (at 25.5 years vs 33.8 years) but the real kicker is that they spend 22% more per month on average than those only using their card outside of a mobile wallet. The benefit for issuers is that, of course, there is a lot of crossover traditional FOW status and TOD, with something like half (47%) of all mobile wallet using credit cardholders nominating the same card as FOW and TOD. However, there are two sides to every statistic and this means that the other 53% of TOD positions are up for grabs. Of course the main debit card is a big contender for this share, but it is worth pointing out that the number one consideration and concern of consumers when it comes to mobile wallets is security. Simply put, many consumers don’t want to put their primary payment mechanisms ‘at risk’. This is a factor that is likely to grow in significance as more hesitant consumers start to use mobile wallets. Traditionally the cards market hasbeen one of marginal market share movements. Going forward, this battle for TOD status cannot be underplayed. It is a massive opportunity for secondary card providers.


RFi GROUP OPINION

There is a lot of cross-over traditional FOW status and TOD, with something like half (47%) of all mobile wallet using credit cardholders nominating the same card as FOW and TOD.

% OF CREDIT CARDHOLDING MOBILE WALLET USERS WHO HAVE THEIR FRONT OF WALLET (FOW) CREDIT CARD AS THE THEIR TOP OR DEVICE (TOD) PAMENT SOURCE 100% 80% 60%

60% 53%

50%

47%

47% 41%

40%

36%

36%

Samsung Pay

NAB Pay

20% 0% Android Pay

ANZ Mobile Pay

CommBank Tap & Pay

Westpac Tap & Pay

Apple Pay

Average

Source: RFi Group

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RFi GROUP INSIGHT

FOCUSING ON DIGITAL IS NOT ENOUGH WORDS AMIT KHAN, RFi RESEARCH

D

igital banking is undoubtedly one of the most talked about aspects of banking, drawing extensive development investment and marketing spend. While this is important, and reflects underlying changes to consumer preferences, it would be a mistake for banks to focus entirely on digital channels while neglecting traditional channels. Long term usage trends clearly indicate a decline in traditional banking channels such as branches and ATMs. Part of this reflects a shift in payment methods away from cash towards electronic forms and the rapid development of online/mobile banking capabilities. Despite this, consumer research data suggests traditional channels retain their importance. When looking at reasons for choosing the transaction account (the

product most likely to dictate the main banking relationship) ATM locations and branch locations are amongst the top five drivers overall. While age does have a bearing, even younger customers cite traditional channels in their top ten drivers. So how do we reconcile the declining use of traditional channels with their sustained importance? To answer this we must turn to channel preferences. This data reveals the importance of flexibility to customers - the ability to use different channels for different tasks and the ability to switch between channels when required. Customers continue to prefer human/face to face interaction when it comes to resolving problems, making complaints and

TOP TEN REASONS FOR CHOOSING PRIMARY TRANSACTION ACCOUNT By age Significantly higher than average

Significantly lower than average

18 - 24

25 - 34

35 - 44

45 - 54

55 - 64

65+

Total

Trust

32%

30%

25%

25%

26%

31%

28%

This institution was already my MFI

27%

24%

22%

20%

33%

29%

25%

Existing banking relationship

19%

24%

20%

22%

31%

33%

25%

ATM locations

29%

20%

23%

19%

24%

30%

23%

Branch locations

23%

14%

19%

20%

24%

32%

21%

Recommendations

48%

31%

24%

14%

8%

8%

21%

Positive customer service

24%

20%

15%

15%

20%

31%

20%

The internet banking

21%

14%

12%

12%

22%

24%

17%

A change in my circumstances

23%

14%

15%

20%

14%

15%

17%

Visa/MasterCard debit card access

19%

13%

13%

14%

15%

26%

16%

Source: RFi Group

12 ARB - RFi MEDIA


RFi GROUP INSIGHT

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RFi GROUP INSIGHT

HOW WOULD YOU PREFER TO PERFORM THE FOLLOWING BANKING TASKS? Branch

100% 14%

80% 60%

11%

15% 11%

Phone

12% 9%

27% 35%

Online via computer

20%

25%

21% 24%

Mobile

22%

Other

19%

15% 20%

20%

8%

14%

8%

7%

19%

50% 50%

8%

46%

31%

Applying for a transaction account for personal use

43%

31%

5%

0% Applying for a credit card for personal use

Applying for a home loan

15%

53%

46% 34%

22%

38% 7%

40%

12%

2% 6%

2% 8%

2% 5%

13%

Checking balances

Transferring money

Paying bills/ BPAY

Updating personal details

30%

Resolving a problem or complaint

Seeking investment advice

Source: RFi Group

seeking advice. Simpler tasks are where online banking excels – including checking balances, transferring money and paying bills. Applications draw a mixed response, with preference dictated by the importance of the product to the consumer as well the level of complexity involved in the application process. Online receives the highest preference when it comes to credit card applications but when it comes to mortgages the branch is the clear favourite. Thus, traditional channels remain important because customers prefer to use them for certain tasks.

The other crucial dimension is the interaction between multiple channels, an integral component of overall customer satisfaction. The above analysis is to some extent one dimensional, not capturing a customer’s journey in completing various tasks. The other crucial dimension is the interaction between

14 ARB - RFi MEDIA

multiple channels, an integral component of overall customer satisfaction. As an example, when it comes to researching a product a customer may first seek general information online, then use the phone to make a more detailed enquiry, before going into a branch to clarify uncertainties. Similar journeys can also be traced for product applications and other complex tasks. When it comes to mortgage applications for example, RFi Group data indicates the key factor that would compel more customers online is the ability to start an application online but continue in branch if required. Customer preferences and the sustained importance of traditional channels points to the importance of the omnichannel experience in banking. The challenge for banks is to not only create an amazing digital experience, but also ensure channels talk to each other. The goal is to create amazing customer journeys, no matter what the preferences are. If you have any questions, please don’t hesitate to contact the RFi Research team directly: RFi Research +61 2 9126 2613 akhan@rfigroup.com


RFi GROUP INSIGHT

WOULD ANY OF THE FOLLOWING ENCOURAGE YOU TO COMPLETE A MORTGAGE APPLICATION ONLINE? 50% 42%

40% 30% 24%

24% 20%

20%

16%

10%

15%

5%

0% The ability to start the application online, but continue it in a branch if I need to

Improving security

The ability to save, stop, and start the application at any time

An online live chat function to guide you through the application process

A dedicated application telephone support hotline

The ability to complete the application online via a mobile device

Other

Source: RFi Group

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RFi GROUP WOMEN IN LEADERSHIP

Jo Burston Founder and CEO, Rare Birds WORDS CHLOÉ JAMES

International Women’s Day falls on 8th March and what a month to highlight the unstoppable force that is Jo Burston, founder and CEO of BRW superstar Job Capital and the empowering entrepreneurial movement, Inspiring Rare Birds.

I have learnt as I’ve gone along, that by being honourable you don’t have to look over your shoulder. I sleep well every night because I know I’m making decisions that I think are right at that time, and if it’s not the right decision, I’ll pivot and make a different one. 16 ARB - RFi MEDIA


RFi GROUP WOMEN IN LEADERSHIP

Jo has long been recognised as one of Australia’s top 50 entrepreneurs. She was the Oceania ambassador for the UNrecognised Women’s Entrepreneurship Day in 2015, sits on the advisory board for the University of Sydney Business School and University of Sydney Innovation and Entrepreneur Advisory Group and is a global ambassador for innovative accounting software Xero and software company Microsoft. Jo is passionate about encouraging young Australians to endeavour to find out exactly who it is they want to become, and create their own jobs to achieve this. In February, Jo invited RFi Group’s Media and PR Director, Chloé James to Parliament House in Canberra in honour of her unwavering goal for 1 million female entrepreneurs to join its global community by 2020, an initiative and evening, supported by The Honourable Julie Bishop and The Honourable Michael McCormack. If you’re looking for inspiration, you’ll find it in Jo. She is one of a kind, strong, proud and generous, she lights up a room the moment she enters and wants everyone else to do the same. We hope you enjoy the interview. How did you get to where you are today and what, or who, has been your greatest influence in business? Jo began her journey as an entrepreneur, in her words “quite late” (at 32) after spending her early 20s travelling “I wasn’t really sure who I wanted to ‘become’ yet!”, before jumping on the career ladder at 26/ 27. “I joined a salary packaging business in an entry level sales and migration role, before building my desk into a pretty significant part of the business. Within five years I was the Managing Director, having turned it from a $40 million company, into an $80 million company.” … Not bad for Jo, who had never attended university... “We were working class, my dad was a fireman and my mum a bank teller who

both had the same jobs their entire lives. There were no significant businesspeople in my life… except for one cousin who now has a trucking company but I don’t think either of us would say there’s any correlation there!” For Jo, it was a strong sense of numbers and natural flair for mathematics that sparked the ignition and created a firestorm. Following the astounding success of her ‘entry-level-to-MD-job’, she approached the (then offshorebased) directors asking for a welldeserved slice of the company, and… they declined. “It was 2005 and to this day I think this was one of the sliding doors moments of my life.” Jo had an existing trip to Melbourne planned to meet with a peer of the directors, got her window of opportunity (after a delayed plane nearly put paid to the meeting altogether!) and made a few clever, bold and as she describes them, ‘instinctive’ moves. “I walked into the office of what I knew was a very important businessman. It was pre-GFC, people were making a tonne of money on the markets and this guy was in commodities and equities trading. There were screens on every foreseeable surface! I remember him having this vibrant, intoxicating, magnetic energy. I knew who he was, his background… a serial entrepreneur who had a $300 million company when he was just 27. When I met him, he was in his late 40s and onto company number 9 or 10. He’d done IPOs, trade sales, turnarounds, he’s started businesses on blank pieces of paper and I was just magnetised. That was probably the first time in my life that I thought ‘this is actually who I want to become, this is what I want to do’.” He asked Jo to take a seat anywhere in his office and - if you know Jo this will probably not come as an enormous surprise! - she walked around to his side of the desk, sat in his chair and I said, “Well, I’m going to sit here one day anyway, so why don’t I start today?” She continues “As you can imagine he

thought ‘Who the h*ll is this!?’ but, we got off to this incredible start, talked about the company I was working for, I thought he was lining me up to work for him but, he just said, ‘You know you could be doing this for yourself’. The conversation turned into a few hours, he wiped his diary and six weeks later, became the first shareholder of Job Capital. He became my mentor, (as he remains), and my business partner at the same time.” Jo tells me her gut feeling was so strong, so electrified, and motivated, that she knew who she wanted to become from that meeting, and it hasn’t changed. What is the driving force behind your career goals/aspirations? To Jo there are two parts; a part that comes from the heart and a part that comes from the head. She has quite rightly coined the phrase ‘I’ve got a profitable, smart heart’… having always wanted to use her brain to make money and her heart to make an impact. “I think for a long time it had to be one or the other, but I’ve been able to work out a way to put them together. In the early days when I was driving Job Capital, my main focus was getting to the top of the mountain. I wanted to climb Everest! I wanted to make it to the top first and I wanted to be the best at my game. I had a massive ego and I wanted to be acknowledged for it. I wanted to be that person who came from humble beginnings and show that anyone can do it, that you didn’t have to have a formal education (although I absolutely don’t disagree with people who do), but that entrepreneurship can be for anyone, not just for kids who went to private schools, who came from ‘good’ backgrounds. I also think that I have this attitude in life that is incredibly positive and optimistic and I don’t see the problems, I see solutions to everything, I find that there is always a way to find a solution to whatever the problem is.” Have you ever made a business decision you’ve regretted and can you share it? And what would you say is your greatest professional achievement to date?

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RFi GROUP WOMEN IN LEADERSHIP

As someone who knows Jo relatively well, as I suspected, she is never particularly interested in dwelling on the negative drama of ‘failure’, in fact, she rather enjoys it! “I’m more caught up and really quite comfortable actually in uncertainty and a level of trust in myself that has only expanded and become broader. Things that if they’d happened to me ten years ago, would’ve frightened the daylights out of me, today, I hardly blink an eyelid because I know I’m going to work them out and find a way.”

I think leaders do have to have ‘heart’, a sense of empathy and compassion, and recently, perhaps over the past five years, we’ve seen great leaders not just talk about what they think, but about how they feel when they address their companies at large. It really is a seismic shift in the relationship between leader and employee, or leader and team. A life altering situation sideswiped Jo during the second year at Jo Capital, when her father was diagnosed with aggressive bone and prostate cancer. She spent the next year travelling backwards and forwards, all while running an excruciatingly fast-growth company. Jo’s father sadly passed away from the disease and she reveals that his unbridled pride in who she is and what she does, remains a major driver to this day. “I do things today thinking ‘my dad is going to be proud of me for that’, and that’s where the real heart stuff comes in.” And wouldn’t he be. She continues; “From that perspective, I think leaders do have to have ‘heart’, a sense of empathy and compassion,

18 ARB - RFi MEDIA

and recently, perhaps over the past five years, we’ve seen great leaders not just talk about what they think, but about how they feel when they address their companies at large. It really is a seismic shift in the relationship between leader and employee, or leader and team, perhaps more importantly, we’ve recently seen men do that, which we never used to.” Jo finishes that a clear attribute here is a steadfast authenticity. “I think the person that I am inside the boardroom is not different to the person that I am outside the boardroom. There is something quite miraculous that happens in incumbent businesses a lot of the time, where the person gets into the lift and there’s a change in their persona, they put on a performance, a superhero’s outfit. I think entrepreneurs in particular are very good at not doing that. I think that who we are and how we behave outside of a business is very parallel to who we are and how we behave inside the business. It comes down to how we’re humanised and how we humanise the people around us, as well as value them. For me, my values are permeable. They don’t change once I walk into the building; they’re the same wherever I am.” To greatest achievements Jo lists two (of, let’s be honest, what could be hundreds!); “In 2012 we were named by BRW as the most successful privately owned business in Australia under $100 million in turnover. When you thought about the number of businesses in Australia at that time (FYI, it was close to two million) and we were selected as the winner, I almost had a heart attack when that press came out. My perception of who we were, was much smaller than the perception of what the market saw us to be, which was great for the business. I think that was a real reflection of my ability to dream big and think big. The other thing, and it’s only just got started of course, is Rare Birds. Taking entrepreneurship to the world via women and taking entrepreneurship to the next generation of thinkers, change-makers, leaders and doers at a school level, which

is completely revolutionary, to have it in curriculum in high school in Australia, I’m really proud of that.” What do you do to keep evolving your career, to ensure a fulfilling and successful longevity? Meg tends to think in time zones; the one Jo tells me when she started Rare Birds, she could already see the end product. She knew her roadmap, knew what it was going to look like today and knows what they’re going to look like in five years’ time. She unequivocally knows they will achieve their goal of a million more women entrepreneurs in the Rare Birds community by 2020, and I, 100% believe her. Although Jo is excited by the future, she lives very significantly in the moment and in what she needs to do and achieve today, to get there. She continues that the more she does and the more she’s exposed to, who she sees as completely aspirational, who have incredible success, as being what drives her vision to go to the furthest place she thinks she can get to. From a strategic perspective, she reveals she has had to put the handbrake on from time to time ensuring the “logical steps” are mapped out. “The dynamic, or the acceleration of how I’ve got to where I am now is definitely down to the exposure I’ve had to particular people throughout my career. I pitched Rare Birds to Sir Richard Branson who as a result gave us a mentoring program that was never used outside of the Branson Centre of Entrepreneurship in South Africa. I’ve met Kofi Anan, Muhammad Yunus, Julian Assange, Peter Baca, Peter Schwartz; all these incredible, incredible people in the last 11 years who have each had a tiny effect on enabling me to not just see that I can do anything, but they confirm that must I back myself doing it, because it’s exactly what they do.” Jo adds some food for thought that reflects back to her earlier days at Job Capital, her desire to win, her fierce competitiveness… carefully balanced, with integrity.


RFi GROUP WOMEN IN LEADERSHIP

“I have learnt as I’ve gone along, that by being honourable you don’t have to look over your shoulder. I sleep well every night because I know I’m making decisions that I think are right at that time, and if it’s not the right decision, I’ll pivot and make a different one. If I’m wrong internally with my team I’ll stand up and say it. It’s about not having that arrogance inside the business, that you sometimes need outside of it, and about being exclusive at what you do, which requires a little bit of arrogance, without the ego.”

I have learnt as I’ve gone along, that by being honourable you don’t have to look over your shoulder. I sleep well every night because I know I’m making decisions that I think are right at that time, and if it’s not the right decision, I’ll pivot and make a different one. How do you achieve a work/life balance and what activities do you participate in outside of your working life, that you see contributing to your business success? Jo’s view of her younger self recognises a few “big mistakes” in this space, but what incredible learnings they have been. “Earlier on in my career I didn’t manage my health and wellness and as a result, I burnt out (…twice) The second time was in 2013 and it was a real wakeup call. I sat down with a few people who really cared about me and I worked out in a very simple way that my health and wellness simply had to come before anything else, including business, because if it does everything else operates and works. My friendships work, my relationships work, my family works, I work; all these things

work if my health and wellness is good.” Jo has taken a “dedicated mission” of cleaning up her act, so to speak, making health and wellness a habit. She tells me of her philosophy as a sprinter, not a marathon runner. Unsurprisingly, she can’t plod along in business and keep going and going and going, Jo, needs to sprint! The pattern that works for her is sprint, stop, rejuvenate; sprint, stop, rejuvenate, and importantly, choosing quite particular activities during that rejuvenation phase. On a daily basis, it’s yoga and walking to work - the city dweller deliberately doesn’t own a car - as activities clear her headspace. She’ll give any sport a go and then every few months she’ll vanish off the face of the earth. Normally it’s a private island, or an undisclosed location in Fiji, where she can (not!) be found kite-surfing, diving, and doing all the things she loves to do. “I’m introverted by nature, so I need to be away from the volume and from people. I need to turn everything off. I can often sit at home at nine o’clock at night with no lights and no sound and be as happy as anything. I’ve learnt to be still when my body or my mind say it’s time to be still. The other thing I’ve had to learn was not to feel guilty for those times. Previously when I took rest, I worried about it and it’s one of the reasons I burnt out. I started to feel guilty for taking that time out to nurture myself because I thought I might miss out on something in business, ‘I might miss a deal, what are my competitors doing, are my staff alright without me?’ The truth is, everything was always alright, because everything passes. The good and the bad, everything passes.” The philosophy of yoga has helped Jo a lot when it comes to her inner peace and inner sanctum, but, on the other hand, when she blows out, she has a ball and doesn’t feel guilty about it, she continues with a playful smile; “If I want to indulge in delicious food for two days because that’s going to make me happy, I’m going do that. If I want to go out with my friends, have a dinner

party at home and drink all the wine, I’m going do that as well. I don’t think anyone should try to be Mother Theresa when they rejuvenate.” I couldn’t agree more. Do you mentor others? And, what have you learnt in the process? Mentorship - in either direction - to Jo requires two key traits; a strict sense of confidentiality and an explicit level of trust. “The conversations, the behaviours, the actions, whatever happens in a mentorship dynamic is sacred to those two people and should never be discussed outside of that relationship. I have a theory that everyone has a best friend, so if you tell your best friend something, they’ve got a best friend and they’ll tell their best friend and all of a sudden there’s no confidentiality anymore; even though people say, “I won’t tell anyone”, they do! That’s the first thing I set up when I’m mentoring anyone. The second is get them to complete a lifeline, to plot their life for me so I can see their journey to-date, then I start to work on what I would call a ‘painted picture’. I get them to visualise their life in the next three or five years; what they want it to look like from a business perspective, as an entrepreneur, their relationships, their friendships, their health, their wellness, their financial security, and visualise what that all looks like. Then, I understand the goals, if I understand the goals I can understand where that person has come from, what their goals are, what some of the roadblocks or some of the road bumps might be.” By taking this structured approach Jo gets to know the person quickly and is able to understand exactly where they want to be. A mentor’s role, to Jo, is to guide, not to write the answers but to ask the questions so that the mentee can find the answers themselves, be empowered to learn with a sense of curiosity and a sense of deep-diving into whatever the problem might be. And as expected, this vibrant force gets a true ‘high’ on watching people succeed.

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RFi GROUP WOMEN IN LEADERSHIP

My advice to women in particular is to be financially literate inside and outside your business so you can understand how to build wealth inside and outside of your organisation, not think that it’s one or the other. It’s not your accountant’s job to know your numbers, it’s your job.

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RFi GROUP WOMEN IN LEADERSHIP

“There’s an absolute thrill of watching someone go from zero to 100. To a year on looking back on their timeline realising a year ago, something that would have frightened the death out of them, today, they are not only doing it, they are owning it! I love watching others succeed, it’s an inspiration and it’s what keeps me vital.” What advice would you give to young women who want to succeed in the workplace and what do you see as the biggest challenge for future generations of business women? “I think the biggest barriers depend on where you are in your life, what age you’re at and what dynamic you have around you. I wouldn’t say there’s one particular thing that stops women from being, becoming or doing certain things. I think when the exposure for women to see entrepreneurship as a career choice becomes mainstream, that barrier will be removed, which is directly the role of Rare Birds. I think women who need flexibility have a different problem, whether it’s balancing a family, a different type of working dynamic, or there could be another type of woman who’s working in a corporate job, hates what she does but can’t work out how to change it. Her barriers to entry might be very different. Challenges tend to be things like a lack of money, lack of time, lack of energy, lack of confidence, or, it could even be, ‘I don’t know what I’m doing!’ What I will say is all of these barriers are things that can be overcome if you a) find the tribe to help you, b) have a mentor once you start (whatever it is) to guide you through the process, and c) you stay extremely curious, ask questions and decide that you are either all-in or all-out of what you’re doing. To me, you can’t dip your toe in the water and say, “I’ll see what this looks like” and then pull it back out again. To be successful you’ve be all in, or all out.” When it comes to leadership, where Jo has seen challenges for women in the corporate world, the tide is certainly changing. “We know through the data alone that by having women on boards and in leadership positions companies become

more profitable as a result, so the real barriers for entry then become conscious and unconscious bias, and that, I think comes from both sexes. It could be the guy who doesn’t listen to the opinion of a woman in a boardroom, but when they hear it from a man they hear it, or it could be the other way around where a woman has a perception of what they call “grey, stale and male” which perhaps could be an awesome mentor. We need to remove those biases in the minds of women as well and not use terms that are derogatory on both sides of the fence.”

I learnt financial literacy in business very, very early on and my advice to women in particular is to be financially literate inside and outside your business so you can understand how to build wealth inside and outside of your organisation, not think that it’s one or the other. It’s not your accountant’s job to know your numbers, it’s your job. What’s the best piece of advice you have received as a woman in a leadership role that you would pass on to others hoping to get there? Jo reveals some of the best advice was during the first two years of Job Capital where her mentor and investor asked two questions, every single day, ‘what are your sales and how much cash is in the bank?’ something she religiously checks, to this very day. “I learnt financial literacy in business very, very early on and my advice to women in particular is to be financially literate inside and outside your business so you can understand how to build wealth

inside and outside of your organisation, not think that it’s one or the other. It’s not your accountant’s job to know your numbers, it’s your job. The second bit of advice that I’ve been given is, always believe your gut instinct because it’s always right. The times I’ve doubted something, typically towards people, if they do, say, or behave in a certain way that doesn’t sit well, I find a bit dark or it just doesn’t have a good feeling, it’s usually right. My final advice to women would be what are you waiting for? Now is the right time.”

Always believe your gut instinct because it’s always right. The times I’ve doubted something, typically towards people, if they do, say, or behave in a certain way that doesn’t sit well, I find a bit dark or it just doesn’t have a good feeling, it’s usually right. My final advice to women would be what are you waiting for? Now is the right time. Jo Burston is an incredible woman, in business and in life. She kicks her own goals, wins her own race, lifts people up and delights in other’s successes. A quite formidable combination. What a woman. #ifshecanican.

To read the full WIL series and all past Australian Retail Banker editions, feel free to visit the archive centre on our website.

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THOUGHT LEADER INTERVIEW

Bradley Gerdis CEO, SmartPay

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THOUGHT LEADER INTERVIEW

WORDS CHRISTINE ST ANNE Technology innovation, the New Payments Platform and regulatory change will open the payments market to new entrants. This is the assessment of SmartPay CEO Bradley Gerdis. He believes these three themes will also loosen the monopolistic grip of the big four on the payments industry. SmartPay is New Zealand’s largest payments processor, providing EFTPOS and payment solutions to businesses, and Gerdis is looking to the Australian market for growth opportunities. The South African born, Sydney-based CEO said banks will lag the sector as payment technology continues to evolve. “Banks were the traditional providers of payments but at the end of the day they are financial services firms not technology providers,” Gerdis said.

As payment technology evolves, banks have been left behind in being relevant payment suppliers to merchants. We see the opportunity in the gap between what merchants need and what the banks are capable of delivering. “As payment technology evolves, banks have been left behind in being relevant payment suppliers to merchants. We see the opportunity in the gap between what merchants need and what the banks are capable of delivering.” For example, point of sale systems are increasingly moving towards the cloud and, by recognising this shift in technology, SmartPay is readying for the launch of a payment-based cloud product. “We have developed the first phase of the product and we are piloting the commercial program with a number of merchants,” he said. The product is expected to be launched shortly. Productisation and the NPP Under the NPP, retailers are expected to get faster clearance on payments and customers will be paid instantly. According to Gerdis, the NPP will be the new banking infrastructure and will drive “productisation” in the industry. “The NPP will bring efficiency to the market and will also create data richness and that is where the opportunity is. Banks are currently focused on building the pipes and are not focused on the productisation around that data opportunity,” he told RFi Group.

We have a lot of experience in developing merchant and consumerfacing fintech payments. We see a huge opportunity to be able to productise the new functionality of the NPP. SmartPay is eyeing the productisation opportunity around the NPP that can be offered to retailers and even consumers. “We have a lot of experience in developing merchant and consumer-facing fintech payments. We see a huge opportunity to be able to productise the new functionality of the NPP. This also sits well with our cloud-based payments ecosystem that we are developing.” Gerdis also believes that regulatory change will widen the scope for innovation, bringing in new entrants to the payments industry. A $2 billion opportunity Until recently, there was a regulatory requirement that only businesses with a banking licence could process merchant transactions – closing the sector to other financial institutions. Banks charged merchants between 1 and 2 per cent as a merchant acquiring fee. In January 2015, the Reserve Bank of Australia (RBA) removed the requirement for a banking licence to acquire card transactions. “The decision by the RBA effectively removed the regulatory monopoly that controlled in excess of $2 billion worth of acquiring fees. This revenue is now open to businesses like SmartPay. As providers of EFTPOS terminals we will be able to provide the same acquiring service as a bank,” Gerdis said. “This shift will have the effect of transferring the value from banks to payment providers. It has been one of the biggest regulatory change seen in payments in recent years.” SmartPay is also positioned to benefit from the Chinese payment market. The business already has a China UnionPay offering. “We really see that market developing particularly with Alipay and WeChat. We have been working with them for a while and are looking to bring those payment products to both the Australian and New Zealand markets,” he said. “UnionPay is already the bigger than Visa and Mastercard combined. The Chinese consumer will be driving global commerce and we will be positioned for that growth.”

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THOUGHT LEADER INTERVIEW

WORDS CHLOÉ JAMES

Paul Shetler Digital Chief Executive and entrepreneur

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THOUGHT LEADER INTERVIEW

When Digital Chief Executive and entrepreneur, Paul Shetler arrived in Canberra in July 2015, he ‘jumped off his 30-hour flight, took a quick shower and made a bee-line to the office and his team.’ (His new boss? PM Malcolm Turnbull, for those in any doubt). He was just so excited to get started. Paul, a native New Yorker - with the iconic drawling accent to match - came to Australia via London, where his roles were both very senior, and very varied. Microsoft had nabbed him to head up their financial services business (specifically the sales and marketing functions) across EMEA. The Microsoft stint was followed by by a role at Swift, developing interface products at global financial messaging services. He then undertook a “round-two” at Oracle (he’d been with them in the States previously) heading up technology for banking worldwide as well as being involved in a massive integration project as a part of their “buying-binge”. Oracle had just bought I-Flex Solutions, later known as i-flex - add an additional 14,000 employees - and Paul’s job was to make it work, in conjunction with managing Oracle’s serious vertical enterprise strategy. Fast forward, he founded two small development start-ups, before his celebrated move to government. (It doesn’t get much more senior than Chief Digital Officer for the UK’s Ministry of Justice, and his subsequent move to Australia in Turnbull’s Digital Transformation Agency). This, over coffee, on a very, very hot Sydney day, is where we begin. “I wanted to do something big again. I was used to working in large organisations and when you change the way an entire network works, it’s something you can actually talk to your friends about. Government and the bigger picture was so appealing to me, I could say “Look! We did this thing!” point to it on my phone, or browser - and show that it’s so much better than it used to be. It’s fulfilling, an achievement, something fundamental and concrete – especially if it’s something that’s user facing that people deal with in their everyday lives, solving real problems.” Paul draws similarities between government and large corporate organisations, such as banks, saying it’s only natural for there to be bureaucratic issues, and historic legacies ad loyalty’s that will tend to resist change. “When I was working in banking it was all about “We own the customer, no we own the customer” but, really, no one does. Like in government, they’re a republic customer and getting that message out within an organisation is hard. The complex set of interactions we have to have across multiple parts of an organisation, is really hard.” To Paul, digital transformation is about working together and, most importantly, under the one, unique umbrella. He notes that organisation who “achieve digital success” (more on that later), spent a lot of time and money understanding exactly what they are trying to do. What the customer needs are so

What I’ve seen worldwide is some really great design work, really great UX (user experience) people, really awesome creativity, but the way that the work is split up is still so segregated and, in my opinion, that really doesn’t work. Split functions don’t allow banks to be as agile as they could be, should be and need to be. that they can design around those, that’s, he says, what makes an organisation worth dealing with, when a customer is simply having the experience, not trying to navigate the organisation. “I think the distinction between Digital and IT has a lot to do with the fact that historically IT has been very slow to take up modern consumer technology - internet technology. What that meant was that marketing departments could just go to Amazon and hire a couple of designers and do whatever they wanted without having to involve IT. That’s typically the pattern. At the end of the day, to deliver the services to the end user, the customer, you have to go into the back office. A better model takes into account the fact that things change over time and that different methodologies are better suited for certain problems and after a certain point, a product will probably move and evolve to different spaces.” Paul’s view of ‘Digital vs IT’? Quite simply, that it shouldn’t be about verses and competing against each other “To me, the approach you have to take is - it’s digital-first because that’s what’s dealing with the customer. So, if you really are a customer-centric organisation, you must be digital-first and IT needs to be a part of that. At the MOJ (Ministry of Justice – but “M.O.J” does have a pretty cool ring to it when said by a New Yorker!) I made the case that I couldn’t deliver at the speed I needed to, as long as I was dealing with back office systems – it needed to be put into the governance of digital and, by the time my immediate successor took over, it was and that role became the Chief Digital and Information Officer.” Paul stresses his focus on end-users, specifically the understanding of your end users and the necessity to respond in real time. “What I’ve seen worldwide is some really great design work, really great UX (user experience) people, really awesome creativity, but the way that the work is split up is still so segregated and, in my opinion, that really doesn’t work. As we see and learn, the user research needs to go through the whole process. It has to provide feedback immediately into your development cycles. If you just wait and wait and wait, you’ve got all this intelligence but you’re not acting on it and there’s no point. Split functions don’t allow banks to be as agile as they could be, should be and need to be. As more and more products

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RFi GROUP INTERVIEW

become digital, and digital products are more and more able to move across boarders (in FS specifically the disaggregation and re-aggregation in interesting ways) the ability to respond quickly to user needs is going to be absolutely essential.” So! Who, if anyone, is already doing this well... Who, are the ones to watch…? Straight away, Paul points out Amazon as doing a really great job.

The thing with digital is that it tells you really, really quickly if it doesn’t work. And, because of that, you can get rid of it just as quickly. I will say that - experiment. In digital, just experiment, don’t get bogged down in pilots, put your ideas out into market.

“The retail sector is the stand-out, and specifically, Amazon. They are going to be a big, big deal in Australia when that really hits here, especially because of the industrial structure we have here. When someone like Amazon comes here, it is already in tooth and claw, they’re just a killing machine. And honestly, I don’t know how people are going to respond to that.”

and if it does work, flood it. That’s the kind of thing that digital allows us to do today in a way we just never could before. Yes, you have to be able to pivot and think quickly - because that’s what all of the new competitors coming into the market are doing - but compete and be comfortable with competing. In this day and age, being conservative doesn’t serve you well in the long run, an aggressive world moves fast.”

His excitement is captivating to say the very least, continuing that he sees the company as completely revolutionary.

Paul reminisces to the time he really felt this all really kick into gear – when he moved to the energetic hub ,Shoreditch in London in January 2006. “It was great, it was rough, but it was in transition. Where musicians, DJ’s, young professionals in every industry lived side by side. We had a great time” he smiles. “Digital really grew in Shoreditch, when you considered who was there - the city, the data, the internet startups, musicians, multimedia, it was a weird intersection of all these different people with different skills all in one very, tight place at the same time – and when the Global Financial Crisis happened, everybody was affected. This is what I see as the catalyst of the dawn of the digital revolution. All these very diverse, very talented, very smart people in a concentrated space, who would normally have nothing to do with each other, but, because of outside forces, were meeting in bars, meeting in pubs - it was so interesting, the collision of cultures, banking, music, art, media, hospitality - a real energy - and so much great stuff comes out of that.”

“Amazon have got a lot of things right. They have the end-user facing stuff which they’ve done a really good job with, all the complexity, all those financial supply chains, physical supply chains that they have to integrate to provide their service - you as a user, I as a user – we know nothing about it, it’s completely hidden from us. And it works. They literally don’t even sell anything, they’re a platform. Platforms can become quasi-monopolistic, and they are the real ‘ones to watch’. They have huge efficiencies and the more people on them, the more efficient they are. They are constant and it’s very hard to compete against that.” Paul’s advice when it comes to platforms, the cloud and operating in this space – “stop building data centers”. Why, he questions, are businesses competing with the Amazons Googles and Microsofts of this world, who between them are consuming almost all the silicon produced. “With so much capitalization there, how could you possibly compete with that - you can’t - so just don’t.” Paul wraps up the chat asserting the key necessities he believes companies need if they are to operate more like an “Amazon”– 1) Move to the clouds - Take the money you’re spending on other things and start spending it on service design 2) Understand what your users want to do 3) Develop better products that are not siloed, are about life events and that tie together different parts of what you offer “The thing with digital is that it tells you really, really quickly if it doesn’t work. And, because of that, you can get rid of it just as quickly. I will say that - experiment. In digital, just experiment, don’t get bogged down in pilots, put your ideas out into market. Pilots, in my view, are a way of never really doing anything. Just get it out there, if it doesn’t work get out

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So, is there an “end-goal” for digital transformation and success? To put quite bluntly himself out of a job, Paul proclaims, there is! “The goal should always be to not to have to exist anymore. If an organisation becomes fully digital, operating at the same speed and quality as an internet greenfield, success is your redundancy! Seriously though, a CDO should be a transformational role. When an organisation has transformed itself, it is competing – yes, you need someone overseeing all that, but it’s a different, more operational role. You’ve got to a point of commercial success which is the whole reason the transformation was needed in the first place - getting rid of all the impediments to that, all that work will be taken care of.” It was so fantastic chatting to someone of Paul’s expertise, and it was great to hear more from him at RFi Group’s ‘Australian Mortgage Innovation Summit - The disrupted mortgage’ on 23rd and 24th February 2017. We can’t wait to hear from him again in Auckland at RFi Group’s ‘Global Digital Banking Conference - New Zealand Edition’ on 8th March.


RFi PERFORMANCE ANALYTICS OPINION

WORDS CHARLES HIGBY, RFi PERFORMANCE ANALYTICS

T

he news that Hans Rosling had passed away got me thinking about what those of us that use data can learn from this great man. Sweden’s prime minister tweeted that Hans Rosling “made human progress across our world come alive for millions,”. I and millions of others probably best remember him as the man who could condense 200 years of global history into four minutes . If you haven’t seen it, click the link and take 4 minutes to watch how an incredibly large and diverse data set that has implications for every person on the planet can be turned into an engaging and easily understood presentation. ARB - RFi MEDIA 27


RFi PERFORMANCE ANALYTICS OPINION

Hans was a geek’s geek, a former professor of global health who “dropped out” because he wanted to help start a nonprofit data organszation, the Gapminder foundation. Specifically, it urged data-based decisions for global development policy and created the massive Trendalyzer tool which lets users build their own data visualizations. Eventually they handed off the tool to Google who still uses it with open-source scientific datasets. The BBC described Hans as a “public educator”. He is someone who inspired me and thousands of others to use data driven facts to correct misconceptions and to prove or disprove “gut feel” beliefs. At its core, this is the underlying value RFi Research and RFi Analytics strive to provide our clients. Hans often said that having the data is not enough – that it was necessary for him to show it in ways that people enjoy and understand. This is true for anyone involved in data analytics. A fifty-slide presentation consisting of just tables is enough to put even the most ardent analyst or executive to sleep. However, presenting the information in charts, pictograms with a compelling narrative will

Image source: New York Times, courtesy of BBC4

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Hans often said that having the data is not enough – that it was necessary for him to show it in ways that people enjoy and understand. stand a much better chance of engaging the audience. Taking this, one or two steps further by including live polling and interactivity as well as animation may well make a lasting impression. This is something Hans excelled at. It is a lesson anyone presenting a message should strive to take to heart by taking the time to truly think about how best to show the message, as Hans would put it, “will enjoy and understand”. Hans was someone who was not wedded to a single tool set such as Excel and PowerPoint for delivering his message. Whilst many of his


RFi PERFORMANCE ANALYTICS OPINION

Relativity was a key premise in almost every presentation Hans gave whether on the relative wealth of countries past and present, to life expectancy, to beating ebola. He said “If you ask a good economist how they are, they should answer, relative to what?”.

presentations used sophisticated analytics tools, Hans could (and did) convey equally powerful messages in under a minute using a series of colored pebbles or Lego blocks. There are so many tools out there for presenting data and creating new, custom visualizations. Anyone involved in data analytics really should take a little time out regularly to explore and be inspired by the engaging opportunities they afford. Relativity was a key premise in almost every presentation Hans gave whether on the relative wealth of countries past and present, to life expectancy, to beating ebola. He said “If you ask a good economist how they are, they should answer, relative to what?”. Understanding what customers think of your organisation or your portfolio acquisition velocity or delinquencies is not nearly as useful as understanding how these measures sit relative to your peers, your organisational goals, anticipated outcomes etc. Providing insights relative to a point in time, peers or

organisational objectives is where RFi can add a lot of value. The final thing I learnt from Hans is that there is an incredible amount data around the world. The challenge is not only knowing where to find it but being able to then get the data into a format that is easy to consume. RFi Analytics has taken this challenge to heart and have started to work on providing the financial services community with a single source of relevant, tailored and up to date data sets. We have built the infrastructure to make this possible and I look forward to providing you with an update in the coming months. Hans, your insights, enthusiasm and teaching will be missed. Charles Higby Chief Data Scientist RFi Performance Analytics chigby@rfigroup.com

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TRANSACTIONS

Transactions WORDS CHARLOTTE NEWELL

Woolworths to accept UnionPay

U

nionPay, one of the world’s biggest suppliers of credit and debit cards, will now be accepted at all 961 Woolworths stores throughout Australia for debit, credit and contactless purchases. UnionPay is already accepted at a number of retailers in Australia, including David Jones and Myer, however the deal agreement with Woolworths marks its biggest acceptance deal in Australia. Acceptance of UnionPay will spread further throughout Australia as there are already plans for Woolworths Group brands, like Dan Murphy’s and Big W, to start accepting these cards later this year. The acceptance of UnionPay will make it easier for tourists and international students to make payments and purchases in Australia.

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Acceptance of UnionPay will spread further throughout Australia as there are already plans for Woolworths Group brands, like Dan Murphy’s and Big W, to start accepting these cards later this year.


TRANSACTIONS

UnionPay is already accepted at a number of retailers in Australia, however the deal agreement with Woolworths marks its biggest acceptance deal in Australia.

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TRANSACTIONS

Banks aiming to do better in 2017 WORDS REGGIE ALDERSON To deliver better products and services to customers, Australia’s big banks have launched the Better Banking program. Run by the Australian Bankers’ Association (ABA), the program aims to provide consumers with useful information and resources regarding initiatives undertaken by the banking industry that address community concerns. Coinciding with the launch of the program, which includes an advertising campaign and its own website, the ABA announced the new initiatives which build on initiatives announced last year. Chairman of the ABA and CEO of National Australia Bank, Andrew Thorburn, said, “This program of initiatives is our commitment to continue to raise the standards, service and trust in our industry.” The new initiatives include financial counselling and hardship support programs to assist customers in financial difficulty, financial literacy tools to support farmers and small businesses, and a roundtable in March with consumer groups and government representatives to help customers understand how they can more easily switch accounts and banks. RFi Group research shows that 8% of transaction account holders are highly likely to switch their account to another institution in the next 12 months, with reasons including unhappiness with their current rates/ fees or customer service as well as being offered incentives to move. The main obstacles faced when switching are changing direct debit payments, salary deposit and saved payment details which result in a time-consuming switching process.

WHY WOULD YOU BE LIKELY TO SWITCH YOUR MAIN EVERYDAY/ TRANSACTION ACCOUNT TO ANOTHER INSTITUTION? TA holders likely to switch (8-10 out of 10) – By PTA provider 40% 30% 24%

23% 20%

20%

19%

17%

10% 0% I am unhappy with their rates & fees

Source: RFi Group

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My personal circumstances have changed/ will change

I am unhappy with their customer service

Another institution has offered me an incentive to move

They do not offer the products I am interested in


TRANSACTIONS

Image source: Square Payment

Square offers online payments in Australia WORDS HUW GRIFFITHS Square’s move into online payments has resulted in it becoming the first payments provider in Australia to offer in-store, mobile and online payments. According to Jack Dorsey, Square’s Chief Executive Officer, it is the numerous payment methods that makes Square “truly omnichannel” as described by the CEO.

According to Jack Dorsey, Square’s Chief Executive Officer, it is the numerous payment methods that makes Square “truly omnichannel”.

The new offering of online transactions is achieved through the use of APIs which can be integrated into business websites and customer point of sale apps or used via popular e-commerce websites such as BigCommerce, Weebly, Ecwid, Wix or Woo Commerce which have already built that capability. Square’s APIs are free to setup, but each payment accepted is charged a fee. Online payments are subject to a 2.2% fee for any Visa, MasterCard or American Express transactions, while point of sale transactions are charge 1.9%.

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SAVINGS

Savings WORDS CONNIE CHAN

Savings shortfall as workers near retirement

Only 8% nominated retirement as their main saving goal; adding to the shortfall in funds necessary for a comfortable retirement.

N

ationally, 5.1 million workers are likely to fall short of savings for a comfortable retirement. The latest research from CBA reveals that only half of workers – about 7.7 million people – will have enough superannuation, personal wealth and age pension to retire comfortably. CBA’s Retire Ready Index (in partnership with actuarial firm Rice Warner), assessed the retirement readiness of workers aged 25 to 64. The index accounts for combined super savings, personal assets and the age pension and is based on the average couple needing $59,619 a year and a single needing $43,372 a year upon retirement.

27%of singles are expected to be retirement ready compared with 75%for couples. Women are less prepared than men, with only 22% of single women ready compared with 31% of single men. RFi Group data reveals that of those who have a savings account, only 8% nominated retirement as their main saving goal; adding to the shortfall in funds necessary for a comfortable retirement.

WHAT IS YOUR MAIN SAVINGS GOAL FOR YOUR LARGEST SAVINGS ACCOUNT? Top 5 30% 25%

24%

20% 15%

13% 10%

10%

9%

8%

5% 0% No savings goal

Travel/ holiday

House deposit

Source: RFi Group

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Unexpected expenses

Retirement savings


SAVINGS

The latest research from CBA reveals that only half of workers – about 7.7 million people – will have enough superannuation, personal wealth and age pension to retire comfortably.

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SAVINGS

New partnership helps parents save for their children’s education To help customers save for their children’s school fees Gateway Credit Union has announced it will be collaborating with the Australian Scholarship Group (ASG). Gateway Credit Union will deposit a quarterly bonus into an ASG Pathway Education Fund account for any customer who takes out or refinances a home loan with the credit union. Borrowers will receive a 0.15%t per annum loyalty bonus into their ASG Pathway account calculated off their outstanding home loan balance and deposited quarterly. This new bonus offer is in response to a commissioned survey that revealed over half of parents have no savings plan for their children’s education. The survey also found over a quarter of parents found it difficult to pay for their kid’s school fees and associated costs. Paul Thomas, Gateway Credit Union CEO, explained the partnership as, “As a customer owned bank, the financial wellbeing of our members is very important. We know – and as the research confirmed – that saving for a child’s education can be hard. The partnership with ASG is very much about providing a helping hand for families looking to give their kids a head start.” The offer is available across all home loan products offered by Gateway Credit Union.

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This new bonus offer is in response to a commissioned survey that revealed over half of parents have no savings plan for their children’s education.


SAVINGS

One quarter of Australian children don’t have a savings account On the back of their Bump Initiative (see February edition), Westpac has revealed new research showing 24% of children aged under twelve do not have a savings account. Not having a savings account as a child, according to money experts, have detrimental effects. This includes limiting a child’s ability to save and the ability to achieve goals. Not all news is bad however, with research also revealing 70 % of children are given a savings account by the time they turn four, and a trend of parents opening savings accounts for children earlier in life.

Not having a savings account as a child, according to money experts, have detrimental effects...limiting a child’s ability to save and the ability to achieve goals. Children aged zero to five are saving $15 a month while six-to-twelve-year old’s save $39 a month. This trend may well be attributed to a change in parental attitudes, with 78% of parents believing it is more important for today’s children to save, and two-thirds worrying about their children’s financial savviness by the time they finish school.

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MORTGAGES

Mortgages WORDS CONNIE CHAN

NAB unveils two new broker channel promotions

R

Fi Group data from December 2016 shows that brokers are becoming increasingly influential in the Australian mortgage landscape. 83% of borrowers who made an enquiry through a broker subsequently went on to also apply for their loan through a broker – a higher rate than other mortgage application channels. Due to the increasing importance of brokers it is unsurprising that banks, like NAB, have launched new products involving brokers. The two new initiatives involving brokers that have been unveiled by NAB follow the bank’s announcement in 2016 to transform its mortgage broker proposition. Under the new initiatives brokers will be able to offer borrowers $1,500 cashback as well as waive the annual fee for the first year of an NAB Choice Package. “NAB absolutely supports brokers and their customers, and these offers reflect our commitment to the broker channel.” Steve Kane, General Manager of Broker Distribution, said. “Through these enhancements, we are empowering brokers with a compelling offer for their customers.”

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% OF CURRENT BORROWERS WHO ENQUIRED WITH AND SUBSEQUENTLY APPLIED THROUGH CHANNEL

100% 83%

80% 65%

60%

50% 43% 37%

40% 20% 0% Broker

Branch

Mobile lender

Source: RFi Group

Online

Phone


MORTGAGES

New round of mortgage rate rises hit borrowers Lenders in Australia have again increased fixed and variable interest rates on their investment loan products. AMP Bank, for example, increased its Investment Basic Variable loan by 10 basis points to 4.31% and its Investment Professional variable loan by 20 basis points to 4.34%. Similarly, Bankwest increased its variable investor property loan by 20 basis point to 4.54%. There are number of reasons why the increases have occurred, according to a bank spokesperson, “A number of factors feed into any interest decision including competitive landscape, the need to manage wholesale funding costs and maintain a balanced portfolio in line with regulatory guidelines.� Interest-only home loans are expected to be the focus for lenders in 2017, with CBA noting that it is looking to reprice this product in March. Interest-only home loans are of concern to lenders as financial stress may increase for borrowers as interest rates rise and they have no means to pay off the principal.

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MORTGAGES

Firstmac reduces investor loan rates While many lenders increase interest rates for investment property loans Firstmac, a nonbank lender, has announced it will reduce its interest rates to 3.79% for its Investor Package. The Investor Package is able to offer borrowers such a low interest rate because borrowers must hold both a home and investment loan with Firstmac. Jake Sanders, Firstmac’s National Sales Manager, explained, “We know we are going to lose some margin at the front end but we think we’ll make up for it through the long-term relationships we grow with brokers and with the new borrowers who are also bringing us their owner-occupied home loans… Paying a higher interest rate for an investment property loan is a genuine frustration for borrowers, so we think this package is going

After the Australian Prudential Regulation Authority introduced the 10% growth cap for banks’ lending to investors nonbanks, like Firstmac and Liberty Financial, have seen an increase in brokeroriginated loans. to get a lot of attention from brokers and their investment clients.” After the Australian Prudential Regulation Authority introduced the 10% growth cap for banks’ lending to investors non-banks, like Firstmac and Liberty Financial, have seen an increase in broker-originated loans.

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CARDS

Cards WORDS HUW GRIFFITHS

Apple to spark credit card competition among Australian banks

I

n a submission to the Australian Competition and Consumer Commission (ACCC) Apple has claimed that its digital wallet will help to make the Australian credit card market more competitive. Apple believes that the ease at which consumers can switch their default card for payments to another financial institution in its digital wallet will cause banks to offer better incentives, such as cashback offers or bonus rewards points. Around the world, Apple Pay has caused credit card issuers to become more competitive and offer greater incentives to acquire and retain customers. Apple believes that the Australian market will be no different from other large markets such as the United States, Canada and the United Kingdom. The latest submission from Apple states, “Apple expects that, with a range of payment cards available in [its] wallet [product] in Australia, the same increase in competition is likely to occur in Australia as has been evident in these other jurisdictions.” Apple’s latest submission comes as Westpac, CBA, NAB and Bendigo Bank continue to seek the permission of the ACCC to collectively negotiate with Apple about Apple Pay. The final decision from the ACCC is expected in the next month.

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CARDS

NAB unveils new reward credit cards NAB has announced three new frequent flyer reward credit cards to their offerings of ‘NAB Rewards’. The airlines that NAB has partnered with for the reward program are Virgin Australia, Cathay Pacific and Air New Zealand. In addition to these partnerships, NAB will also be offering exclusive benefits and deals with Webjet and the AFL who have also come aboard as partners.

22% of credit card users picked their main card over another, due to it being provided by their main financial institution, while another 14% stated that it is due to the rewards program.

The three new products NAB Reward Classic Card, NAB Rewards Platinum Card and NAB Rewards Business Platinum Card are all Visa offerings with no American Express version available. The lack of inclusion of an American Express card coincides with the impending credit card reforms from the Reserve Bank of Australia. NAB Reward consumers will be able to monitor their reward points and account through the mobile banking application, with NAB being the first major Australian bank to offer this feature. RFi group research finds that 22% of credit card users picked their main card over another, due to it being provided by their main financial institution, while another 13% stated that it is due to the rewards program. With NAB’s Rewards program fulfilling both of these criteria, NAB is poised to capitalise on any future customers who also value these points. WHAT WAS THE PRIMARY REASON WHY YOU CHOSE YOUR MAIN CARD RATHER THAN ANOTHER CARD? Top 5 25% 22%

20% 15%

13%

10%

9%

8%

8%

5% 0% It was provided by my main financial institution

It had the best rewards program

It had lowest annual fee

Source: RFi Group

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Bank staff recommended the card

It came in a bundle with other products


CARDS

Coles and Citi finalise credit card agreement On the 1st of February Wesfarmers and Citi completed a 10-year agreement which sees Citi taking over the distribution of Coles branded credit cards. On the 17th of November 2016, Wesfarmers announced that they had entered an agreement with Citi for the, “distribution of Coles branded credit cards, which included Citi acquiring the existing credit card receivables, with Coles to receive an ongoing share of risk-adjusted revenues.” The deal, while it is intended to help Wesfarmers pay off its debt, is unlikely to affect the services or value of Coles credit card products. Coles Managing Director, John Durkan, explained, “Coles services over one million customers across credit cards and card and home insurance, and we will continue to provide simple and competitively priced products that deliver value to Australian families.” As Citi is the biggest credit card issuer outside

As Citi is the biggest credit card issuer outside the big four banks, the deal is likely to yield benefits for customers with Coles credit cards, by potentially having more competitive rates or additional features in the future. the big four banks, the deal is likely to yield benefits for customers with Coles credit cards, by potentially having more competitive rates or additional features in the future. However, one of the drawbacks of the agreement is that current Coles and Citigroup cardholders will no longer be able to transfer balances between the cards, due to being from the same provider.

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PERSONAL LOANS

Personal Loans WORDS CONNIE CHAN

Canon and SocietyOne partner up A new partnership has been formed between P2P lender SocietyOne and Canon Australia. Canon Australia’s online store, as a result of the partnership, will offer customers the option of a low-interest personal loan at the point-of-sale. According to Jason McLean, Director of Consumer Imaging at Canon Australia, the decision to partner with SocietyOne was to improve Canon’s online store point-of-sale process. McLean explains, “Delivering more than expected is something we strive for in everything we do, so we’re proud to provide Canon Store consumers an additional payment option that is quick, convenient and doesn’t interrupt the shopping experience.” Greg Symons, SocietyOne Co-Founder and CEO, believes having the option of a personal loan available at the point-of-sale for online stores is necessary. Symons explained, “High-value purchases often need to be financed as credit card balances either don’t fit the purchase or, if they do, they are likely to cost you dearly at over 21 per cent per annum. Using the simple logic of SocietyOne’s personal loan, the higher your credit score, the better your rate so marketplace lending can now help consumers finance goods at a much better rate.”

Jason Yetton, Greg Symons and Matt Symons

GENERALLY, HOW COMFORTABLE WOULD YOU SAY YOU ARE BORROWING FROM P2P LENDER? Very comfortable (8-10) - Current borrowers 15% 12%

10%

13%

As consumers become more comfortable with borrowing for P2P lenders more partnerships, like the one between Canon and SocietyOne, are likely to occur.

10%

5% 0% Jun-16

Sep-16 Source: RFi Group

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Dec-16

RFi Group data shows that borrower comfort levels for P2P lenders has steadily increased over the last 6 months. As consumers become more comfortable with borrowing for P2P lenders more partnerships, like the one between Canon and SocietyOne, are likely to occur.


PERSONAL LOANS

P2P lenders lead increase in personal loans The latest figures from credit agency Veda’s Quarterly Consumer Credit Demand Index, reveals that overall consumer credit applications were up by 7.7% from the December 2015 quarter. While credit card applications rose 3% and mortgage applications were up 6.6%, the number of personal loan applications saw the biggest increase, jumping 12.4%. A significant pick-up in the growth of personal loan applications was reported for all states and territories, which was led by NSW and NT. Much of the strong growth in the personal loans sector can be attributed to products offered by new entrants in the personal lending space – online peer-to-peer (P2P) marketplace lenders that can offer investors higher rates of interest than they can get from traditional sources. Angus Luffman, Veda’s General Manager of Consumer Risk, said that the pickup was a positive sign for Aussie borrowing and spending, despite low consumer sentiment and retail sales growth.

While credit card applications rose 3% and mortgage applications were up 6.6%, the number of personal loan applications saw the biggest increase, jumping 12.4%.

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PERSONAL LOANS

Loophole to use personal loans to fund home deposits closed Consumers looking to borrow funds for a mortgage will no longer be able to rely on funds gained from other loans. Westpac has ruled funds gained from a personal loan as not being “genuine savings” and as a result cannot be considered as a deposit in a home loan application. The decision to exclude any funds which were gained through an unsecured loan will close a loophole, which many property buyers have taken advantage of in the past, where funds from personal loans are used to pay the deposit when purchasing a property. The changes will be unavoidable for all borrowers as a Westpac spokesperson explained, “We check the credit history of all loan applicants so any outstanding loans or applications with other banks are discoverable.”

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The decision to exclude any funds which were gained through an unsecured loan will close a loophole, which many property buyers have taken advantage of in the past.


PAYMENTS & DIGITAL

Payments & Digital WORDS HUW GRIFFITHS

MasterCard to launch “Selfie Pay” in Australia

M

asterCard is preparing to introduce its new biometric authentication, MasterCard Identity Check, to Australia in 2017. MasterCard Identity Check is already being used in several countries around the world as an additional method in two-factor payment authentication. MasterCard Identity Check, dubbed “Selfie Pay,” will use facial recognition to double check a person’s identity opposed to a SMS confirmation code. Currently SMS codes are the most common method of authentication, however, using facial recognition would provide a stronger form of security. When making an online purchase with a MasterCard, users will receive a notification on their smartphone asking for authentication and then the app will be used to analyse their face. Once the app confirms that a user’s face or fingerprint is a match, the transaction is authorised and approved. The new selfie biometric measure along with a fingerprint method, will be implemented on a new local MasterCard smartphone app. Both biometric methods are optional and customers can continue to receive the SMS confirmation if sceptical of biometrics.

Currently SMS codes are the most common method of authentication, however, using facial recognition would provide a stronger form of security.

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PAYMENTS & DIGITAL

Contactless payment sunglasses trailed at Laneway Festival Wearable technology in Australia is set to change as the Australian start-up Inamo, in partnership with Visa, have launched sunglasses with contactless payment technology. The sunglasses, known as Visa WaveShades, allow wearers to make contactless debit or credit card purchases. While the Visa WaveShades are not in production, they were trialled at Laneway festival in early February, pending the results of this trial the glasses will be made available to the public. RFi Group data shows that almost 2 in 3 Australians use contactless payments multiple times per week. Due to Australia’s high adoption of contactless payment makes it is an ideal testing ground for new wearable technology. The introduction of new contactless payment technologies like Visa WaveShades are only going to further the use and adoption of contactless payments in Australia.

HOW OFTEN DO YOU USE YOUR CONTACTLESS DEBIT AND/OR CREDIT CARDS FOR MAKING CONTACTLESS PURCHASES? Contactless cardholders 60% 50% 44%

40% 30% 20%

15%

13%

13%

10%

7%

8%

0% Daily

A few times weekly

Once weekly

Two or three times a month

Once monthly

Once or twice per year

Source: RFi Group

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PRESENTS

Wednesday 8 March 2017 I The Langham Auckland

The RFi Group global event series has included London, Toronto, Dubai, Singapore and Melbourne was specifically designed to optimise RFi Group’s global research expertise and provide an opportunity to share insightful global best practice and thought leadership. The Global Digital Banking Conference – New Zealand Edition, will examine and investigate the latest insights and best practice success stories for digital engagement, innovation and customer experience across the full range of retail banking facets including acquisition, the main bank relationship, share of wallet, targeting specific consumer segments as well as new forms of payments. The agenda focuses on what it takes to improve digital performance across customer experience and satisfaction, how to win the all-important main bank digital relationship and gain greater share of wallet as well as economic, competitive and regulatory factors affecting New Zealand’s retail banking sector. The day will bring together over 100 banking executives and key decision makers to discuss the sector and all that’s top of mind for those today. 50 ARBin-banking RFi MEDIA

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PAYMENTS & DIGITAL

Stocard digital wallet to expand offering in Australia Stocard, the digital wallet which allows users to store their loyalty cards in an app, is set to expand its Australian offering. Currently Stocard has 1.5 million users in Australia, but it is hoping to increase this number as they roll out a mobile wallet with payment functions. The hope for the new mobile wallet is to facilitate consumers through the entire shopping process. The goal for Stocard was explained by Radnick van Vollenhoven, Country Manager of Stocard Australia and New Zealand, as, “Our goal is to expand our position in the market and actively shape the future of how people discover and purchase products and services through their mobile device.” Loyalty programs are extremely popular among Australian customers with a Nielson Global Loyalty

Loyalty programs are extremely popular among Australian customers with a Nielson Global Loyalty Sentiment Survey showing more than 50% of shoppers would be more likely to spend in a store that offers a loyalty program then one that doesn’t. Sentiment Survey showing more than 50% of shoppers would be more likely to spend in a store that offers a loyalty program then one that doesn’t. Stocard’s unique functionality allows users to manage, collect and see the rewards points they are accumulating in real-time, all through the one application.

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ABOUT RFi GROUP

RFi Group is a global intelligence and digital media provider focusing exclusively on financial services. We specialise in data and information gathering, customer based insight generation and business decision support for the world’s leading financial service providers. Our aim is to combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service. OUR BRANDS

Covering 44 key global markets with regional offices in San Francisco, Toronto, London, Singapore, Hong Kong and Sydney, RFi Group consistently provides clients with tailored advice and independent intelligence relevant to their specific markets and business needs. EXCLUSIVE FOCUS ON BANKING AND FINANCE RFi Group’s expertise and deep understanding of the banking and finance sector delivers high-value outcomes. Our areas of expertise include: Retail Banking Mortgages Transaction Accounts Savings Accounts Consumer Lending Cards and Payments

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RFi Group’s syndicated research RFi Group is a global intelligence and media provider focused exclusively on financial services. We specialise in data and information gathering, customer based insight generation and business decision support for the world’s leading financial service providers. Our syndicated research is delivered via our Financial Councils model. Upcoming Australian Financial Council research includes:

COMING SOON 2016 December Australian Cards Council 2016 December Australian Consumer Lending Council 2016 December Australian Mortgages Council 2016 December Australian Digital Banking Program 2016 December Australian SME Banking Program

RESULTS OUT NOW 2016 September Australian SME Digital Banking Program 2016 September Australian HNW Banking Program 2016 October Australian Merchant Acquiring Program 2016 November Australian Affluent Banking Program 2016 November Australian Travel Cards Program 2016 November Australian Savings and Deposits Council- Transaction Accounts

Find out how you can access RFi Group’s latest business intelligence! For further information, contact Anthony Java on ajava@rfigroup.com or +61 2 9126 2617 54 ARB - RFi MEDIA

Profile for Adelle Grisaffe

Australia Retail Banker - March 2017  

An RFi Group publication

Australia Retail Banker - March 2017  

An RFi Group publication