Regulators, financial institutions, government and innovators came together at the Australian Financial Review Banking & Wealth Summit to candidly exchange ideas, and debate the tensions between stability and innovation, customer trust and corporate culture.
As Deloitte financial services industry leader, Arthur Calipo stated in his closing remarks - three words dominated - culture, culture and culture. The key themes that emerged from the diverse range of speakers were: balance in regulation, the importance of collaboration in innovation, and the central role trust plays for customer.
Deloitte was proud to help shape the debate together with the Financial Review and Informa and is delighted to share some of the highlights below in a playful articulation of the conversations with leading industry figures, as we look for ways to turn challenges into opportunities.
View the full AFR Banking & Wealth Summit agenda 2016 for more details on the conversation topics.
Culture, culture and culture were the three words that dominated the AFR Banking and Wealth Summit in Sydney on the 5th and 6th April 2016.
Candid exchanges of ideas between Australian and international leaders in financial services, including many of Deloitte’s own experts, stimulated debate on the tension between stability and innovation, between challenge and opportunity, and customer and shareholder. As you will see from our video highlights, attendees and speakers praised the summit for the opportunities for open conversation, their different perspectives and the candour that it provided.
Taking advantage of having the leaders in the financial services industry all in the one room, Deloitte CEO Cindy Hook outlined our responsibility to define the future of financial services.
Opening the summit, she set a challenge; could we use this opportunity to find the right balance between operating within good governance structures, and where necessary challenging the status quo to enable innovation, while ensuring superior customer service and experience.
Three areas emerged as key themes for the diverse range of speakers and attendees at the conference:
- balance in regulation,
- the importance of collaboration and innovation, and
- the central role of the customer.
Closing the conference, I outlined three calls to action based around these areas that, if implemented in Australia, will enable us to bring about a genuinely new era in financial services. These are:
- finding the right balance around regulatory focus,
- acting on Australia’s position and our capability to lead in financial services innovation and
- regaining and ensuring customer trust.