CBA digital head exits, ex-BoQ CFO heads up Fintech
(27 February 2020 - Australia) CBA Chief Digital Officer Pete Steel is departing the bank to join Boston Consulting Group (BCG), while fintech Revolut has hired ex-BoQ CFO Matt Baxby as the group’s new Australian CEO.
Mr Steel is taking on a consultancy role with BCG from July 2020 after 16 years with CBA. His shift to the consulting world leaves a gap for a digital and technological lead as the Big Four major seeks to leverage the competitive advantage it has built through its real time core system.
CBA is seeking to use the government’s biometric holdings to help onboard customers and verify identity, part of a wider move by banks to move towards using digital identity to authenticate transactions. eftpos, of which the CBA is a foundation stakeholder, revealed it is preparing to enter the digital ID push as part of its wider digital overhaul to modernise its product and service offering.
“I’ve had an amazing 16 years at CBA and been privileged to lead digital and technology teams that deliver great experiences every day for one in three Australians. Time to find a new hill to charge up. Thanks to all the wonderful folk at CBA, you guys really do rock” Mr Steel stated.
Ex-BoQ CFO Matt Baxby’s announcement comes on the back of Revolut raising US$500 million in funding on a US$5.5 billion valuation. Revolut is a Fintech neobank that has already amassed over 10 million customers across Europe and is now making a concerted drive into the Australian market.
"Really pleased to have the opportunity to join Revolut to lead their push into the Aussie market. Having just closed a US$500m funding round, the ambition to create a truly global platform for retail and business customers is real” Mr Baxby said.
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