(14 June 2022 – New Zealand) Meeting demands for faster credit and product decisions, technology and data protection are among the key challenges facing major lenders however customer needs must come first according to ASB CEO Vittoria Shortt.
Shortt warns banks against becoming too focused on digitisation and technology at the expense of customers’ needs. In the midst of a skills shortage, retaining staff by creating meaningful career paths, offering flexible working patterns and navigating big social issues are some of the tasks facing Australia’s largest financial institutions.
“We’ve got to have amazing digital experiences to make it easy for our customers. Yes, we’ve got to compete head-to-head with new competitors, but that’s not the why of what we do. I think sometimes that can get lost. You’ve got to get back to ‘What are we doing to help our customers with their financial well-being?” Shortt commented.