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FINSIA’s InFinance keeps you up-to-date and in-the-know. 

Chris Whitehead foreword

by Lewis Panther | 10 Dec 2019
Welcome to our festive edition of InFinance, winding up the year on a positive note with some light-hearted as well-as thought-provoking lifestyle features.

It doesn’t seem like 12 months since my last end of year review, but it has been an incredibly busy year for FINSIA and our professionalisation strategy.

The final report from the Royal Commission came out as many were just heading back to work after the summer holidays. In our first webinar of the year on Kenneth Hayne’s inquiry we gave our support to his recommendations, which could arguably be summed up as a need for a cultural shift to earn back trust from customers.

Our own research that was carried out at that time proved a fundamental lack of understanding of financial basics on the part of those same customers.

This was the tone for 2019, facing up to some uncomfortable truths. But I believe we have made great inroads to the challenges faced by everyone in financial services. 

A busy schedule of events included a packed AGM where banking veteran David Murray was guest speaker. A series of roadshows with the Australian Financial Complaints Authority proved popular but showed more evidence of that growing dissatisfaction on the part of the customers. The ever popular Future of Finance series saw the team from Decoded debunking the myths around all things to do with AI and block chain. 

Our Summit in Melbourne saw futurist author and former Barack Obama advisor Brett King give a keynote speech outlining the lessons banks need to take on board to survive.

Eighteen months into the return to the education space, it's pleasing to report hundreds from across the major banks have enrolled on Professional Banking Fundamentals and we had our first two cohorts of Chartered Banker by Experience graduates.

FINSIA also led a delegation of senior executives on a fact-finding mission to the UK which is widely seen as being further down the road to restoring trust in financial services.

As I stated this time last year, having more webinars was one of the measures to make FINSIA more accessible to members from outside the state capitals.

We have had 10 so far this year, covering topics as diverse as investing clubs, a response to the RBA record rate cuts, and the lessons learned from the UK. We’re holding another breakfast webinar next week with Royal Bank of Scotland Personal Banking CEO Les Matheson who will be sharing his UK experience of re-building a customer focussed professional banking culture.

And next year we are planning to do even more - along with a fully rolled out Chartered Banker - as we carry on our path to raising standards of professionalism.

Now though, I hope you take the opportunity to unwind with family and friends and recharge your batteries. 

And to all those many thousands of members who have helped us throughout the last year - attending events, taking part in webinars and workshops as well as providing input to our submissions - I would like to say thank you for all your help. I would also like to thank all of those on our councils for their ongoing support.

Whatever your involvement, I would like to thank you for your support of FINSIA, wish you the very best for the holiday period, and wish us all success in 2020.

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