While Australia is well-integrated into global markets, it managed to escape the worst of the 2008 global financial crises. Australia’s impressive performance over the past two and half decades has been attributed to successful economic reforms, a strategic location in Asia and strong population growth.
State of play
- Australia has experienced over 25 years of interrupted growth in financial markets.
- In the face of sector reforms and disruption, Australia’s major banks are facing massive structural overhauls and job cuts.
- Automation and FinTech loom as the greatest disruptors to the industry.
- In the aftermath of high-profile data security breaches and the recent Royal Commission into the sector, there is rising customer mistrust in financial services providers.
Gaining competitive advantage in retail and commercial banking can depend on back-office capability to increase productivity, turn loans around faster and serve customers more efficiently. With increased productivity, you can capture more business, increase your market share, reduce error rates and fulfil employee and customer expectations.
Enlighten’s transformation program has enabled a range of banks, insurers and wealth management organisations to rapidly raise their productivity and efficiency, resulting in dramatic cost reductions in well under a year.
Over the course of 20 weeks, the program will transform your back-office culture. Your teams will be focused on performance and quality, fuelled by the visibility of performance metrics and analytics that activate results.
Sources
https://www.austrade.gov.au/news/economic-analysis/australia-has-experienced-the-longest-economic-growth-among-major-developed-world
https://www.smh.com.au/business/the-economy/rba-signals-that-interest-rates-staying-on-hold-as-growth-drags-20171110-gzin4h.html
https://www.smh.com.au/business/banking-and-finance/bank-jobs-upheaval-just-the-beginning-20171102-gzdpep.html
