State of Play - August 20 2019

Empowering the customer

Open Banking is coming, and will affect the way you do business. At its core, Open Banking is about “empowering the customer" and poses a new world of opportunities for brokers. Consumers will have the ability to share data with institutions and people they trust, in a much safer way. 

So what exactly is Open Banking?

Open banking is going to give customers control of their data that banks and financial institutions currently hold. Open banking will allow customers to send their data to other banks, financial institutions and authorised organisations. Customers will be empowered to control who holds their data and how it’s used.

The consumer data rights starts with banking, and then will roll out to energy and telecommunications 

For Australian consumers it will mean we can track spending across banks, compare mortgages, analyse spending patterns on credit cards, track usage and bills for energy.  In Australia, the Big 4 will move to the system by February 2020, then other banks will follow in July 2020. 

Why Open Banking?

A global regulatory wave has hit and is now driving the data economy, it is a market driven revolution in banking. China is well ahead of the game in Open banking by approx. ten years where tech giants are dominating the financial services experience, 

The structure of banking will fundamentally change with main players coming from a non-banking heritage i.e. WeChat - social media heritage, Alipay - ecommerce heritage 

What does this mean for brokers?

Open banking will give consumers the right and ability to give their data to people they trust through authorisation, with a global set of technical and security standards.

Open banking is about enabling customers to do what they can already do today in a more secure, automated and user friendly way. Better security and control over when and how data is shared, as well as API standardisation will make it easier to share data 

There will be a change in the way organisations operate around data and consumer consent. As a result of this digital disruption, organisations will be mobile and app driven, instantaneous, transparent terms, more open systems, data owned and directed by customers, loyalty is driven through product value and usage 

And this is where you come in; brokers understand trust and are better positioned to take advantage of this new business opportunity better than anyone else.

Open Banking at Loan Market

There are key steps we will take to prepare for open banking and make it an opportunity for you; digital onboarding (hello pack), digital data collection (Fact Find and Bank Connect), digital meetings (goal setter), digital signatures (Game Plan), customer intimacy (stay in touch/automation), total care (diversification/best interest). 

Lessons from the speakers

Josh Frydenberg

The Morrison government says that brokers are:

  • Important to economy 
  • Stimulate competition 
  • Give buyers access to finance 
  • Valuable channels for lenders to access consumers 
  • Offer a better range of home loan choices, better interest rates, better processes, better chances of an application being approved. 

The Morrison government is committed to the continued success of the broking sector, and is focusing on restoring trust and better consumer outcomes 


  • Australian property prices were at an all time high in September 2017
  • Combined capacity has fallen, remains 30% higher in 2017 
  • In 2019, property prices are increasing for the first time in 3 years 
  • Morrison government have implemented housing measures for first home buyers and downsizers i.e. boost housing supply 
  • Home Loan deposit scheme, selected banks, 5% deposit instead of 20%, support of $10,000 each year. 

The Morrison government has pledged to work with brokers to enhance schemes and make sure it works, getting the best outcome for consumers 

Richard De Crespigny | Managing in a crisis

  • Qantas Flight 32 was a Qantas scheduled passenger flight from London to Sydney via Singapore
  •  On 4 November 2010, the aircraft serving the flight, an Airbus A380, suffered an uncontained engine failure shortly after takeoff from Singapore Changi Airport and returned to Singapore to make an emergency landing. 
  • Richard De Crespigny was the captain that day, who guided a heavily damaged double-decker jet to the safety of Singapore Changi Airport and averting what could have been a catastrophe
  • He had to work in conditions that were less than favourable, alarms going off, trainees in the cockpit and a situation he’d never experienced in aviation school
  • In a crisis you have no time - you must create time - time gives you options 

Pillars of Resilience 

  • Knowledge
  • Training
  • Experience - is required but don’t let it get in your way of making decisions - that day there was nearly 200 years experience in the cockpit and something still went wrong
  • Leadership 
  • Teamwork
  • Crisis monitoring
  • Decision making - you must make quick but well thought out decisions - when the plane was on the ground, Richard had to decide if they’d let passengers out through the emergency slides (which from experience we know they can be extremely dangerous and cause harm to people) or if they would wait for the stairs to be brought over which meant more time in the plane. They decided to wait - because they didn’t want any injuries - and all passengers got away with no harm 
  • Risk
  • After the crisis, Richard went out to over 500 passengers and spoke directly to them. Continuous full open disclosure is essential. He told them what happened, and even gave them his phone number in case they wanted to complain - he got 0 phone calls of complaints and 20 saying “Thanks mate” - the passengers shut down all the rumours from media because of Richard’s decision to be open
  • This gave passengers trust and a personal guarantee - which let the customers take control of the situation in the media with all the facts.
  • Embrace disruptors - There will always be disruptors - you need to embrace them and do something you haven't done before 

Adam Downes | Are customers always right?

Read the Oberio case study here

How to approach a complaint - breakdown the issue and potential outcomes

In reference to the proposed letter to the customer who complained: Is offering the 3rd nights stay…

Too much?

  • 4 people from the audience chose this


  • 400 people from the audience chose this

Not enough?

  • 20 people from the audience chose this

Feedback from the room:

Not enough: 

  • Need to go over and above what the customer expects in order to align with the company values 
  • Suggestions that the night should be refunded and give them another night free in a different hotel, to help improve their experience


  • They aren’t actually expecting anything, so this is already exceeding expectations

Too much:

  • The customer should have been expecting noise because they were staying in a tent
  • Expressed complaints on the way out rather than during their stay. Things could have been done to help beforehand if they had known (such as room service)
  • If someone complains on the way out then it’s already too late

Important question to consider - would you want this customer back?

  • Suggestion to offer them another night free in a different hotel 
  • Think about whether you want the customer back 
  • If they are happy then they will be an extreme advocate for you
  • If they are unhappy they will tell the world about it
  • Are they just someone who is never satisfied?
  • Weigh up the risk

Another complaint - the tea drinker: 

  • Complained that the tea wasn’t hot enough 
  • The hotel investigated and saw that the tea was getting colder as towards the end of the ‘jug’ due to the filter that was used
  • In response to this they changed their process and ‘jugs’ in every hotel to improve the overall experience

What can we do to improve this service?

  • Ask questions during the process, not just at the end
  • Constant feedback = continuous improvement
  • Make sure someone leaves feeling satisfied, even if there are issues along the way

What does your NPS say about you?

  • Your score doesn’t really help you in any way
  • The comments are most important and give you the gold to make the right changes to your business
  • You should be reviewing your comments (even if you have a high overall NPS, or the specific score for that client was high), as this will give you the insight you need to improve your business 

3 words - Product, service, experience

  • Everyone can compete on product
  • Service - Most people can provide a similar service
  • Experience - it’s up to you to go above and beyond to create an experience that is positive and unique to your business. This will drive positive reviews and repeat business + referrals.

Samantha Gash | Chasing goals

“If you want something you’ve never had, then you’ve got to do something you’ve never done” 

It’s important to always try new things outside of your comfort zone. As this is where you will progress and learn. A great strategy to learn about something you’ve never down before is to look for people that have done bigger things than you have. Follow their blogs, go to their seminars, follow them on social media. You can then learn from their experiences and apply this to yourself when you are trying something new or something you haven’t done before. 

Some mindset strategies to go by: 

  1. Redefine Failure.
    Instead of turning away from something you have failed or not succeeded at, get excited. Get excited by the new challenge and the new opportunities it can bring.
  2. Relentless forward motion.
    Sometimes you can get misled by slow progress, thinking it is taking you way too long to achieve the milestone you wanted to. But remember that slow progress is still progress and it’s about the long term strategy that will help you achieve your goal.
  3. Strategic Vulnerability.
    We can often be exposed to our vulnerabilities, strengths and weaknesses. A great practice is to use these vulnerabilities to create a blueprint or plan so you can move forward with your goals. 

These mindset strategies can be used next time you are planning to reach out of your comfort zone! 

Alessandra Edwards | The DNA of Performance

  • Purpose of the session: to Identify your genetic type + intro solutions to overcome your shortcomings/limitations
  • DNA becomes more important as you age
  • Tired is the new normal. USYD study (2018) Women don’t have energy 4 out of 10 days. For men: it’s 5 out of 10. This is costing Australia billions in lost productivity

7 levers of epigenetics:

  • Detox
  • Sleep
  • Eat
  • Move
  • Breathe
  • Nourish
  • Chronobiology: internal body clock

4 types of energy profile:

Morning star

  • Early risers, early to bed
  • Top tips: regular sleep routines, morning exercise, tackle most important work early in the day


  • Night owls: late risers, brain waves at night
  • Most important levers: breathe, sleep, chronobiology (body clock)
  • Top tips: morning exercise, protein-based breakfast + lunch (boosts dopamine), breathing/meditation at night
  • No nos: carb breaky, coffee after 11am, evening exercise, meat-based/late dinner, late night work

Shooting star

  • Rollercoasters of energy
  • Most important levers: sleep, eat, move
  • Top tips: high protein diet, protein snacks, sweat, intermittent fasting
  • No nos: sugar, sitting, stress

Fallen star:

  • Exhausted
  • Most important levers: nourish, sleep, breathe, eat
  • Top tips: sleep, nap, 5-6 small meals per day, weekend forest bathing, reach out for help

Phil Nosworthy | Convergence 

"I will never go professionally where I’m afraid to go personally."

Sometimes people don’t get what they go to work for. Often people have all the ingredients but don’t know how to actually put them together to get what they need to do. Process of understanding the ingredients people have already got to get better results. 

Need to find ways to use those things you’re not as strong at in a way to drive success. 


Skill + substance 

Knowledge + application 

Intention + action 

Identity + reputation

Confidence + courage 

Skill and character 

- Whatever you’re chasing this year, these are the things that will get you there. 

- As a leader these are things that are easy to teach, track and call people back to. 

- Hire for knowledge, invest into knowledge, ready people resumes 

- Need both in order to get success 

Knowledge and application 

- We are not defined by what we know 

- Defined by what we do with what we know

- Knowledge acquisition is not growth 

- Change is synonymous with growth 

- I must do less better 

- Knowledge acquisition without application is the most insidious form of procrastination in business today 

- What is one thing I know I to do that I’m not currently doing? 

Intention and action 

- Defined by your actions 

- Nobody cares about your intentions.. 

- the size of the gap between my intentions and actions is the size of the dysfunction in that area of my life

- If all we do is what we have done, all we’ll have is what we have now 

Identity and reputation 

- If your reputation matters you need to find out what people think of you

- Social identity theory. Combo of 3 things: identity (version of you as you see yourself - it’s not true - who I see myself to be), reputation (who others see me to be), aspiration (who we want to be seen as). 

- Can be a dangerous gap between who we think we are and who others think we are 

- Feedback - important piece of the puzzle to get where you want to be. Receiving and giving. 

- We often withhold feedback because it makes us feel uncomfortable but it prevents growth from others 

- Feedback is only half the picture, feedback without self reflection is half a dataset 

Confidence and courage 

- cannot conjure confidence - never there when you need it 

- Confidence is not something to optimise your life around because you can’t control it 

- Confidence = comfort = repetition 

- When people describe confidence they are actually talking about discomfort 

- If the price of confidence is repetition I’d rather not be confident 

- Courage - this makes me feel uncomfortable but watch me do it anyway

- Find the thing that makes you feel most uncomfortable and do it  

3 questions to unlock growth: 

What went well today? 

What didn’t go well today? 

What will I do tomorrow? 

Preflect in the morning, ‘to how’ list