COBA conference also discusses AI, innovation and changing demographics
Customer-owned banks such as Beyond Bank and Hume Bank are taking concrete steps to stop the scourge of financial abuse that affects the lives of many Australians, a recent national convention has heard.
Ignite the Future COBA 2024, the annual convention of the Customer Owned Banking Association, was held from September 22 to 24 at the Adelaide Convention Centre.
The conference attracted close to 1,100 delegates from 55 Australian credit unions and mutual banks, along with international delegates, to explore the theme “Ignite the Future”.
COBA CEO Michael Lawrence said he loved this theme “because it evokes a sense of possibility, progress, and action”.
“It encourages our sector to take initiative and contribute to shaping a better future, so more people can benefit from a resilient sector centred on people and communities,” Lawrence said.
“COBA24 was an unforgettable experience, and it was truly inspiring to witness the collective passion and dedication of our unique sector, as industry leaders, emerging professionals, and our valued partners came together under one roof.”
Financial abuse explored
One of the key topics discussed was financial abuse, highlighted by a breakfast address given by domestic violence campaigner Rosie Batty AO.
Batty (pictured above, second from left) also joined a panel discussion on how banks can play a pivotal role in disrupting financial abuse and providing meaningful support to victim-survivors.
Others on the panel included COBA chief operating officer Stephanie Elliott (pictured above left); Hume Bank CEO Stephen Capello (pictured above centre); Beyond Bank national operations manager Sophie Scott-Young (pictured above, second from right); and The Zahra Foundation CEO Kelly-ann Tansley (pictured above right).
Scott-Young said Beyond Bank, which operates nationally, had taken a proactive stance against financial abuse and highlighted the importance of creating a safe and supportive environment for both customers and staff.
The bank has implemented a range of measures including training frontline employees to identify potential signs of abuse and providing a discreet callback service for victims/survivors.
“Another vital step we've taken is transforming our branches, which are such an important part of the local community, into safe spaces where victims/survivors can make private calls or meet with support providers discreetly,” Scott-Young (pictured below) told the panel.
“Our journey began by raising awareness about this issue within our organisation and researching best practices both within and outside the banking sector.
“We formed a diverse working group comprising employees of different ages, genders, backgrounds, and skill sets to brainstorm ways to better support our customers experiencing financial abuse.”
Scott-Young said Beyond Bank’s collaborative effort led to a list of potential initiatives, which were then categorised based on their feasibility for immediate, short-term, and long-term implementation.
“We acknowledge that this is an ongoing process and that our efforts must evolve as societal awareness of this issue grows,” she said.
Hume Bank, which has deep connections to regional communities in north-east Victoria and southern NSW, also discussed its proactive approach to combatting financial abuse.
Disrupting a social issue that is prominent in their communities, its approach is multi-dimensional.
It includes policies and terms and conditions which prevent misuse of the bank’s products and services, empowering the team to take action, and building systems to detect, identify and address potential abuse early on.
Capello said a dedicated customer care team further strengthened its efforts by providing personalised support, acknowledging the unique nature of each case.
Hume Bank has also extended support to frontline organisations combating domestic abuse in its communities through the Hume Bank Safer Communities Fund, established earlier this year.
“Financial abuse can have a devastating impact on the social fabric in a community,” Capello said.
“As a regional organisation, we are uniquely positioned to raise awareness about financial abuse, disrupt its patterns, and provide crucial support to those affected in the communities we serve.”
Leadership, technology highlighted
A range of other topics were discussed at COBA 2024’s Ignite the Future.
Opening plenary speaker and global futurist Dr Bruce McCabe, talked about how innovation, technology and AI will reshape the financial services sector.
Dr Kirstin Ferguson AM, a globally acclaimed leadership expert, shared insights on modern leadership, emphasising the importance of balancing intellect with empathy and heart.
The COBA Emerging Leader program attracted the largest number of attendees yet to the convention, with 88 young professionals joining from 28 COBA members.
The program, which has been running for 22 years with the continuous support of Bridges Financial Services, is designed to nurture and empower aspiring young professionals in the customer-owned banking sector.
The 2024 COBA Emerging Leader recipient was Adam Karayiannis (pictured below centre), management accountant at IMB Bank, who was recognised for driving positive change within his team, organisation, and for the customers they serve.
Karayiannis received the award from COBA CEO Michael Lawrence (pictured below left) and Bridges Financial Services CEO Nathan Stanton (pictured below right).
Other speakers and sessions at the three day-long COBA Convention included:
- AI strategist Dr Sandra Peter and digital innovation expert Dr Kai Riemer who discussed real-world applications of AI to drive more efficient and insightful banking
- Simon Kuestenmacher, co-founder of The Demographics Group, on the changing demographics of Australia and what these changes mean for housing, the economy, society and the banking sector
- Kamal Sarma, co-founder of Rezilium, who delivered a compelling presentation on mastering communication and connection, highlighting the need for presence and a feedback culture
The convention also featured an exhibition hall, where 51 companies including GLaaS (Green Lending as a Service), CGU, Nimo Industries, Biza.io, PropTrack, docusign, nCino and QBE were featured.
Next year’s COBA Convention will be held in Brisbane from Aug. 10-12.
