WEBVTT

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Good morning from a rather
wintry Melbourne, Australia. My

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name is Joseph Healy and I want
to talk to you this morning

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about the following themes.
First of all, I want to talk

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about some of the challenges
facing the banking industry.

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And then the important role of
leadership in navigating those

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challenges. Thirdly, I want to
talk about the importance of

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leadership in building the Bank
of the future. And finally talk

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about the critical importance of
culture as a foundation in any

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successful organisation, not not
just in the banking industry.

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I want to use judo bank as a
case study to illustrate some of

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these themes. First I should
introduce myself and then a

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brief overview of who judo bank
is. To do this, I pull together

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a number of slides to help bring
my remarks to life. Copies of

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these slides are available from
the conference organisers.

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Let me introduce myself.

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A career banker who founded and
is now the CEO of a bank called

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Judo Bank. I'll introduce judo
bank shortly. Um you can see

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from the slide that I had
extensive background in the

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industry. Over 35 years of
experience started life off at

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Lloyds Bank in London and an
extensive international career

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with Citibank. Spent a couple of
years at CIC world Markets which

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is a Canadian bank. And then.

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Moved to Australia, New Zealand,
Australia joining ANZ Bank and

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then before setting up judo bank
I was the.

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A group executive at National
Australia Bank are responsible

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for its business banking, which
was everything from small

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businesses right through to
large.

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Large corporations. I'm also a
passionate writer and reader,

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and I've authored 3 three books,
the most recent of which was a

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book called Breaking The Banks.
What went wrong with the

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Australian banking industry?
Which was published in 2019?

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That book looked at some of the
major problems that the banking

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industry had found itself
engulfed in, which were largely

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reputational but fundamentally
cultural in nature. The UK, the

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Australian banking system did
not face the challenges.

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That we saw in many other
Western banking systems that

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required government support. The
Australian banking system was

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actually very strong and robust
through the GF, the global

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financial crisis and beyond. But
it had developed some practises

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and behaviours that were seen as
being not in keeping with

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societal expectations of banks,
and in fact some of those

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practises and behaviours and
bordered on breaking, breaking

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numerous laws. And there was a
detailed government inquiry.

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Into the conduct of the banking
system that did not shine a

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particularly nice light on some
of the behaviour and practises

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that had governed the banks up
until recent times. In addition

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to writing about the banking
industry, I'm a lifelong

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learner. You can see from that
slide that I have a number of

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masters degrees.

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Covering a range of topics of
one of the highlights is the MBA

abbfc831-79f7-419a-bf37-d66939902146-1
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Chartered Banker, MBA which I
did at Bangor which is a lot and

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enormous amount from which was
very helpful to me as I was

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building judo bank but my
interest cover finance,

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neuroscience, psychology and
China. I've been a very

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passionate student and observer
of the the emergence of China

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and business practises in China
and spent a couple of years

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there.

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About 10 years ago.

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I I I could also say I should
also say that I'm very

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passionate about banking and the
role that banks play in society,

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notwithstanding some of the
criticisms that I just touched

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on. But banks fundamentally are
critical to the functioning of

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most economies and particularly
my deep passion lies in small to

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midsize businesses and making
sure that the banking system

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serves their needs well, but to
underline the passion and

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commitment to banking.

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I'm also very strong advocate of
the professionalism of banking,

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and as a fellow of the Chartered
Institute of Bankers in Scotland

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and a Senior Fellow of the
Financial Services Institute in

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Australia, I I I believe that
leaders should lead by example.

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And I do encourage, in fact
insist that all of the bankers

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at judo undertake the
professional qualifications that

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administered by the Chartered
Bankers Institute so that they

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have a foundation in the.

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Craft science of and skills
required and understanding of

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context required to be an
effective banker and to make

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sure that the representing the
bank in a very professional way.

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Let me just turn for a second to
talk about Dualband because I'm

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sure that virtually no one in
the audience will be familiar

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with judo bank. It was
established in 2016 from a

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PowerPoint.

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It was an idea crafted under a
strong belief that the SME

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economy was being poorly served
by the major banks that

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dominated the landscape in
Australia.

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Um, with the the bill in
building judo bank, we want it

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to be a pure specialist bank and
I'll talk in a second about the

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the importance of
specialisation. But it was, it

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was built to address what I
described as the triple U virus

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that SMEs faced. That is that
they were unloved, undervalued

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and underserved by by the
banking system.

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Judal Bank has been based on
traditional values of

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relationship banking, that is,
bankers sitting across the

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table.

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From SME customers, but it's a
bank that's been built on a more

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than cloud based technology
platform. So by starting from

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scratch and avoiding some of the
challenges of dealing with

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legacy, we were able to build a
bank which is as I say is truly

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unique both domestically and
globally. A bank that I

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characterise as high touch in
terms of human engagement with

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small to midsize businesses, but
high tech making it really easy

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for our bankers to look after
our customers.

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-0
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And for our customers to do
business with the bank, we've

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-1
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also assembled the management
team, a very strong management

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-2
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team here with over 200 years of
commercial banking experience.

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-3
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And I very much think of judo as
a bank built by bankers to serve

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-4
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the needs of the SME economy.
And it's a bank that's truly

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-5
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committed to banking as a
profession and making sure that

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-6
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we we set very high standards in
the way that bank bankers and

aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-7
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all of our staff for that
matter.

0fe99230-c506-4b4b-8d4d-960ea38a4089-0
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Engaged with our customers and
our various stakeholders. Let me

0fe99230-c506-4b4b-8d4d-960ea38a4089-1
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spend a second on specialisation
because it's really important to

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the story of judo bank. We
believe that as banks grew to

0fe99230-c506-4b4b-8d4d-960ea38a4089-3
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try to serve the needs of
everybody in the economy and had

0fe99230-c506-4b4b-8d4d-960ea38a4089-4
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multi product dimensions to them
were in very in serving a number

0fe99230-c506-4b4b-8d4d-960ea38a4089-5
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of different industries
investment banking and wealth

0fe99230-c506-4b4b-8d4d-960ea38a4089-6
00:07:12.863 --> 00:07:16.189
management, commercial banking
etc that the.

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The expertise and the
professionalism of the industry

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00:07:20.050 --> 00:07:23.983
had been diluted overtime. So in
building a specialist bank we

69099b77-9c84-4e89-afab-c1f1c2737f84-2
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believe that specialisation
achieves superior customer

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00:07:27.416 --> 00:07:31.348
service and superior economics.
And they used the example here

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00:07:31.348 --> 00:07:35.343
of the Olympics. And you can go
back over 40 odd years and look

69099b77-9c84-4e89-afab-c1f1c2737f84-5
00:07:35.343 --> 00:07:39.213
at gold medal winners in the
decathlon compared to gold medal

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00:07:39.213 --> 00:07:43.145
winners in specialists like the
100 metres. And you can see in

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00:07:43.145 --> 00:07:47.203
each case, which is no surprise
that the specialist the pure 100

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00:07:47.203 --> 00:07:47.640
metres.

8e3c219e-a156-40c9-9841-1a96a7cd5605-0
00:07:47.710 --> 00:07:51.523
Printer outperforms the
decathlon 100 metre sprinter and

8e3c219e-a156-40c9-9841-1a96a7cd5605-1
00:07:51.523 --> 00:07:55.804
that performance is in a range
of five to 33%, average 17%. But

8e3c219e-a156-40c9-9841-1a96a7cd5605-2
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the key message here is by
specialising in something that

8e3c219e-a156-40c9-9841-1a96a7cd5605-3
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you're passionate about, that
you can achieve superior

8e3c219e-a156-40c9-9841-1a96a7cd5605-4
00:08:03.363 --> 00:08:07.444
performance. Let me turn for a
second then to the challenges

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00:08:07.444 --> 00:08:11.524
that the banking industry faces,
at least through through my

8e3c219e-a156-40c9-9841-1a96a7cd5605-6
00:08:11.524 --> 00:08:15.003
eyes, and I think these
challenges are universal in

8e3c219e-a156-40c9-9841-1a96a7cd5605-7
00:08:15.003 --> 00:08:17.880
nature, not unique just to the
Australian.

5d714642-00c9-42a1-b674-07e415eea1a0-0
00:08:17.970 --> 00:08:22.427
Market the first big challenge
of course is that we're living

5d714642-00c9-42a1-b674-07e415eea1a0-1
00:08:22.427 --> 00:08:26.813
in very difficult macroeconomic
environment with high higher

5d714642-00c9-42a1-b674-07e415eea1a0-2
00:08:26.813 --> 00:08:31.343
increasing interest rates and
inflation, supply chain problems

5d714642-00c9-42a1-b674-07e415eea1a0-3
00:08:31.343 --> 00:08:32.350
and of course.

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-0
00:08:33.530 --> 00:08:37.588
In certain parts of the world,
particularly in Europe, the the

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-1
00:08:37.588 --> 00:08:41.517
dark shadow of the war in the
Ukraine, but in other parts of

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-2
00:08:41.517 --> 00:08:45.253
the world such as where I am,
the great uncertainty about

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-3
00:08:45.253 --> 00:08:49.311
future direction of China and
the geopolitical implications of

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-4
00:08:49.311 --> 00:08:53.112
that do affect the way that
businesses engage with foreign

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-5
00:08:53.112 --> 00:08:57.106
markets. So these are challenges
that are not new if you look

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-6
00:08:57.106 --> 00:09:00.906
back through the history of
banking, but they are new in a

7b82a8bf-e456-4ebd-a5a0-d9e5b7159fff-7
00:09:00.906 --> 00:09:03.289
contemporary sense we've not
really.

55b556ac-e841-410b-b814-1e469df91734-0
00:09:03.380 --> 00:09:07.035
To face such a cocktail of
challenges for well over, and

55b556ac-e841-410b-b814-1e469df91734-1
00:09:07.035 --> 00:09:10.626
certainly in the Australian
context, well over 20 to 30

55b556ac-e841-410b-b814-1e469df91734-2
00:09:10.626 --> 00:09:14.024
years, the other big challenge
which COVID is really

55b556ac-e841-410b-b814-1e469df91734-3
00:09:14.024 --> 00:09:18.128
exacerbated has been the tight
labour market and particularly a

55b556ac-e841-410b-b814-1e469df91734-4
00:09:18.128 --> 00:09:21.591
tight labour market for
specialist skills. I mean the

55b556ac-e841-410b-b814-1e469df91734-5
00:09:21.591 --> 00:09:25.631
shortage of skills in technology
are well documented, but also

55b556ac-e841-410b-b814-1e469df91734-6
00:09:25.631 --> 00:09:29.799
specialist skills in banking and
other fields and also of course

55b556ac-e841-410b-b814-1e469df91734-7
00:09:29.799 --> 00:09:30.890
because of COVID.

f73f2799-437e-4b03-8478-cd51e8d5b524-0
00:09:31.890 --> 00:09:36.402
Our significant acceleration in
people choosing to work from

f73f2799-437e-4b03-8478-cd51e8d5b524-1
00:09:36.402 --> 00:09:41.062
home remote working and and I
know from my contacts in various

f73f2799-437e-4b03-8478-cd51e8d5b524-2
00:09:41.062 --> 00:09:45.723
markets around the world that
this is a common theme. The idea

f73f2799-437e-4b03-8478-cd51e8d5b524-3
00:09:45.723 --> 00:09:50.161
of flexible working conditions
of course is something to be

f73f2799-437e-4b03-8478-cd51e8d5b524-4
00:09:50.161 --> 00:09:54.600
welcomed, but it does present
challenges in particularly in

f73f2799-437e-4b03-8478-cd51e8d5b524-5
00:09:54.600 --> 00:09:59.038
industries that run what I would
describe as apprenticeship

f73f2799-437e-4b03-8478-cd51e8d5b524-6
00:09:59.038 --> 00:10:00.370
models were young.

d185c5db-035c-4826-9040-30be0eea4682-0
00:10:01.390 --> 00:10:05.257
Bankers, for example, are
learning on the job from more

d185c5db-035c-4826-9040-30be0eea4682-1
00:10:05.257 --> 00:10:09.262
experienced bankers. We are
learning a lot of information

d185c5db-035c-4826-9040-30be0eea4682-2
00:10:09.262 --> 00:10:12.922
simply by being in the room,
watching and listening,

d185c5db-035c-4826-9040-30be0eea4682-3
00:10:12.922 --> 00:10:16.996
interacting real time rather
than the more planned and the

d185c5db-035c-4826-9040-30be0eea4682-4
00:10:16.996 --> 00:10:21.554
more sterile type of interaction
that comes from zoom or or teams

d185c5db-035c-4826-9040-30be0eea4682-5
00:10:21.554 --> 00:10:25.352
meeting. So that that's a
reality. It is celebrated as

d185c5db-035c-4826-9040-30be0eea4682-6
00:10:25.352 --> 00:10:29.495
providing much greater freedom
for people, but there are, I

d185c5db-035c-4826-9040-30be0eea4682-7
00:10:29.495 --> 00:10:31.360
think, potential long term.

2b96813c-2d6c-407e-ae44-8c6e81634429-0
00:10:31.430 --> 00:10:32.110
Costs.

41156244-a0c1-454c-8082-35c582359813-0
00:10:33.530 --> 00:10:37.531
Health being one course of
people working remotely and not

41156244-a0c1-454c-8082-35c582359813-1
00:10:37.531 --> 00:10:41.125
being part of a team
environment. So I consider that

41156244-a0c1-454c-8082-35c582359813-2
00:10:41.125 --> 00:10:45.398
as something that all industries
certainly or banking industry

41156244-a0c1-454c-8082-35c582359813-3
00:10:45.398 --> 00:10:49.400
companies are having to face
into the third big challenge.

51a41e08-b212-49aa-96db-1d5e8df612f7-0
00:10:50.280 --> 00:10:55.088
It's around the increasing role
of regulation in the industry.

51a41e08-b212-49aa-96db-1d5e8df612f7-1
00:10:55.088 --> 00:10:59.438
It is a heavily regulated
industry, of course, but there

51a41e08-b212-49aa-96db-1d5e8df612f7-2
00:10:59.438 --> 00:11:03.407
is a sense of creeping
regulation and a significant

51a41e08-b212-49aa-96db-1d5e8df612f7-3
00:11:03.407 --> 00:11:08.216
shift in societal expectations.
Some of these new requirements

51a41e08-b212-49aa-96db-1d5e8df612f7-4
00:11:08.216 --> 00:11:13.100
placed on banks can be loosely
and broadly captured by ESG, but

51a41e08-b212-49aa-96db-1d5e8df612f7-5
00:11:13.100 --> 00:11:18.061
it goes beyond ESG expectations
and banks are grappling with how

51a41e08-b212-49aa-96db-1d5e8df612f7-6
00:11:18.061 --> 00:11:19.970
best to accommodate that.

9f56aa29-3e65-4ec9-994d-83d9396ba3b7-0
00:11:20.200 --> 00:11:24.217
And for example, lending to
certain industries that are no

9f56aa29-3e65-4ec9-994d-83d9396ba3b7-1
00:11:24.217 --> 00:11:28.439
longer seen as ESG compliant and
no longer seen as societally

9f56aa29-3e65-4ec9-994d-83d9396ba3b7-2
00:11:28.439 --> 00:11:32.049
acceptable as an ongoing
challenge that our industry

9f56aa29-3e65-4ec9-994d-83d9396ba3b7-3
00:11:32.049 --> 00:11:36.475
faces. And it's a challenge that
is only going to intensify into

9f56aa29-3e65-4ec9-994d-83d9396ba3b7-4
00:11:36.475 --> 00:11:39.540
the future and the 4th challenge
that I see.

3cef3f8a-793a-4144-9f67-f9c63a398abe-0
00:11:40.690 --> 00:11:43.870
It's affecting all all banks is
the rapid.

7e240b09-053f-45fe-9ff3-a1703ed97732-0
00:11:44.980 --> 00:11:49.030
Growth of the technology, the
digitalization of lots of things

7e240b09-053f-45fe-9ff3-a1703ed97732-1
00:11:49.030 --> 00:11:51.410
that were once done by human
beings.

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-0
00:11:52.770 --> 00:11:56.856
That in many ways it's welcome.
In another ways, it creates set,

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-1
00:11:56.856 --> 00:12:00.188
it can create service
challenges, and it can, and it

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-2
00:12:00.188 --> 00:12:04.211
can dehumanise the relationship
between customers and banks. So

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-3
00:12:04.211 --> 00:12:07.983
it's not something that we
should simply sleepwalk into and

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-4
00:12:07.983 --> 00:12:11.881
take for granted. Technology in
the digitalization of lots of

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-5
00:12:11.881 --> 00:12:15.904
what has happened inside banks
is to be welcome. But the shadow

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-6
00:12:15.904 --> 00:12:20.053
side of the dark side of that is
also to be understood and linked

6bd2240d-b5ad-48c2-ab08-6ff30b048c83-7
00:12:20.053 --> 00:12:23.699
to technology, of course, is the
emergence of disruptors.

f89c14c8-bbb1-470e-8dde-6921ee3f4376-0
00:12:23.890 --> 00:12:27.720
And fintech morals and Neil bank
morals that are attacking

f89c14c8-bbb1-470e-8dde-6921ee3f4376-1
00:12:27.720 --> 00:12:31.551
certain parts of the value chain
where they see profitable

f89c14c8-bbb1-470e-8dde-6921ee3f4376-2
00:12:31.551 --> 00:12:35.252
economics and this impacts the
way the traditional banks

f89c14c8-bbb1-470e-8dde-6921ee3f4376-3
00:12:35.252 --> 00:12:37.850
operate. So I've called out four
major.

83beaaf2-b5bf-4b66-ac00-5126990e1207-0
00:12:38.540 --> 00:12:43.131
What I call challenges that the
banking industry is facing that

83beaaf2-b5bf-4b66-ac00-5126990e1207-1
00:12:43.131 --> 00:12:47.650
that list could be added to of
course, but I see these as four

83beaaf2-b5bf-4b66-ac00-5126990e1207-2
00:12:47.650 --> 00:12:52.026
universal challenges that all
banks are grappling with. If I

83beaaf2-b5bf-4b66-ac00-5126990e1207-3
00:12:52.026 --> 00:12:56.186
can kind of turn back to how
judo is dealing with some of

83beaaf2-b5bf-4b66-ac00-5126990e1207-4
00:12:56.186 --> 00:12:59.629
these challenges and linking it
back to banker.

87ebeb67-fab6-456a-a6a1-c813dd4afb2c-0
00:13:00.830 --> 00:13:05.193
Professionalism and banker, the
engagement in application of

87ebeb67-fab6-456a-a6a1-c813dd4afb2c-1
00:13:05.193 --> 00:13:09.771
technology. We we've had a very
strong commitment from the very

87ebeb67-fab6-456a-a6a1-c813dd4afb2c-2
00:13:09.771 --> 00:13:14.207
outset to making sure that our
bankers are properly qualified

87ebeb67-fab6-456a-a6a1-c813dd4afb2c-3
00:13:14.207 --> 00:13:18.642
to look after our customers. I
mean part of the entrance test

87ebeb67-fab6-456a-a6a1-c813dd4afb2c-4
00:13:18.642 --> 00:13:23.005
coming into the company beyond
interviews is that all of our

87ebeb67-fab6-456a-a6a1-c813dd4afb2c-5
00:13:23.005 --> 00:13:27.440
bankers go through, go through
three hour closed book, closed

87ebeb67-fab6-456a-a6a1-c813dd4afb2c-6
00:13:27.440 --> 00:13:30.660
door credit tests, part of
that's financial.

5b075938-c7a6-4079-8d12-936e369d9582-0
00:13:31.200 --> 00:13:34.783
Technical financial ratio
analysis, but a big part of it

5b075938-c7a6-4079-8d12-936e369d9582-1
00:13:34.783 --> 00:13:36.230
is judgement based and.

7388b247-516a-4839-b809-eee352022eff-0
00:13:37.440 --> 00:13:41.623
Testing how people think rather
than how they memorise policies

7388b247-516a-4839-b809-eee352022eff-1
00:13:41.623 --> 00:13:45.545
and procedures. This is very
important to us because one of

7388b247-516a-4839-b809-eee352022eff-2
00:13:45.545 --> 00:13:49.532
the central tenets of judo bank
in terms of in terms of risk

7388b247-516a-4839-b809-eee352022eff-3
00:13:49.532 --> 00:13:53.520
management is what we call the
four CS of credit. Some banks

7388b247-516a-4839-b809-eee352022eff-4
00:13:53.520 --> 00:13:57.442
talk about 5C's, but when we
think about credit risk as one

7388b247-516a-4839-b809-eee352022eff-5
00:13:57.442 --> 00:14:01.495
of the risks that very much at
the core of the bank, we think

7388b247-516a-4839-b809-eee352022eff-6
00:14:01.495 --> 00:14:05.417
of the four Seas framework of
understanding the character's

7388b247-516a-4839-b809-eee352022eff-7
00:14:05.417 --> 00:14:08.620
track record and reputation of
the entrepreneur.

e3cb2bbf-89b1-4152-ad45-3b97f1d933d0-0
00:14:08.710 --> 00:14:11.657
That we'll look into the bank
and then looking at the capacity

e3cb2bbf-89b1-4152-ad45-3b97f1d933d0-1
00:14:11.657 --> 00:14:14.090
of the cash flow that would
service and repay debt.

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-0
00:14:15.390 --> 00:14:18.861
And assuming headroom for
dealing with volatile times. And

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-1
00:14:18.861 --> 00:14:22.214
then the third C is to look at
the capital of the equity

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-2
00:14:22.214 --> 00:14:25.980
capital that sits on the balance
sheet to support the debt. And

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-3
00:14:25.980 --> 00:14:29.098
then finally, what form of
collateral or security is

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-4
00:14:29.098 --> 00:14:32.451
available should there be a
weakness in any of the first

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-5
00:14:32.451 --> 00:14:36.099
three of the four seas, another
approach that we've taken. So

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-6
00:14:36.099 --> 00:14:39.394
we're very religious on this. So
all, all of our credit

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-7
00:14:39.394 --> 00:14:43.041
memorandum, all of our internal
dialogue is, is shaped around

21484e13-6bcb-4d75-a0d9-fb5fe3aad1cf-8
00:14:43.041 --> 00:14:45.159
this 4C framework in the
hierarchy.

6ca242de-20cd-49ff-92f1-371db8b46c03-0
00:14:45.230 --> 00:14:46.250
That I've just been through.

6d5427e6-5d05-4fe1-bda7-005c6a5390fa-0
00:14:47.470 --> 00:14:51.118
Another important approach to
the way that we run judo is a

6d5427e6-5d05-4fe1-bda7-005c6a5390fa-1
00:14:51.118 --> 00:14:54.766
team based culture, not an
individual based culture we have

6d5427e6-5d05-4fe1-bda7-005c6a5390fa-2
00:14:54.766 --> 00:14:58.719
no tolerance for. I did this and
I want that. It's all about the

6d5427e6-5d05-4fe1-bda7-005c6a5390fa-3
00:14:58.719 --> 00:15:02.489
team. So we don't have sales
targets or short term Commission

6d5427e6-5d05-4fe1-bda7-005c6a5390fa-4
00:15:02.489 --> 00:15:05.955
based outcomes. We want team
outcomes, we want everybody

6d5427e6-5d05-4fe1-bda7-005c6a5390fa-5
00:15:05.955 --> 00:15:07.840
working together, sharing work.

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-0
00:15:08.680 --> 00:15:12.579
Engaging with colleagues that
there might be able to help in

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-1
00:15:12.579 --> 00:15:16.479
your assessment of a particular
customer need and all of our

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-2
00:15:16.479 --> 00:15:19.931
incentive arrangements are
shaped around team and and

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-3
00:15:19.931 --> 00:15:23.894
overall judo outcomes rather
than individual targets. This is

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-4
00:15:23.894 --> 00:15:28.049
an important part of our culture
and it does mean we self select

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-5
00:15:28.049 --> 00:15:32.141
because some people who like to
operate as I did, I don't want,

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-6
00:15:32.141 --> 00:15:36.104
are not really suited to the
culture that we want. We have it

2e558f87-ca87-49cb-b11f-26a4c3b5da5f-7
00:15:36.104 --> 00:15:38.470
in empowering culture where we
have.

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-0
00:15:38.570 --> 00:15:42.264
Delegated credit authorities to
bankers that based on their

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-1
00:15:42.264 --> 00:15:46.143
experience with the second line
cheques and balances, but it's

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-2
00:15:46.143 --> 00:15:49.899
very much a judgement based
approach underpinned by a strong

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-3
00:15:49.899 --> 00:15:53.717
ownership mindset. So we want in
building the bank, we wanted

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-4
00:15:53.717 --> 00:15:57.719
everybody working in the bank to
have an equity ownership in the

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-5
00:15:57.719 --> 00:16:01.291
bank so that they thought more
like owners of the company

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-6
00:16:01.291 --> 00:16:04.985
rather than employees of the
company. And underpinning that

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-7
00:16:04.985 --> 00:16:08.064
whole approach to banker
recruitment and teamwork

3b344ef1-16bc-4b88-8bd1-b6e4d6f92251-8
00:16:08.064 --> 00:16:08.679
ownership.

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-0
00:16:08.760 --> 00:16:12.707
Mindset and the application of
judgement rather than sterile

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-1
00:16:12.707 --> 00:16:16.849
policy procedures and algorithms
is a very strong commitment to

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-2
00:16:16.849 --> 00:16:20.861
training and development, to
making sure that our bankers are

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-3
00:16:20.861 --> 00:16:24.938
staying ahead of developments in
the industry, ahead of credit

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-4
00:16:24.938 --> 00:16:28.691
trends. And as bankers are
growing, developing from being

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-5
00:16:28.691 --> 00:16:32.444
analysts into bankers into
senior bankers, that there's a

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-6
00:16:32.444 --> 00:16:36.068
pathway supported by strong
approach to credit, to risk

6cc4b7ad-2dfb-4e71-96b5-e372b9d56e82-7
00:16:36.068 --> 00:16:39.110
management, emphasising credit.
But of course.

a1be1a99-33c0-4344-94b2-dcef731c2e0f-0
00:16:39.200 --> 00:16:43.120
Thank you. Bikes are full of
risks and we educate our bankers

a1be1a99-33c0-4344-94b2-dcef731c2e0f-1
00:16:43.120 --> 00:16:45.460
on all back aspects of banking
risk.

73064047-620e-448a-a640-0b14150ae594-0
00:16:46.830 --> 00:16:50.981
Let me turn a little bit to to
culture here, because I think

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00:16:50.981 --> 00:16:54.248
this is one of the most
important things in any

73064047-620e-448a-a640-0b14150ae594-2
00:16:54.248 --> 00:16:58.604
organisation is. And as a CEO of
judo bank, it is the one thing

73064047-620e-448a-a640-0b14150ae594-3
00:16:58.604 --> 00:17:02.960
that I spend almost more of my
time on than anything else. Some

73064047-620e-448a-a640-0b14150ae594-4
00:17:02.960 --> 00:17:06.772
of you might find that
surprising, but for me, as Peter

73064047-620e-448a-a640-0b14150ae594-5
00:17:06.772 --> 00:17:08.610
Drucker once famously said.

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-0
00:17:09.680 --> 00:17:12.876
Culture eats strategy for
breakfast. In fact, I would say

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-1
00:17:12.876 --> 00:17:16.348
that culture eats strategy for
breakfast, lunch and dinner. If

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-2
00:17:16.348 --> 00:17:19.544
the foundation, the cultural
foundations of the company a

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-3
00:17:19.544 --> 00:17:22.575
week, then the rest of the
companies sustainability is

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-4
00:17:22.575 --> 00:17:26.157
going to be put at risk. So when
people join judo, we asked them

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-5
00:17:26.157 --> 00:17:29.519
three months after they joined
what really attracted them to

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-6
00:17:29.519 --> 00:17:32.881
the company. And you can see
from this slide there's a whole

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-7
00:17:32.881 --> 00:17:36.187
range of reasons, one of them
one of the obvious ones being

cda45d5b-34a7-4ecf-8dd7-4b47d37521e3-8
00:17:36.187 --> 00:17:39.770
involved in building something,
but the other many of the other.

10a6377f-519e-4df0-828e-4514eced996d-0
00:17:39.850 --> 00:17:43.752
This could be grouped together
under culture, the idea being a

10a6377f-519e-4df0-828e-4514eced996d-1
00:17:43.752 --> 00:17:47.406
purpose and values driven
organisation, the idea of being,

10a6377f-519e-4df0-828e-4514eced996d-2
00:17:47.406 --> 00:17:51.060
doing relationship banking the
way that it used to be done

10a6377f-519e-4df0-828e-4514eced996d-3
00:17:51.060 --> 00:17:54.467
rather than the kind of
industrialization that we have

10a6377f-519e-4df0-828e-4514eced996d-4
00:17:54.467 --> 00:17:57.873
seen in the industry. The
calibre of people that we've

10a6377f-519e-4df0-828e-4514eced996d-5
00:17:57.873 --> 00:18:01.652
hired is attract AB's, attract C
so do it. We place a lot of

10a6377f-519e-4df0-828e-4514eced996d-6
00:18:01.652 --> 00:18:03.820
emphasis on the calibre of
people.

1bb8c78f-2916-461f-9e19-666ac75425d0-0
00:18:04.580 --> 00:18:09.673
And you see from that slide that
salaries and benefits, whilst

1bb8c78f-2916-461f-9e19-666ac75425d0-1
00:18:09.673 --> 00:18:14.443
important, are not high in the
hierarchy of what attracted

1bb8c78f-2916-461f-9e19-666ac75425d0-2
00:18:14.443 --> 00:18:18.889
people to judo. So having
attracted people to judo, we

1bb8c78f-2916-461f-9e19-666ac75425d0-3
00:18:18.889 --> 00:18:24.144
then asked them, has judo lived
up to its promise? And what I'll

1bb8c78f-2916-461f-9e19-666ac75425d0-4
00:18:24.144 --> 00:18:26.570
show you next is a slide that.

a337524d-0e10-4617-bb77-581c6166fbc0-0
00:18:28.960 --> 00:18:31.480
When we when we said to people.

34966283-8d57-4009-afa2-12eb0425f1a2-0
00:18:32.360 --> 00:18:33.820
Speak with me for a second.

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00:18:34.870 --> 00:18:38.712
High Street to lift up to the
promises that it it made. And

5f6202f5-9c8f-48c1-a0f7-67faad36b44d-1
00:18:38.712 --> 00:18:42.746
one of the things it comes out
here very, very clearly is that

5f6202f5-9c8f-48c1-a0f7-67faad36b44d-2
00:18:42.746 --> 00:18:46.268
the big strengths of the
organisation has been its its

5f6202f5-9c8f-48c1-a0f7-67faad36b44d-3
00:18:46.268 --> 00:18:50.494
people and its culture. And this
is something that I'm absolutely

5f6202f5-9c8f-48c1-a0f7-67faad36b44d-4
00:18:50.494 --> 00:18:54.529
thrilled about. In other words,
that we set the proposition up

5f6202f5-9c8f-48c1-a0f7-67faad36b44d-5
00:18:54.529 --> 00:18:58.051
to our employees as a new,
distinct bank, committed to

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00:18:58.051 --> 00:19:02.085
traditional values, committed to
professionalism, committed to

5f6202f5-9c8f-48c1-a0f7-67faad36b44d-7
00:19:02.085 --> 00:19:05.799
teamwork and committed to making
sure that we're building

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00:19:05.799 --> 00:19:06.439
something.

0eefacf5-7642-44e7-9802-b8e7cb8800b7-0
00:19:06.510 --> 00:19:09.878
There's a distinctive, unique
and that would be a lasting

0eefacf5-7642-44e7-9802-b8e7cb8800b7-1
00:19:09.878 --> 00:19:13.362
legacy. And in the survey that
we recently that had done on

0eefacf5-7642-44e7-9802-b8e7cb8800b7-2
00:19:13.362 --> 00:19:16.673
staff that had been in the
organisation for over a year,

0eefacf5-7642-44e7-9802-b8e7cb8800b7-3
00:19:16.673 --> 00:19:19.925
the culture emphasis stands out
very strongly. And it's

0eefacf5-7642-44e7-9802-b8e7cb8800b7-4
00:19:19.925 --> 00:19:23.467
something that I'm absolutely
delighted by because as I have

0eefacf5-7642-44e7-9802-b8e7cb8800b7-5
00:19:23.467 --> 00:19:26.952
mentioned several times through
my remarks, the fundamental

0eefacf5-7642-44e7-9802-b8e7cb8800b7-6
00:19:26.952 --> 00:19:28.230
importance of culture.

70ac4d20-9019-4562-bf5a-ab61d813b5c0-0
00:19:28.910 --> 00:19:32.733
To the success of any business
and to the professional ethos

70ac4d20-9019-4562-bf5a-ab61d813b5c0-1
00:19:32.733 --> 00:19:36.243
and in any business, but
particularly in banking, given

70ac4d20-9019-4562-bf5a-ab61d813b5c0-2
00:19:36.243 --> 00:19:39.878
it's rather chequered modern
history is something that we

70ac4d20-9019-4562-bf5a-ab61d813b5c0-3
00:19:39.878 --> 00:19:43.262
hold in absolute higher
importance in the way that we

70ac4d20-9019-4562-bf5a-ab61d813b5c0-4
00:19:43.262 --> 00:19:47.274
think, the way we talk and the
way that we run the bank. So I'm

70ac4d20-9019-4562-bf5a-ab61d813b5c0-5
00:19:47.274 --> 00:19:51.410
gonna conclude my remarks there.
I hope you find what I've had to

70ac4d20-9019-4562-bf5a-ab61d813b5c0-6
00:19:51.410 --> 00:19:55.422
say of interest and of value to
you. Do feel free to cheque the

70ac4d20-9019-4562-bf5a-ab61d813b5c0-7
00:19:55.422 --> 00:19:59.120
Dural website if you want more
information on the company.

790ca7e6-1e21-4923-b5c9-b6784010bba6-0
00:19:59.220 --> 00:20:02.282
But thank you for listening to
me this morning and the best of

790ca7e6-1e21-4923-b5c9-b6784010bba6-1
00:20:02.282 --> 00:20:04.470
luck for the rest of the
programme. Goodbye.