WEBVTT 38f5cbb2-fb75-4a7a-a857-3eff03b14a4b-0 00:00:02.840 --> 00:00:06.145 Good morning from a rather wintry Melbourne, Australia. My 38f5cbb2-fb75-4a7a-a857-3eff03b14a4b-1 00:00:06.145 --> 00:00:09.507 name is Joseph Healy and I want to talk to you this morning 38f5cbb2-fb75-4a7a-a857-3eff03b14a4b-2 00:00:09.507 --> 00:00:12.700 about the following themes. First of all, I want to talk 38f5cbb2-fb75-4a7a-a857-3eff03b14a4b-3 00:00:12.700 --> 00:00:15.950 about some of the challenges facing the banking industry. 49546281-fea9-45cb-a36a-d9d523835f15-0 00:00:16.620 --> 00:00:20.030 And then the important role of leadership in navigating those 49546281-fea9-45cb-a36a-d9d523835f15-1 00:00:20.030 --> 00:00:23.331 challenges. Thirdly, I want to talk about the importance of 49546281-fea9-45cb-a36a-d9d523835f15-2 00:00:23.331 --> 00:00:26.852 leadership in building the Bank of the future. And finally talk 49546281-fea9-45cb-a36a-d9d523835f15-3 00:00:26.852 --> 00:00:30.373 about the critical importance of culture as a foundation in any 49546281-fea9-45cb-a36a-d9d523835f15-4 00:00:30.373 --> 00:00:33.840 successful organisation, not not just in the banking industry. fbd8aa5c-1d23-47d8-b19f-b7a210115fc4-0 00:00:35.180 --> 00:00:38.859 I want to use judo bank as a case study to illustrate some of fbd8aa5c-1d23-47d8-b19f-b7a210115fc4-1 00:00:38.859 --> 00:00:42.241 these themes. First I should introduce myself and then a fbd8aa5c-1d23-47d8-b19f-b7a210115fc4-2 00:00:42.241 --> 00:00:46.040 brief overview of who judo bank is. To do this, I pull together fbd8aa5c-1d23-47d8-b19f-b7a210115fc4-3 00:00:46.040 --> 00:00:49.778 a number of slides to help bring my remarks to life. Copies of fbd8aa5c-1d23-47d8-b19f-b7a210115fc4-4 00:00:49.778 --> 00:00:53.280 these slides are available from the conference organisers. b92c8577-bfca-42b0-894e-d337e9325eb2-0 00:00:53.920 --> 00:00:55.300 Let me introduce myself. e2ed3567-cffa-40ec-b0e7-cdf4d656ce44-0 00:00:56.180 --> 00:01:01.069 A career banker who founded and is now the CEO of a bank called e2ed3567-cffa-40ec-b0e7-cdf4d656ce44-1 00:01:01.069 --> 00:01:05.652 Judo Bank. I'll introduce judo bank shortly. Um you can see e2ed3567-cffa-40ec-b0e7-cdf4d656ce44-2 00:01:05.652 --> 00:01:09.778 from the slide that I had extensive background in the e2ed3567-cffa-40ec-b0e7-cdf4d656ce44-3 00:01:09.778 --> 00:01:14.208 industry. Over 35 years of experience started life off at e2ed3567-cffa-40ec-b0e7-cdf4d656ce44-4 00:01:14.208 --> 00:01:18.792 Lloyds Bank in London and an extensive international career e2ed3567-cffa-40ec-b0e7-cdf4d656ce44-5 00:01:18.792 --> 00:01:23.834 with Citibank. Spent a couple of years at CIC world Markets which e2ed3567-cffa-40ec-b0e7-cdf4d656ce44-6 00:01:23.834 --> 00:01:26.050 is a Canadian bank. And then. 3e8230ac-e6b6-43c4-b54f-f2360a76806c-0 00:01:26.120 --> 00:01:30.321 Moved to Australia, New Zealand, Australia joining ANZ Bank and 3e8230ac-e6b6-43c4-b54f-f2360a76806c-1 00:01:30.321 --> 00:01:33.210 then before setting up judo bank I was the. f1d5b30a-e68d-4a77-9729-117d1364e488-0 00:01:33.940 --> 00:01:37.255 A group executive at National Australia Bank are responsible f1d5b30a-e68d-4a77-9729-117d1364e488-1 00:01:37.255 --> 00:01:40.407 for its business banking, which was everything from small f1d5b30a-e68d-4a77-9729-117d1364e488-2 00:01:40.407 --> 00:01:42.310 businesses right through to large. dfc5c83d-656e-4e25-ac38-3d4190c1288d-0 00:01:42.960 --> 00:01:46.814 Large corporations. I'm also a passionate writer and reader, dfc5c83d-656e-4e25-ac38-3d4190c1288d-1 00:01:46.814 --> 00:01:50.858 and I've authored 3 three books, the most recent of which was a dfc5c83d-656e-4e25-ac38-3d4190c1288d-2 00:01:50.858 --> 00:01:54.460 book called Breaking The Banks. What went wrong with the dfc5c83d-656e-4e25-ac38-3d4190c1288d-3 00:01:54.460 --> 00:01:58.125 Australian banking industry? Which was published in 2019? dfc5c83d-656e-4e25-ac38-3d4190c1288d-4 00:01:58.125 --> 00:02:02.169 That book looked at some of the major problems that the banking dfc5c83d-656e-4e25-ac38-3d4190c1288d-5 00:02:02.169 --> 00:02:05.833 industry had found itself engulfed in, which were largely dfc5c83d-656e-4e25-ac38-3d4190c1288d-6 00:02:05.833 --> 00:02:09.814 reputational but fundamentally cultural in nature. The UK, the dfc5c83d-656e-4e25-ac38-3d4190c1288d-7 00:02:09.814 --> 00:02:13.290 Australian banking system did not face the challenges. ce44e187-93dd-4609-b5a1-a506c8f50314-0 00:02:13.360 --> 00:02:16.860 That we saw in many other Western banking systems that ce44e187-93dd-4609-b5a1-a506c8f50314-1 00:02:16.860 --> 00:02:20.871 required government support. The Australian banking system was ce44e187-93dd-4609-b5a1-a506c8f50314-2 00:02:20.871 --> 00:02:24.626 actually very strong and robust through the GF, the global ce44e187-93dd-4609-b5a1-a506c8f50314-3 00:02:24.626 --> 00:02:28.764 financial crisis and beyond. But it had developed some practises ce44e187-93dd-4609-b5a1-a506c8f50314-4 00:02:28.764 --> 00:02:32.519 and behaviours that were seen as being not in keeping with ce44e187-93dd-4609-b5a1-a506c8f50314-5 00:02:32.519 --> 00:02:36.211 societal expectations of banks, and in fact some of those ce44e187-93dd-4609-b5a1-a506c8f50314-6 00:02:36.211 --> 00:02:40.030 practises and behaviours and bordered on breaking, breaking ce44e187-93dd-4609-b5a1-a506c8f50314-7 00:02:40.030 --> 00:02:43.850 numerous laws. And there was a detailed government inquiry. 8570e1c1-99cd-4f6e-8990-35aac5677c25-0 00:02:44.100 --> 00:02:48.159 Into the conduct of the banking system that did not shine a 8570e1c1-99cd-4f6e-8990-35aac5677c25-1 00:02:48.159 --> 00:02:52.422 particularly nice light on some of the behaviour and practises 8570e1c1-99cd-4f6e-8990-35aac5677c25-2 00:02:52.422 --> 00:02:56.685 that had governed the banks up until recent times. In addition 8570e1c1-99cd-4f6e-8990-35aac5677c25-3 00:02:56.685 --> 00:03:00.339 to writing about the banking industry, I'm a lifelong 8570e1c1-99cd-4f6e-8990-35aac5677c25-4 00:03:00.339 --> 00:03:04.467 learner. You can see from that slide that I have a number of 8570e1c1-99cd-4f6e-8990-35aac5677c25-5 00:03:04.467 --> 00:03:05.550 masters degrees. abbfc831-79f7-419a-bf37-d66939902146-0 00:03:06.210 --> 00:03:10.597 Covering a range of topics of one of the highlights is the MBA abbfc831-79f7-419a-bf37-d66939902146-1 00:03:10.597 --> 00:03:14.984 Chartered Banker, MBA which I did at Bangor which is a lot and abbfc831-79f7-419a-bf37-d66939902146-2 00:03:14.984 --> 00:03:19.093 enormous amount from which was very helpful to me as I was abbfc831-79f7-419a-bf37-d66939902146-3 00:03:19.093 --> 00:03:22.575 building judo bank but my interest cover finance, abbfc831-79f7-419a-bf37-d66939902146-4 00:03:22.575 --> 00:03:26.266 neuroscience, psychology and China. I've been a very abbfc831-79f7-419a-bf37-d66939902146-5 00:03:26.266 --> 00:03:30.583 passionate student and observer of the the emergence of China abbfc831-79f7-419a-bf37-d66939902146-6 00:03:30.583 --> 00:03:34.762 and business practises in China and spent a couple of years abbfc831-79f7-419a-bf37-d66939902146-7 00:03:34.762 --> 00:03:35.180 there. 129f28c6-f2c8-4cf3-aa4f-44017a53d47c-0 00:03:36.260 --> 00:03:38.050 About 10 years ago. c0f820c3-4d61-4058-afc1-17872d911fe9-0 00:03:39.000 --> 00:03:42.612 I I I could also say I should also say that I'm very c0f820c3-4d61-4058-afc1-17872d911fe9-1 00:03:42.612 --> 00:03:47.110 passionate about banking and the role that banks play in society, c0f820c3-4d61-4058-afc1-17872d911fe9-2 00:03:47.110 --> 00:03:51.132 notwithstanding some of the criticisms that I just touched c0f820c3-4d61-4058-afc1-17872d911fe9-3 00:03:51.132 --> 00:03:55.425 on. But banks fundamentally are critical to the functioning of c0f820c3-4d61-4058-afc1-17872d911fe9-4 00:03:55.425 --> 00:03:59.856 most economies and particularly my deep passion lies in small to c0f820c3-4d61-4058-afc1-17872d911fe9-5 00:03:59.856 --> 00:04:03.877 midsize businesses and making sure that the banking system c0f820c3-4d61-4058-afc1-17872d911fe9-6 00:04:03.877 --> 00:04:07.830 serves their needs well, but to underline the passion and c0f820c3-4d61-4058-afc1-17872d911fe9-7 00:04:07.830 --> 00:04:09.330 commitment to banking. 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-0 00:04:09.490 --> 00:04:13.845 I'm also very strong advocate of the professionalism of banking, 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-1 00:04:13.845 --> 00:04:18.268 and as a fellow of the Chartered Institute of Bankers in Scotland 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-2 00:04:18.268 --> 00:04:22.222 and a Senior Fellow of the Financial Services Institute in 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-3 00:04:22.222 --> 00:04:26.377 Australia, I I I believe that leaders should lead by example. 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-4 00:04:26.377 --> 00:04:30.331 And I do encourage, in fact insist that all of the bankers 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-5 00:04:30.331 --> 00:04:34.016 at judo undertake the professional qualifications that 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-6 00:04:34.016 --> 00:04:38.104 administered by the Chartered Bankers Institute so that they 9fd79ef2-d26e-4b8e-bdc0-ed15b2b0c0d6-7 00:04:38.104 --> 00:04:39.780 have a foundation in the. 430a4e48-1b8c-4234-bda3-a31eb64f6d68-0 00:04:39.850 --> 00:04:43.694 Craft science of and skills required and understanding of 430a4e48-1b8c-4234-bda3-a31eb64f6d68-1 00:04:43.694 --> 00:04:47.339 context required to be an effective banker and to make 430a4e48-1b8c-4234-bda3-a31eb64f6d68-2 00:04:47.339 --> 00:04:51.581 sure that the representing the bank in a very professional way. 430a4e48-1b8c-4234-bda3-a31eb64f6d68-3 00:04:51.581 --> 00:04:55.890 Let me just turn for a second to talk about Dualband because I'm 430a4e48-1b8c-4234-bda3-a31eb64f6d68-4 00:04:55.890 --> 00:04:59.866 sure that virtually no one in the audience will be familiar 430a4e48-1b8c-4234-bda3-a31eb64f6d68-5 00:04:59.866 --> 00:05:03.180 with judo bank. It was established in 2016 from a 430a4e48-1b8c-4234-bda3-a31eb64f6d68-6 00:05:03.180 --> 00:05:03.910 PowerPoint. 1d2ac59f-64b7-474c-9b2d-b6a7af1cde34-0 00:05:05.170 --> 00:05:09.069 It was an idea crafted under a strong belief that the SME 1d2ac59f-64b7-474c-9b2d-b6a7af1cde34-1 00:05:09.069 --> 00:05:12.835 economy was being poorly served by the major banks that 1d2ac59f-64b7-474c-9b2d-b6a7af1cde34-2 00:05:12.835 --> 00:05:15.390 dominated the landscape in Australia. 0c66c16c-0e69-4b08-ad4c-3fe686159abe-0 00:05:16.120 --> 00:05:19.681 Um, with the the bill in building judo bank, we want it 0c66c16c-0e69-4b08-ad4c-3fe686159abe-1 00:05:19.681 --> 00:05:23.816 to be a pure specialist bank and I'll talk in a second about the 0c66c16c-0e69-4b08-ad4c-3fe686159abe-2 00:05:23.816 --> 00:05:26.932 the importance of specialisation. But it was, it 0c66c16c-0e69-4b08-ad4c-3fe686159abe-3 00:05:26.932 --> 00:05:30.748 was built to address what I described as the triple U virus 0c66c16c-0e69-4b08-ad4c-3fe686159abe-4 00:05:30.748 --> 00:05:34.628 that SMEs faced. That is that they were unloved, undervalued 0c66c16c-0e69-4b08-ad4c-3fe686159abe-5 00:05:34.628 --> 00:05:37.300 and underserved by by the banking system. 3b443d2e-6356-4c51-8f0a-cb61b01784ea-0 00:05:38.690 --> 00:05:41.293 Judal Bank has been based on traditional values of 3b443d2e-6356-4c51-8f0a-cb61b01784ea-1 00:05:41.293 --> 00:05:44.253 relationship banking, that is, bankers sitting across the 3b443d2e-6356-4c51-8f0a-cb61b01784ea-2 00:05:44.253 --> 00:05:44.560 table. 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-0 00:05:45.440 --> 00:05:49.564 From SME customers, but it's a bank that's been built on a more 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-1 00:05:49.564 --> 00:05:53.302 than cloud based technology platform. So by starting from 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-2 00:05:53.302 --> 00:05:57.169 scratch and avoiding some of the challenges of dealing with 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-3 00:05:57.169 --> 00:06:01.293 legacy, we were able to build a bank which is as I say is truly 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-4 00:06:01.293 --> 00:06:04.709 unique both domestically and globally. A bank that I 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-5 00:06:04.709 --> 00:06:08.640 characterise as high touch in terms of human engagement with 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-6 00:06:08.640 --> 00:06:12.829 small to midsize businesses, but high tech making it really easy 17d8149f-2fc4-4e4a-a6a2-d331a0b55d3d-7 00:06:12.829 --> 00:06:15.730 for our bankers to look after our customers. aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-0 00:06:15.800 --> 00:06:19.524 And for our customers to do business with the bank, we've aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-1 00:06:19.524 --> 00:06:23.441 also assembled the management team, a very strong management aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-2 00:06:23.441 --> 00:06:27.550 team here with over 200 years of commercial banking experience. aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-3 00:06:27.550 --> 00:06:31.788 And I very much think of judo as a bank built by bankers to serve aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-4 00:06:31.788 --> 00:06:35.577 the needs of the SME economy. And it's a bank that's truly aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-5 00:06:35.577 --> 00:06:39.301 committed to banking as a profession and making sure that aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-6 00:06:39.301 --> 00:06:43.346 we we set very high standards in the way that bank bankers and aaa5b4ed-6d8f-4188-9072-e8d36d8f2bd8-7 00:06:43.346 --> 00:06:45.530 all of our staff for that matter. 0fe99230-c506-4b4b-8d4d-960ea38a4089-0 00:06:45.810 --> 00:06:50.540 Engaged with our customers and our various stakeholders. Let me 0fe99230-c506-4b4b-8d4d-960ea38a4089-1 00:06:50.540 --> 00:06:55.419 spend a second on specialisation because it's really important to 0fe99230-c506-4b4b-8d4d-960ea38a4089-2 00:06:55.419 --> 00:06:59.632 the story of judo bank. We believe that as banks grew to 0fe99230-c506-4b4b-8d4d-960ea38a4089-3 00:06:59.632 --> 00:07:03.993 try to serve the needs of everybody in the economy and had 0fe99230-c506-4b4b-8d4d-960ea38a4089-4 00:07:03.993 --> 00:07:08.872 multi product dimensions to them were in very in serving a number 0fe99230-c506-4b4b-8d4d-960ea38a4089-5 00:07:08.872 --> 00:07:12.863 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. 69099b77-9c84-4e89-afab-c1f1c2737f84-0 00:07:16.680 --> 00:07:20.050 The expertise and the professionalism of the industry 69099b77-9c84-4e89-afab-c1f1c2737f84-1 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 00:07:23.983 --> 00:07:27.416 believe that specialisation achieves superior customer 69099b77-9c84-4e89-afab-c1f1c2737f84-3 00:07:27.416 --> 00:07:31.348 service and superior economics. And they used the example here 69099b77-9c84-4e89-afab-c1f1c2737f84-4 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 69099b77-9c84-4e89-afab-c1f1c2737f84-6 00:07:39.213 --> 00:07:43.145 winners in specialists like the 100 metres. And you can see in 69099b77-9c84-4e89-afab-c1f1c2737f84-7 00:07:43.145 --> 00:07:47.203 each case, which is no surprise that the specialist the pure 100 69099b77-9c84-4e89-afab-c1f1c2737f84-8 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 00:07:55.804 --> 00:07:59.684 the key message here is by specialising in something that 8e3c219e-a156-40c9-9841-1a96a7cd5605-3 00:07:59.684 --> 00:08:03.363 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 8e3c219e-a156-40c9-9841-1a96a7cd5605-5 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 73064047-620e-448a-a640-0b14150ae594-1 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. 5f6202f5-9c8f-48c1-a0f7-67faad36b44d-0 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 5f6202f5-9c8f-48c1-a0f7-67faad36b44d-6 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 5f6202f5-9c8f-48c1-a0f7-67faad36b44d-8 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.