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At Experteq, we are committed to fostering digital innovation, advancing technology, and promoting digital leadership. In our “5 in 5” series, we spend five minutes with inspiring leaders who are driving innovation. In this session, we answer critical questions about how technological advancements are reshaping the IT landscape and its profound impact on the financial industry, offering insights into both current trends and future developments.
In a rapidly evolving financial landscape marked by tech advancements and shifting customer expectations, Ged Smith offers a unique leadership perspective on the challenges prevalent in the banking and mutual ADI sector. A born innovator, Ged brings over three decades of experience to the table as a prominent figure in Australia’s banking and financial services sector. Currently serving as Unity Bank’s Contract CIO and the Board Chair for the Auscontact Association, Ged epitomises leadership and vision.
With a career marked by successful mergers, integrations and even developing a new bank brand from the ground up, Ged’s insights illuminate the vital role innovation plays in today’s customer-centric strategies that will underpin the success of tomorrow. In our recent chat, he emphasises the need to balance digital transformation with the community-focused ethos that defines banking, which he says will inherently not only drive innovation but success.
What motivated you to pursue a career in the banking and financial services sector, ultimately leading you to your current position as Board Chair of the Auscontact Association?
My journey to a rewarding career in the financial sector was anything but linear. It all began when I worked as a travel agent for the Teachers Credit Union. At the Credit Union, I connected with the ethos of Mutuals and while embracing their ethos, I found a desire to pivot my career to working in Financial Services.
Later, when Teachers Credit Union became Teachers Mutual Bank, I was entrusted to oversee their contact centres, an opportunity that changed me forever. This role allowed me build and lead a team but also paved the way for my involvement with the Auscontact Association, where I now serve as Board Chair. As I look back on my professional trajectory, I can see where my dedication to advancing customer service within our sector was not only fuelled by my personal commitment but also being driven to work towards shaping a brighter future for our industry.
With 30 years of experience in leading teams, what are the biggest hurdles you have had to overcome in terms of building a high-performing team that plays to each team member’s strengths?
In my tenure as a leader of successful teams, I’ve come across the same hurdles time and time again. Balancing diverse skill sets—while managing varying strengths and weaknesses—can often result in friction. To address this, its imperative leaders ensure their team members don’t feel undervalued or overburdened depending on their roles. Open lines of communication and an open-door policy can stop this before it starts, which also helps build a strong team foundation and fosters trust. Such trust is vital when offering constructive feedback, allowing teammates to grow professionally. Prioritising clear goals and leveraging the team’s strengths are essential for achieving successful business outcomes. By upholding a strong team foundation and open communication, trust can be built and nurtured.
What you don’t want is disengagement, which requires more than focusing on these core areas. It is equally critical to build an inclusive team culture that celebrates successes with team outings and enrichment activities. Lastly, managers should lead by example to instil a sense of belonging and motivation within the team.
With your diverse portfolio background, how do you envision the future of omnichannel customer engagement in the contact centre industry, and how should organisations prepare?
I think the future is bright for omnichannel customer engagement. To get on the front foot, I’d strongly recommend that organisations proactively start researching trends and ways this will impact their operations. If leaders are wondering where to start, focus on seamless integration across channels. The future of customer engagement will be a seamless experience, such as switching between phone, chat, email, and social media without losing context.
Then look at how to tap into data to personalise your customer’s experience. As customer data becomes increasingly accessible, personalised service will become the norm and the contact centre’s use of analytics will better anticipate customer needs. In terms of efficiency, if you haven’t already begun, start looking at needs within the business and how to integrate AI and automation. Along the path of transformation, take your employees with you and ensure they are empowered with the right tools and resources. Finally, understand the entire customer journey which will be critical for effective engagement.
In the current Mutual ADI landscape, what strategies are crucial for maintaining strong customer relationships and service quality during periods of significant organisational change?
As we’ve determined, the most important aspect of our sector is fostering the trust and satisfaction of our customers, bolstered by high service quality and modern offerings. Transparency is key throughout all communication to keep customers informed about changes and their impacts, and showing empathy by acknowledging concerns. Focus on consistent service delivery and equip customer service teams to assist effectively. Implement feedback mechanisms like surveys and focus groups to gather insights and make necessary adjustments, showing a commitment to valuing customer input.
Additionally, employee training and support are essential for managing customer interactions confidently during transitions. A customer-centric approach, prioritising customer needs and involving them in decision-making, helps maintain engagement. Lastly, celebrating milestones and reinforcing brand values can further strengthen relationships by reminding customers of the organisation’s commitments. By adopting these strategies, organisations can navigate change while maintaining strong customer relationships and high service quality.
With your extensive experience in customer-owned banking, how do you envision the future of customer service balancing digital innovation with the personalisation credit unions are known for?
The evolution of customer service in the financial sector, particularly for Mutual ADIs, has been exciting to watch unfold. As digital innovation continues to accelerate, the challenge lies in maintaining the personal touch that distinguishes credit unions. Here are several key opportunities financiers to focus on that strike a balance:
- Personalised digital experiences – By leveraging data analytics, AI and tools like chatbots, mutual banks can offer tailored and personalised services that resonate with individual members.
- Omni-channel support – Providing a seamless experience across various channels—whether through mobile apps, websites, or in-branch services—allows members to communicate in their preferred way.
- Enhanced member education – As financial products become increasingly complex, mutuals can utilise digital platforms such as virtual workshops and interactive tools to empower members with information.
- Feedback loops – Actively seeking and responding to member feedback through digital surveys or social media can help mutuals adapt their services to better meet member needs.
Ultimately, the future of customer service in the financial sector will revolve around leveraging technology to enhance human connections rather than replace them. By blending innovation with the core values of community and service, mutuals can create a unique and engaging member experience that truly stands out.
