Kendall Evans has been appointed as the company’s new Head of Financial Services, joining from Trade Ledger where she previously held the role of Head of Sales. With over 20 years’ experience in the financial services industry, Kendall will call upon her extensive knowledge to support the delivery of digital services to Mobiquity’s growing clients across the financial services and payments sector.

Financial services heavyweight Michael Elphinstone has also joined Mobiquity as the company’s Senior Delivery Manager in APAC. Michael joined from Commbank, where he was the Head of Client Integration and Transition responsible for delivering strategy to support the digital transition of complex transaction banking customers across SME, corporate and institutional sectors. Prior to this, Michael was the Head of Client Implementation and Onboarding at Westpac, responsible for all new transactional business in the institutional bank.

The new hires build on Mobiquity’s appointment of Joe Zachariah, ex-McKinsey Associate Partner, who has taken a lead role in the company as APAC Digital Delivery Director. Joe is responsible for leading strategic delivery programs for Mobiquity and brings additional experience from Delterra, Goldman Sachs and Tata Consultancy Services, where he has spent more than two decades delivering at scale digital transformation projects for financial services companies in the region.

Sunando Mukherjee, has also been welcomed to the Mobiquity team in APAC, joining as Senior Solution Architect. He joined Mobiquity from Commbank, where he held the role of Solution Architect and prior to that was a Technology Architect at AMP.

Mobiquity’s new Head of Financial Services, Kendall Evans said the financial industry is in the midst of a seismic digital shift in Asia Pacific and looks forward to supporting new and existing client partners on their journey.

“Banking and financial services in Australia, as well as wider Asia Pacific, are now at a tipping point. Many are now looking to digital touchpoints to enhance and grow their offerings to customers and our team at Mobiquity is very excited to be helping support them on this journey. Whether it’s the addition of Islamic banking services through Mobiquity’s new prototype, or the development of a digital bank from scratch, our team of experts are hungry to help partners accelerate innovation,” said Ms. Evans.

Mobiquity General Manager for APAC, Gustavo Quiroga said the new hires are a welcome addition to Mobiquity’s local team and will play a large part in supporting the company’s growth in the region.

“We are very pleased to be welcoming such high calibre talent to Mobiquity here in APAC. In the midst of a world-wide tech talent shortage, businesses are no doubt finding it difficult to not only attract but also retain talent. This makes it even more difficult for us, as at Mobiquity we are looking for great talent, not just a head count,” Mr Quiroga said.

“We’re always looking at new ways to support employees and embrace the changing world of work. Internally, we promote a ‘flat’ industry culture and encourage team members to speak out if they feel something is wrong. We also give them time to explore their passions as we appreciate that we touch many lives through our projects and at the heart of each digital strategy is creativity.

“We don’t just hire for quota, we hire for passion and understand the importance of a healthy work-life balance. These new hires are testament to the need for this type of flexibility in order to attract great talent,” he said.

Mobiquity launched its operations in APAC just over a year ago, with the appointment of Gustavo Quiroga. Prior to joining Mobiquity as the General Manager in APAC, Quiroga was a director of Azure Data & AI at Microsoft and the head of cognitive application for financial services and retail at IBM.

With an extensive presence in EMEA and the US, Mobiquity plans to grow its local footprint in APAC with its core team who will be responsible for supporting business growth under Mr Quiroga.

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Gustavo Quiroga

New research has revealed 43 per-cent of Australian banks aren’t measuring their ESG impact as part of sustainability targets, raising concerns of greenwashing.

When broken down into the ESG verticals, the report confirmed only 58 per-cent of Australian banks admitting to reporting on environmental measures, and 57 per-cent reporting on social and governance targets.

The findings were revealed in Mobiquity’s sustainable banking report series, which today released its third and final edition — Battle of the Sustainable Banks 2022: Challenger vs Traditional — that highlights the key differences in challenger and traditional bank strategies to meet ESG impact targets.

In addition to highlighting the lack of ESG reporting, the report also reveals significant inconsistencies in the sector for those that are making the effort to report on targets.

Of the challenger bank respondents, 64 per-cent admitted reporting on governance, 62 per-cent for environmental impact and 48 per-cent on social impact when reviewing their ESG targets. In stark contrast to their challenger counterparts, traditional banks prioritised social impact (63%), but fell short on governance (53%) and environment (56%) reporting.

Gustavo Quiroga, General Manager for Mobiquity in APAC said that despite the inconsistencies in reporting between challenger and traditional banks, the bigger concern is that the findings highlight a large number of banks aren’t reporting on their ESG targets at all.

“The third release of our sustainable banking report series highlights the industry’s biggest challenge which is fundamental to enlisting sustainable practices — reporting. Our initial research findings unveiled the vast opportunities that emerging technologies like Web3 and the metaverse offer in achieving ESG targets. But, without consistent and measurable results the impact of such initiatives just becomes anecdotal and the true value comes into question.

“Our final research release confirms that the priorities of challenger and traditional banks differ, for obvious reasons. But there is a bigger concern at play here. The report highlights that around half of Australian banks — challenger and traditional — aren’t reporting on their ESG initiatives at all. This begs the question as to whether banks are in fact meeting targets, or whether they are in fact greenwashing.

“For the banking sector to truly show its contribution in creating a positive impact, standardised and consistent reporting on ESG targets will require implementation, along with the need for regulation on when and where such reports are delivered and held. This will help bypass the reporting complexity challenges that the industry is currently facing,” said Mr Quiroga.

When reviewing the differences in challenges that traditional and challenger Australian banks face when adopting sustainable behaviours, the report revealed that the lack of universally recognised regulation (33%) and lack of demand from customers (29%) were the top two hindrances for traditional banks. Meanwhile, challenger banks listed long-term commitment to execution (30%) and budget implications (29%) as core barriers.

Mr Quiorga said that while Australia lacks universally recognised ESG regulation, many Australian banks are missing out on the opportunities sustainable banking unlocks through technology.

“Our research confirms the Australian banks that are exhibiting sustainable behaviours are citing a plethora of benefits including improved profitability and operational efficiency. Using technology as a tool to enable sustainable banking practices provides a cost-effective, agile solution for banks to continuously innovate at the speed of society,” said Mr Quiroga.

The report also reveals that despite the barriers identified, overall support is slowly growing in favour of sustainable practices across the board, with 64 per-cent of challenger and 59 per-cent of traditional Australian banks taking active steps to foster sustainable behaviours and outcomes.

When listing strategic imperatives that form part of the sustainability agenda, challenger bank executives surveyed identified the need to mitigate climate risks by assessing portfolios (35%) as a top priority. Meanwhile, traditional banks cited the need to embrace technology for remote digital services (32%)

Mobiquity, part of Hexaware, works with banks across Asia Pacific including Pepper Money, CitiBank, Bank of Sydney and ME Bank to help create frictionless digital experiences for businesses, specialising in working with banks and financial institutions.

Download Battle of the Sustainable Banks 2022: Challenger vs Traditional.

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Gustavo Quiroga

Australian banks are hedging bets on the metaverse to help reduce their carbon footprint, according to new research published yesterday.

Metaverse Benchmark for Banking, commissioned by Mobiquity and conducted by Censuswide, reveals that more than nine in ten (91%) Australian banks believe that the metaverse will be an important tool in lowering their carbon footprint.

More than half of Australian banks (55%) have already put their foot on the accelerator and are investing in technologies for the Metaverse, with the remaining majority (39%) confirming they have plans to do so.

Despite the optimism from Australian banks, the findings suggest the adoption of the metaverse will be taken with a pinch of salt. Almost three quarters (67%) of Australian banking executives believe the platform may have negative consequences on their carbon footprint. However, more than eight in ten (84%) already have plans in place to address the environmental impact of the Metaverse’s energy needs.

Gustavo Quiroga, General Manager for Mobiquity in APAC said that the metaverse creates a whole new world of potential for banks and financial institutions to not only meet sustainability initiatives, but also enhance the customer experience beyond traditional channels.

“The metaverse provides a unique opportunity for banks and financial institutions to become greener by decreasing their carbon footprint with new processes and services in a virtual realm. The obvious use case here is looking into how banks and financial institutions can streamline the flow of identity verification that customers are repeatedly asked to provide. If processes such as this were digitised through a vetted data system, such as self-sovereign identity, it would help eliminate physical information processing and the carbon impact associated with such operations,” said Mr Quiroga.

“It’s important to remember that if the experience isn’t any better than it is in the physical world, we will never see a mass adoption of the metaverse. Moreover, to be effective from an ESG perspective, banks must assess their user experience from start to finish and see what elements can be streamlined to not only increase customer satisfaction, but also decrease their carbon footprint — it’s a balancing act that holds the future of the metaverse at stake.

“Our research shows that most Australian banks are looking at adopting or have already implemented metaverse technologies in some shape or form. This is a great step in the right direction as when banks are able to facilitate commerce led activities through a metaverse infrastructure there will undoubtedly be benefits to reducing carbon footprints and meeting ESG targets,” said Mr Quiroga.

The report reveals that smaller banks across Australia are adopting metaverse technology over larger institutions. It suggests this is largely due to their smaller infrastructure, fewer employees, and inevitably a more simple bureaucracy, which makes it easier for them to adopt and implement metaverse initiatives with minimal business disruption.

Jieke Pan, VP of Engineering and Chief Technology Officer at Mobiquity, said that the question of whether the metaverse will live or die as a concept in the banking sector falls down to its relevance and integration into the technology stack.

“The only way metaverse technologies in the banking sector are likely to succeed is if they become an essential component of the financial services technology stack. The Cloud, for example, has become the standard host and single source of truth for banks’ CRM and other systems on a global scale – metaverse may never get to that level of maturity, or grow into that type of critical ecosystem but only time will tell,” said Mr Pan.

Mobiquity, part of Hexaware, works with banks across Asia Pacific including Citi Bank, Bank of Sydney and ME Bank to create successful digital products that are rooted in human behaviour, emotions and needs. The company recently launched a new metaverse Immersion Program to help businesses understand the emerging platform and how it can be leveraged to drive business value.

Read the Report.

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Gustavo Quiroga

Cultural shifts in banking behaviours are a top concern for Australian banks, according to a new report. A Global Benchmark for Sustainable Banking 2022, commissioned by Mobiquity and conducted by Censuswide, reveals almost half (47%) of Australian banks see cultural shifts in banking behaviours as a concern from a board level.

The top concern was followed by burdensome regulatory compliances (43%) and sustainable banking practices (42%) to round off the trifecta of top concerns for bank boards.

Gustavo Quiroga, General Manager for Mobiquity in APAC said the findings prompt the urgency to address the growing needs of emerging markets by innovating at the pace of the customer.

“The pace of digital transformation has brought with it mounting customer expectations, which is in turn applying pressure on banks to innovate in line with the cultural shifts in banking behaviours. The findings of this report highlight the need for banks to continuously audit whether they are in fact innovating at the speed of the customer and meeting social governance principles,” said Mr Quiroga.

Last month, Mobiquity launched a new digital Islamic banking prototype to help support emerging community banking trends that are underpinned by religious beliefs. The prototype sparks a discussion around how Australia’s banking and finance sector can innovate to support small and important emerging communities in society.

Mobiquity’s benchmark report also revealed the top strategic imperatives of Australian banks, as part of their bank sustainability agenda. Almost one in three (30%) of respondents agreed that embracing emerging technologies to make digital services available remotely is a key priority.

“Living in a vast geographical landscape such as Australia, the need for remote digital services to enable financial inclusion is just the bare minimum expected by today’s customers. Banks now need to look beyond this basic criteria and address looming social challenges that evolve from inclusion, such as the need to support financial health,” said Mr Quiroga.

“With customers ready and able to adopt digital initiatives, the benefits of enlisting digital sustainable banking practices are there for the taking. Our report shows that banks are already experiencing an increase in profitability and operational efficiency, as well as a reduction in costs through the adoption of digital products,” he said.

Connuil McEvedy, Chief Risk Officer at Shaype, said the cultural shifts will beg the need for new products and services to support financial inclusion and well-being.

“The report is valuable in identifying emerging cultural behaviours, particularly with reference to digital banking, remote access, and Islamic banking. We must always be aware of unintended consequences on vulnerable parts of society during cultural change. The challenge is for incumbent banks to adapt positively to this environment by improving their capability in practice,” said Mr McEvedy.

The report findings also reveal:

• key barriers to adopting sustainable behaviours is the lack of universally recognised regulation and enforcement (31%), stakeholders (27% and lack of customer demand (27%)
• top strategic sustainability imperatives of Australian banks are mitigating climate risks by assessing portfolios (31%), followed by embracing emerging
  technologies to make digital services available remotely (30%) and driving sustainability as part of an ESG strategy (29%)
• key initiatives employed by Australian banks to be sustainable are remote working (55%), digital solutions (48%) and investment in carbon credits (45%)
• just over half of Australian banks are measuring sustainability as part of ESG targets, falling short of US counterparts where two thirds admit to measuring sustainability as part of ESG targets
• cost savings (27%), attraction of long-term investors (26%) and a positive contribution to society (25%) were listed as the key benefits of adopting sustainable banking.

Mobiquity, part of Hexaware, continues to work with banks across Asia Pacific including Standard Bank, Citi Bank, Bank of Sydney and ME Bank. The company aims to create successful digital products that are rooted in human behaviour, emotions and needs.

Read the global benchmark for sustainable banking 2022.

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Gustavo Quiroga

Leading research provider YouGov has released findings that confirm 57% of Australian first time home buyers think all banks are the same.

The pulse check into Australian first time home buyers reveals over 1.8 million Australians will buy their first home in the next 12 months, yet 82% also find the idea of being in debt stressful.

Mobiquity APAC General Manager Gustavo Quiroga said with over 1 million Australians set to make the choice for a new home loan in the next year, lenders will need to rethink their competitive strategy to one that’s centred on customer experience.

“For banks to stay ahead of the competition in their lending services, they will need to innovate with differentiated digital experiences that solve real customer problems and build these into their offerings to keep pace with evolving customer expectations,” said Mr Quiroga.

A recent report from the Australian Banking Association’s (ABA) on consumer banking trends revealed Australians have adapted quickly to the digital era of banking, with more than one in three Australians with smartphones now using a digital wallet.

“When you think about the first-home buyer mindset, they have never experienced the journey associated with a mortgage product. They are therefore making direct comparisons to that of their current banking experience, “ said Quiroga.

“To this end, lenders must reassess their customer journey and seek ways to enhance the experience in the same vein that day-to-day consumer banking services have evolved. By assessing the complete customer journey, lenders are able to develop digital touchpoints that provide customers with personalised services and have utility.

“Only when digital services have utility and provide a true value-add for the customer will lenders be able to take the high road and break away from being generalised alongside competitors,” concluded Mr Quiroga.

Mobiquity is a digital experience consultancy that operates on the ethos that truly successful digital products are rooted in human behaviour, emotions and needs. The company works with leading banks and financial institutions across the world including Citi Bank, Bank of Sydney, ME Bank and more to develop frictionless banking solutions.

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