Grateful to have emceed the Digital Banking Summit in Victoria once again, where I had the unique opportunity to step back and take a broader view of the event—guiding discussions and observing key themes as they unfolded. Reflecting on this experience, I noticed not only the distinctive insights that emerged from the Vic Summit, but also how the dialogue had evolved compared to the NSW Summit held more than five months prior.
The Vic Summit offered a unique opportunity to reflect on how the industry is navigating the current digital landscape while preparing for the future, and again we delved into the question that continues to shape our discussions: What will the future of banking look like in 2040?
With key themes around the vision of a seamless, frictionless, and instant banking experience crossing both the Vic and NSW audiences, the conversations also shifted slightly from humorous remarks about space suits in NSW to more challenging discussions in Vic about “Judgement Day” with references that echoed The Terminator movies.
AI was an undeniable focal point, moving from the “bright, shiny toy” phase to being recognised as a strategic tool. Lenders are still navigating where and how to apply it effectively. Accountability was a strong theme, underscored by impactful statements such as, “It’s on us to direct the future” and “human interaction will be more important than ever.” This highlighted the critical balance needed between advancing technology and maintaining human oversight. We also touched on the potential mammoth power and data storage issues that the industry might face by 2040.
An interesting question asked at both this conference and the NSW Summit was “How many people are using AI in some form?” The difference in response was notable: in NSW, 35% of delegates indicated they were using AI, while 80% did so in Victoria.
This disparity raises questions—has there been a rapid acceleration in deployment over the past five months, or does this reflect a difference in state-based approaches to innovation? Perhaps it is of little relevance at all and simply an invitation to further explore the practical application of AI. To also consider what are we really doing with AI tools, Ai a concept that is here to stay, in a heavily regulated environment and prepare for the future of banking and consumer expectations.
As I reflect on these conversations, my lasting thought is that, regardless of the next shiny tool or trend, strategy must remain the foundation with four guiding principles that stood out:
- Know your problem
- Know what you need
- Know your partners
- Know your direction
And remember: Just because you can, doesn’t mean you should.