The Finnies

The third annual FinTech Australia awards were celebrated in Melbourne last week, following the organisation’s relocation from Sydney during the past 12 months. Any concerns the organisers and sponsors may have harboured (given the switch in geography) were easily allayed, as the event was sold out, with over 300 guests in attendance.

The overall winners were definitely B2C brands – challenger banks, consumer lenders, payment providers – with Airwallex, Afterpay (which despite some recent negative press was named the FinTech of the year for the third time) and Up Bank taking out more than a third of the awards between them.

Despite the 30 per cent increase in the number of entries (over 230 in all), it did feel like the Fintech community is still something of a village, as several award presenters were themselves presented with awards. Maybe something for the organisers to think about for next time, as it’s not always a good look when winners end up presenting to each other.

On the other hand, the organisers are to be commended for the running order – unlike some industry events, the awards were all presented in a single session, and not dragged out from soup to nuts. It was also a great decision to use the Victorian Innovation Hub as the venue, as well as have grazing-style catering instead of a sit-down dinner. And the choice of live band was excellent, as past, current and future bankers cut a rug.

Next week: Brexit Blues

 

An open letter to American Express

Dear American Express,

I have been a loyal customer of yours for around 20 years. (Likewise my significant other.)

I typically pay my monthly statements on time and in full.

I’ve opted for paperless statements.

I pay my annual membership fee.

I even accept the fact that 7-8 times out of 10, I get charged merchant fees for paying by Amex – and in most cases I incur much higher fees than other credit or debit cards.

So, I am very surprised I have not been invited to attend your pop-up Open Air Cinema in Melbourne’s Yarra Park – especially as I live within walking distance.

It’s not like you don’t try to market other offers to me – mostly invitations to increase my credit limit, transfer outstanding balances from other credit cards, or “enjoy” lower interest rates on one-off purchases.

The lack of any offer in relation to the Open Air Cinema just confirms my suspicions that like most financial institutions, you do not really know your customers.

My point is, that you must have so much data on my spending patterns and preferences, from which you should be able to glean my interests such as film, the arts, and entertainment.

A perfect candidate for a pop-up cinema!

Next week: Life After the Royal Commission – Be Careful What You Wish For….

 

The Ongoing Productivity Debate

In my previous blog, I mentioned that productivity in Australia remains sluggish. There are various ideas as to why, and what we could do to improve performance. There are suggestions that traditional productivity analysis may track the wrong thing(s) – for example, output should not simply be measured against input hours, especially in light of technology advances such as cloud computing, AI, machine learning and AR/VR. There are even suggestions that rather than working a 5-day week (or longer), a four-day working week may actually result in better productivity outcomes – a situation we may be forced to embrace with increased automation.

Image Source: Wikimedia Commons

It’s been a number of years since I worked for a large organisation, but I get the sense that employees are still largely monitored by the number of hours they are “present” – i.e., on site, in the office, or logged in to the network. But I think we worked out some time ago that merely “turning up” is not a reliable measure of individual contribution, output or efficiency.

No doubt, the rhythm of the working day has changed – the “clock on/clock off” pattern is not what it was even when I first joined the workforce, where we still had strict core minimum hours (albeit with flexi-time and overtime).  So although many employees may feel like they are working longer hours (especially in the “always on” environment of e-mail, smart phones and remote working), I’m not sure how many of them would say they are working at optimum capacity or maximum efficiency.

For example, the amount of time employees spend on social media (the new smoko?) should not be ignored as a contributory factor in the lack of productivity gains. Yes, I know there are arguments for saying that giving employees access to Facebook et al can be beneficial in terms of research, training and development, networking, connecting with prospective customers and suppliers, and informally advocating for the companies they work for; plus, personal time spent on social media and the internet (e.g., booking a holiday) while at work may mean taking less actual time out of the office.

But let’s try to put this into perspective. With the amount of workplace technology employees have access to (plus the lowering costs of that technology), why are we still not experiencing corresponding productivity gains?

The first problem is poor deployment of that technology. How many times have you spoken to a call centre, only to be told “the system is slow today”, or worse, “the system won’t let me do that”? The second problem is poor training on the technology – if employees don’t have enough of a core understanding of the software and applications they are expected to use (I don’t even mean we all need to be coders or programmers – although they are core skills everyone will need to have in future), how will they be able to make best use of that technology? The third problem is poor alignment of technology – whether caused by legacy systems, so-called tech debt, or simply systems that do not talk to one another. I recently spent over 2 hours at my local bank trying to open a new term deposit – even though I have been a customer of the bank for more than 15 years, and have multiple products and accounts with this bank, I was told this particular product still runs on a standalone DOS platform, and the back-end is not integrated into the other customer information and account management platforms.

Finally, don’t get me started about the NBN, possibly one of the main hurdles to increased productivity for SMEs, freelancers and remote workers. In my inner-city area of Melbourne, I’ve now been told that I won’t be able to access NBN for at least another 15-18 months – much, much, much later than the original announcements. Meanwhile, since NBN launched, my neighbourhood has experienced higher density dwellings, more people working from home, more streaming and on-demand services, and more tech companies moving into the area. So legacy ADSL is being choked, and there is no improvement to existing infrastructure pending the NBN. It feels like I am in a Catch 22, and that the NBN has been over-sold, based on the feedback I read on social media and elsewhere. I’ve just come back from 2 weeks’ holiday in the South Island of New Zealand, and despite staying in some fairly remote areas, I generally enjoyed much faster internet than I get at home in Melbourne.

Next week: Startup Vic’s Impact Pitch Night

 

 

 

 

 

Modern travel is not quite rubbish, but….

OK, this might be a first world problem – but where has the glamour gone in modern travel? I’m fortunate enough to have the opportunity to travel for work – however, so much of the pleasure has gone out of the experience.

“They promised us cocktail bars…” (image sourced from Australian Business Traveller)

Of course, safety is paramount, and increased surveillance, screening and security checks are to be expected, if not actually welcomed. So we are all accustomed to allowing extra pre-boarding time to clear each stage of the process. It also makes sense, I suppose, that each airport has slightly different requirements – but the need for variety should not be an excuse for inefficient systems, poor directions from airport staff and a lack of clarity on what is expected of passengers.

There’s also the issue of how much actual time to leave to clear pre-boarding – up to two hours or more for some international flights. Then there’s the challenge of being in transit – in recent months, I have found myself on more than one occasion having to run from one terminal to another, even though the airline has assured me there was plenty of time between connecting flights. The implication being, passengers will have to endure even longer stopovers…

It also seems that about 40-45% of flights I have taken over the past couple of years have not departed on time. Sure, things like weather conditions can cause schedules to be impacted, but how many times have you heard the mealy-mouthed announcement: “we apologise for the delayed departure of this flight – this was due to the late arrival of the incoming aircraft.” And the reason the incoming flight was late? Never a mention.

Often, the pilot is able to make up for lost time – which makes you wonder how much “fat” is built into airline schedules? And then so many times the arrival gate is not available, or the air-bridge is not in place, or the passenger steps are not ready…

And as for waiting to collect your luggage off the belt, the usual delay is just another factor contributing to customer frustration. No wonder passengers try to take as much cabin baggage with them as possible – which only adds to the boarding and disembarkation time.

I could look at some of the positives, in things like catering and on-board entertainment. Overall, airline food has become rather more acceptable than my experiences of charter flights in the 70s and 80s; and passenger preferences and dietary requirements are accommodated – that is, where food is available and included in the price of a standard ticket. But at times I’m reminded of the story that the only reason airlines offer meals is to keep passengers in their seats during the flight.

Which is probably why in-flight movies were introduced….  an area where airlines have managed to lift their game, in terms of the variety of content, quality of devices, and personalised, on-demand service.

But have you noticed the trend for travelogues masquerading as in-flight safety videos? Or the comedy routines? Or the big-name stars? No doubt an attempt to gain passenger attention, and get them off their mobile devices for a few minutes. How realistic are these safety films? Rarely are they made to show the exact cabin layout or filmed from the actual passenger perspective. (The films reveal far more generous leg room than most passengers experience.) If you don’t think these pre-take-off instructions are that important (or if you believe that most passengers must already know what to do), consider this: during a recent fatal air accident, mobile phone footage showed so many passengers wearing their oxygen masks incorrectly – despite the number of times they must have sat through the safety screening.

I’ve often thought that before long, with all the safety and other factors, the only way we will be able to travel by air is either naked, or comatose.

Next week: All that jazz!