Gen Advisory® provides specialised services to banking institutions
We support banking institutions in fulfilling
their commercial and social objectives.
Gen Advisory Pty Ltd is a specialist Australian professional services firm supporting authorised deposit-taking institutions (ADIs).
As banking specialists, we provide strategic advice and other specialised services to existing and prospective ADIs.
Gen Advisory comprises a collaborative and multi-disciplinary team of professionals. Our team members have extensive banking regulatory and advisory experience, having previously been employed by: the Australian Prudential Regulation Authority (APRA); National Australia Banking Group (NAB); and Australian Government, among others.
A trusted and valued authority on the issues relevant to the ADI sector
Experts in providing advice on ADI strategy and regulation
Extensive ADI regulatory and industry experience
Banking institutions globally are having to adjust to a new, more challenging era. Australian ADIs are no exception. The Australian ADI sector is currently undergoing transformation due to a confluence of factors including: introduction of mandatory Open Banking; FinTech innovations; ultra-low interest rates; and subdued credit growth. Gen Advisory has the expertise to provide advice to ADIs on areas including: strategy and planning; current vs future markets; customer-centricity; business diversification; and growth/exit strategies, among others.
In the aftermath of the Hayne Royal Commission, the regulatory environment for ADIs has become more stringent. APRA and ASIC have adopted a more litigious approach to enforcement for ADIs. ADI Boards are expected not just to have a commercial focus, but also manage increasingly existentialist risks such as climate and culture. Gen Advisory has the expertise to advise ADIs on areas including: GCRA risks; the BEAR regime; cyber-security and resilience; and the APRA suite of prudential standards for ADIs.
FinTech & RegTech
Overseas experience confirms that FinTech and RegTech initiatives will reshape the banking industry. Gen Advisory believes that considering the likely ubiquity of FinTech and RegTech innovations, ADIs simply cannot afford to ignore these rapidly-evolving fields. We also believe that banking and FinTech are not merely a “zero sum game”, but are in fact potentially complementary. Gen Advisory has the expertise to advise ADIs on areas including: FinTech and RegTech use cases, regulatory issues pertaining to FinTech and RegTech adoption; and Open Banking implementation, among others.
Perhaps contrary to popular belief, financial exclusion does exist in Australia. According to statistics published by the Centre for Social Impact, one in five Australian adults is categorised as “financially excluded” – i.e. “unable to access safe, affordable, and appropriate financial products/services when they need them”. Gen Advisory has the expertise to advise ADI on areas including: financial inclusion action plans (FIAPs); women’s financial inclusion; microfinance; and other financial inclusion strategies.
Consumer Data Right
Helping ADIs implement the CDR
Under the CDR, customers will be given the right to instruct their existing ADI to share their data with other ADIs and accredited third parties.
To implement the CDR, ADIs will at least need to develop a sufficiently robust application programming interface (API). More importantly, ADIs will need to assess broader factors such as: customer-retention strategies; product offerings; cyber-security; and privacy policies, among others.
FinTech & RegTech
Helping ADIs with
FinTech and RegTech adoption
Mirroring overseas trends, the FinTech and RegTech sector in Australia has been growing rapidly in recent years. The outlook for the sector remains positive.
Gen Advisory’s view is that FinTech and RegTech innovations have the potential to reshape the Australian ADI sector for the better. We believe that ADIs which are able to capitalise on the benefits which FinTech and RegTech offer will enjoy a competitive advantage over their industry peers.
Hayne Royal Commission
Helping ADIs adhere to the RC's recommendations
The Royal Commission’s Final Report contained 17 recommendations for the banking sector and 3 cross-sectoral recommendations on “culture, governance and remuneration”. Of greatest impact on ADIs to date have been: (1) the extension of the BEAR regime to broader areas within ADIs; and (2) the revisions to the Banking Code.
Gender Pay Gap
Banking as a Force for Good
Helping ADIs incorporate ESG considerations
Helping ADIs reduce gender pay gaps
Helping ADIs do well by doing good
The term “sustainable banking” is broadly defined as” “…banking which integrates “environmental, social and governance” (ESG) criteria. Although the methodology for quantifying social impacts is still evolving in Australia and internationally, Gen Advisory’s view is that this aspect will become an increasingly integral component of banking for all ADIs.
The Australian “financial and insurance services” sector is one of the most female-dominated sectors in Australia. It is unfortunately also the sector with the highest gender pay gap in the country.
According to data published by the Workplace for Equality Agency (WGEA), as of May 2019, the sector’s mean pay gap was at a nation-wide high of 24.4%.
Almost all Australians are either a customer or an employee of an ADI. Given this wide reach, ADIs have the ability to contribute to solving some of the most pressing social issues currently afflicting Australian society. These include: Australia’s aging workforce; domestic violence; substance abuse; and mental health, among others.
What People Are Saying
Founder and Managing Director - FinMango (US)
Banking Regulator - APRA
2002 - 2014
Gen Advisory Pty Ltd is a firm of high integrity that also possesses the expertise to create tremendous benefit for their clients. They are very committed to supporting the financial sector and understanding first-hand the needs of its participants. I believe you will find Gen Advisory to be a top-notch partner that will create value for years to come."
(Gen Advisory's founder) Michael Lukman had been a proactive supervisor with a strong capability to identify emerging risks and take action before they became an issue. He was a team player who actively participated in, and shared his experiences with, supervisory groups that he was a member of. His technical skills as a supervisor of financial institutions, particularly banks, was outstanding."