Over 25 Years Banking Experience
United States Presence
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 banking sector
Experts in providing advice on bank strategy and regulation
Extensive banking regulatory and industry experience
Banking institutions globally are having to adjust to a new, more challenging era. Australian ADIs are no exception. The Australian banking sector is currently undergoing transformation due to a confluence of factors including: introduction of open banking; FinTech innovations; ultra-low interest rates; and subdued credit growth. Gen Advisory has the expertise to provide advice to ADIs in areas such as: 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 significantly more challenging. APRA and ASIC have adopted a more litigious approach to enforcement for ADIs. ADI Boards are increasingly expected not just to have a commercial focus, but also manage qualitative and emerging risks such as culture and climate. Gen Advisory has the expertise to advise ADIs on areas such as: 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 innovations will create winners and losers within the banking industry. Gen Advisory believes that considering the likely ubiquity of FinTech and RegTech innovations, ADIs simply cannot afford to ignore these 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 in areas such as: FinTech and RegTech use cases, regulatory issues pertaining to FinTech adoption; and Open Banking implementation, among others.
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 in areas such as: financial inclusion action plans (FIAPs); women’s financial inclusion; microfinance; and other financial inclusion strategies.
FinTech & RegTech
Helping ADIs implement open banking
Helping ADIs with FinTech adoption
Under Open Banking, customers will be given the right to instruct their existing bank to share their data with other banks and accredited third parties.
To implement Open Banking, 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.
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 innovations will invevitably create winners and losers among Australian ADIs. 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.
Helping ADIs incorporate ESG considerations
The term “sustainable banking” is broadly defined as” “…banking which integrates “environmental, social and governance” (ESG) criteria. Although the concept of sustainable banking is still evolving in Australia and internationally, Gen Advisory’s view is that this form of banking will eventually become the norm for all ADIs.
Gender Pay Gap
Helping ADIs reduce gender pay gaps
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%.
Banking as a Force for Good
Helping ADIs do well by doing good
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.
Founder and Managing Director - FinMango (US)
"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."
Banking Regulator - APRA
2002 - 2014
"(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."