Each year, on the last Friday of August, we come together to celebrate Wear It Purple Day, a powerful movement that champions safe, supportive, and inclusive environments for LGBTQIA+ youth. What began in 2010 as a student-led response to the tragic consequences of bullying and harassment has grown into an international movement of visibility, love, and solidarity.
The 2025 theme, ‘Bold Voices, Bright Futures’ celebrates LGBTQIA+ individuals living authentically and achieving their dreams in all areas of their lives, from sport and science to art and advocacy.
It’s a reminder that when we create inclusive spaces, we empower people to thrive.
At Cuscal, we believe that diversity, equity, and inclusion are not just values, they are commitments. We’re proud to support Wear It Purple Day; to celebrate the LGBTQIA+ community, both within and outside our workplace, to help build a culture where everyone feels seen, heard, and valued.
Whether you’re part of the LGBTQIA+ community or an ally, your voice and support matters. By wearing purple on 29 August 2025, you’re helping to create a brighter, more inclusive future for all.
Important Information: The information in this video is current as at 28 August 2025 and is subject to change. Cuscal Limited ABN 95 087 822 455.
In the time it takes to buy your morning coffee, over 1,500 invisible transactions have already silently pulsed across Australia. Each one representing a meal purchased, a bill paid, or a business deal closed.
This invisible network is the heartbeat of our economy, powering everything from everyday payments at the checkout to multi-million-dollar business deals. Yet few stop to think about the sophisticated technology behind it all.
From Cash to Code: The Seismic Shift in How We Pay
Not so long ago, cash was king, cheques were more common, and digital wallets were science fiction. Today, we’re living in a payment revolution that’s transforming how business gets done.
From tap-and-go to PayIDs and digital wallets, we’ve shifted from physical to digital, from delayed to real-time, and from passive transactions to dynamic customer experiences. This isn’t just evolution—it’s a complete reinvention of how money moves.
Rethinking Payments: Your Untapped Business Advantage
For today’s businesses, payments aren’t just a necessity—they’re a strategic advantage. They’re how innovative companies:
Deepen loyalty and lifetime value.
Streamline operations and scale efficiently.
Unlock insights through data.
Deliver better customer outcomes, faster.
Businesses like yours are behind some of the most cutting-edge payment experiences used today. And who is powering those experiences? We are.
Powering $450B+ in Payments Per Year: The Cuscal Story
Today, we’re tackling the big challenges: advancing open banking, fighting sophisticated fraud, and building tomorrow’s payment infrastructure.
Outside of the major banks, we’re the largest centralised provider of payment infrastructure connectivity in the Australian payments industry. We combine:
The licensing, capital strength, and regulatory credibility of an ADI,
The agility and innovation of a fintech,
A history of disciplined disruption, and
The resilience and security of a trusted, long-term partner.
We’re transforming the future of how money moves and how Australia does business.
Cuscal’s Impact in Numbers
Since our inception, we’ve partnered with forward-thinking businesses.
Payments aren’t one-size-fits-all. We collaborate with financial institutions, fintechs, and corporates — from superannuation funds and insurers to loyalty program providers — to enhance their customer experience through payments, working with them to deliver tailored solutions to meet their unique needs.
What’s Next: The Future of Digital Payments
The payment landscape continues to evolve at breakneck speed. From blockchain to biometrics, from embedded finance to invisible payments—the next wave of innovation is already here.
By delivering faster, safer, and smarter payment experiences, we’re transforming how money moves, supporting competition, and powering Australia’s progress—one transaction at a time.
Whether you’re a bank expanding its offering, a fintech scaling new products or any enterprise- sized business that’s powered by the ability to take and make payments, we’re your partner for what’s next.
Important Information: Information in this article is current as at 27 August 2025 and is subject to change. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
After an extensive market search, we are delighted to announce the appointment of Rebecca Tissington to the newly created role of Head of Strategic Growth at Cuscal.
Bec joined Cuscal through our acquisition of regulated data business Basiq, and was appointed Head of Strategic Partnerships in November 2024. Since May 2025, she has been simultaneously acting as Head of Business Development.
At Basiq and at Cuscal, Bec has brought exceptional energy, focus, and drive. Her appointment reflects not only her deep expertise but the significant impact she’s already made across the business.
Commenting on the appointment, Cuscal Chief Client Officer, Michael Blomfield said: “Bec is the ideal candidate to lead the growth components of our FY25-29 strategy to secure, extend, expand and drive our business forward. She brings an ideal mix of deep care for our clients and a highly specialised understanding of the market and where it’s heading.”
Previously, Bec has led successful business development and partnership teams in senior roles at Visa, Citi, and CBA, as well as at high-growth fintech scale-up, Basiq. Whether launching Australia’s first virtual card via Conferma, negotiating white-label credit card deals, or supporting the first NFC Tap n Pay transaction for Cuscal and Credit Union Australia while at Visa, Bec has a strong track record of bringing innovation to market through collaboration and execution.
Away from work, she’s a passionate foodie, mother of two, advocate for sustainable urban planning and a regular speaker on fintech innovation. With energy, authenticity, and a relentless focus on transformational outcomes, Bec isn’t just navigating the future—she’s moving payments forward.
The way Australians pay is changing rapidly. Industry leaders discussed the technology reshaping the future of payments in Australia at Cuscal’s Curious Thinkers 2024.
From speed and security to customer experience and fraud prevention, these innovations are creating new opportunities (and challenges) for the payments landscape.
Below, we recap four key technologies discussed by panelists: Real-time Payments, Digital Wallets, Digital Identity, and Data.
1. Real-time Payments
Real-time payments deliver instant, account-to-account transfers, boosting cash flow and eliminating settlement delays. PayTo, a feature of Australia’s New Payments Platform (NPP), offers both businesses and consumers more visibility and control over their payments while maintaining security and privacy.
Real-time payments are already proving effective across multiple industries, including retail, utilities, and government transactions, reinforcing their long-term viability and reliability.
Many Australians still default to traditional card payments, making widespread adoption slower than expected. However, panelists noted that once users try PayTo, they consistently choose it for its convenience and security.
“What we are finding is people, once they’ve used it … they really like it…We’re certainly seeing the proof that real-time account-to-account can be used in many, many situations.” Tom Rundle, Chief Product Officer, Azupay
Set-up for success
Driving adoption of real-time payments will take effort from both banks and businesses, including:
Optimising business integration: Ensuring backend systems support real-time reconciliation and reporting will help businesses transition smoothly.
Strengthening security and trust: Clear fraud prevention measures and robust consumer protections will reassure users and encourage uptake.
Raising consumer awareness: Educating customers on the benefits of real-time payments, such as speed, reliability, and security, will boost confidence and usage.
2. Digital Wallets
Digital wallets let users store payment cards on their smartphones or wearable devices to make quick, secure payments in stores, online, and in apps. Instead of using a physical card, users can tap and pay at contactless terminals or authorise transactions digitally.
Digital wallets have become a go-to payment method in Australia.
According to the RBA, Australians made over 398 million mobile wallet payments in February 2025, totaling more than $16.6 billion across both credit and debit cards.
“Consumers expect payments to be as seamless as the services they use. Digital wallets fit that expectation.” Tom Rundle, Chief Product Officer, Azupay
Set-up for success
Key enablers that will help drive adoption include:
Provider agnostic solutions: Implementing solutions that support multiple digital wallet providers.
Complementing real-time payments: Understanding when and how to offer both digital wallets and real-time payments to meet consumer expectations for convenience and security.
3. Digital Identity
Digital identity will play a key role in the future of payments in Australia. Strong verification mechanisms, such as biometric authentication and government-issued digital IDs, will be crucial in reducing fraud and enhancing transaction security.
Biometric authentication is already playing a role in how Australians access financial services, with many institutions using tools like facial recognition and fingerprint scanning to verify users.
“Digital identity [enables] two things. It’s who are you? And the other thing is what are you allowed to do? And often [not all parties to a payment] need both of those pieces.” Tom Rundle, Chief Product Officer, Azupay
Set-up for success
Key enablers that will help drive adoption include:
Building consumer trust: Consumers need confidence that their digital identity is secure, private, and protected against misuse.
Interoperability across systems: A widely accepted digital identity must integrate seamlessly across financial institutions, businesses, and government services.
4. Transaction Data
Data is transforming payment ecosystems, helping businesses enhance fraud detection, improve customer experiences, and streamline reconciliation.
More Australian businesses are harnessing structured payment data to improve reconciliation and fraud detection. AI-powered analytics are enabling financial institutions to identify suspicious transactions in real time. Additionally, data-driven decision-making is helping businesses streamline payments, cut operational costs, and enhance security.
Set-up for success
Key enablers that will help drive adoption include:
Accurate data: Ensure data accuracy to prevent processing errors.
Data standardisation: Industry-standard formats to ensure interoperability across financial networks.
Prioritise privacy and security: Strong security and privacy measures to maintain consumer trust and regulatory compliance.
Bringing it all together
The payments landscape in Australia is evolving rapidly, driven by real-time transactions, digital wallets, digital identity, and data innovation.
These technologies offer immense benefits, from faster and more secure payments to enhanced customer experiences. However, successful adoption depends on trust, seamless integration, and consumer awareness.
References Reserve Bank of Australia, ‘C1.1 Credit and Charge Cards – Original Series’ and ‘C2.1 Debit Cards – Original Series’, Reserve Bank of Australia website, statistical tables, February 2025, accessed 30 April 2025, <https://www.rba.gov.au/statistics/tables/xls/c01-1-hist.xlsx, and https://www.rba.gov.au/statistics/tables/xls/c02-1-hist.xlsx>
Important Information: Information in this article is current as at 16 May 2025 and is subject to change. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
Did you know that, according to a recent report from Xero, 25% of consumers would visit another business if their preferred payment method wasn’t available? These days, payments are more than just transactions – they are make-or-break moments for customer retention.
The importance of consumer-centred payment systems was a key theme at Cuscal’s Curious Thinkers 2024 event. The panel highlighted why businesses must rethink their payment systems to align with consumer expectations and offer seamless, secure, and flexible options.
Below, we explore the shifting landscape of consumer payments, why businesses must prioritise a consumer-centred approach, and steps they can take to enhance the payment experience for their customers.
Meeting Consumer Expectations: The Changing Payments Landscape Consumers today expect more choice, transparency, and security in their payment interactions. The rise of digital wallets, real-time payments, and buy-now-pay-later (BNPL) solutions reflect this demand.
The report from Xero on how businesses and consumers are making and taking payments found that:
38% of consumers experience frustration when their preferred payment method isn’t available.
26% cite limited payment options as a reason for dissatisfaction.
25% would visit another business that accepts more payment methods.
These statistics underscore the need for businesses to offer diverse, frictionless payment options to meet evolving consumer expectations.
Beyond Transactions: Why Payment Experience Matters Have you ever abandoned a purchase because the checkout process was too complicated or a payment option you preferred wasn’t available?
Payments are an essential touchpoint in the purchase process that can influence customer satisfaction and brand perception, for better or worse. Whether it’s a quick tap at a café or a major online purchase, a seamless payment experience can foster trust and build loyalty.
The rapid growth of e-commerce has been a major driver of this shift. Take Amazon, for example. Its one-click payment system revolutionised online shopping by eliminating unnecessary steps and reducing checkout friction. Similarly, Apple Pay and Google PayTM have redefined mobile transactions by allowing secure, instant payments with minimal effort.
Consumers accustomed to fast and frictionless online payments expect the same convenience across all channels. For businesses, this means:
Delivering on speed and simplicity: Customers expect fast and intuitive transactions.
Ensuring security and privacy to build trust: Clear authentication measures without unnecessary hurdles.
Offering choice and flexibility: Multiple payment options to cater to different preferences.
Managing complexity: Ensuring smooth integration and efficient backend systems while offering more payment options.
How Businesses Can Create Better Payment Experiences Developing a consumer-centred payment system requires practical steps and thoughtful strategies. Below are recommendations from Cuscal’s Head of Payments & Innovation, Nathan Churchward, on how businesses can create a better payment experience for customers.
Know Your Customers, Meet Their Needs Businesses must assess their customers’ behaviour and preferences to tailor payment solutions. Different demographics and business types have unique payment needs, so offering a one-size-fits-all solution may not be effective. Local payment providers can offer practical solutions to help businesses choose the best payment options for their customers.
Listening to consumer feedback is also key. Understanding and addressing pain points in the payment journey helps refine strategies, improve the experience, and build trust with customers.
Make Payments Effortless and Secure A great payment experience should be both effortless and secure. Tokenisation helps by reducing the number of times customers need to enter their card details, making transactions smoother while keeping data safe. Digital wallets like Apple Pay simplify the process even further, allowing for fast, secure payments with a single tap. The best solutions remove friction and enhance security without adding extra steps.
Empower Customers Through Information Customers feel more confident when they understand how different payment options work and what benefits they offer. Businesses that educate customers on their choices (especially when encouraging a preferred payment method) build trust and transparency.
If using surcharges to guide payment decisions, pairing them with clear explanations ensures customers see the value rather than just the cost. It’s also important to reassure customers about security, especially for prepaid services or payments made in advance, by highlighting measures in place to protect their funds.
Seamless Payments, Streamlined Experience Payments should work in real-time and integrate seamlessly into business operations. Traditionally, card payments have led the way in integration and instant processing, but newer options like NPP and PayTo are catching up. The challenge has been ensuring these payment types update systems in real-time for smoother reconciliation and automation.
Businesses should seek payment providers that offer real-time payment APIs to maintain efficiency without compromise. PayTo, for example, enhances integration by eliminating the need for customers to manually enter details, allowing businesses to pass transaction data directly to the customer’s bank for easy authorisation. The right payment solutions should support automation, reduce manual processing, and improve the overall payment experience for both businesses and customers.
Prioritising Consumer Needs for Long-Term Success A truly consumer-centred payment system goes beyond technology. It requires a deep understanding of customer behaviour, a commitment to security, and an effort to educate users. Businesses that align their payment strategies with consumer needs will enhance customer satisfaction and drive loyalty and long-term growth.
References ANZ Subject Matter Experts 2024, ‘The digital payment revolution: what businesses need to know’, ANZ Insights website, article, 6 November 2024, article, accessed 17 February 2025, <https://www.anz.com/institutional/insights/articles/2024-10/the-digital-payment-revolution>
ANZ Worldline 2024, ‘Why Chief Market Officers should prioritise their payment strategy Part I’, ANZ Worldline website, article, 9 September 2022, accessed 17 February 2025, <https://anzworldline.com.au/en/home/knowledge-hub/blogs/why-chief-market-officers-should-prioritise-their-payment-strate>
Xero 2024, ‘I want to pay that way’, Xero website, report, 2024, accessed 17 February 2025, <http://www.xero.com/campaign/i-want-to-pay-that-way>
Knowledge at Wharton Staff 2017, ‘Why Amazon’s ‘1-Click’ Ordering Was a Game Changer’, Knowledge at Wharton website, podcast and article, 14 September 2017, accessed 11 March 2025, <https://knowledge.wharton.upenn.edu/podcast/knowledge-at-wharton-podcast/amazons-1-click-goes-off-patent>
Google Pay is a trademark of Google LLC. Apple Pay is a trademark of Apple Inc., registered in the U.S. and other countries.
Important Information: Information in this article is current as at 14 March 2025 and is subject to change. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
Getting the Most Out of Your AI by Improving the Quality of Your Data AI is transforming how payments businesses, financial institutions, and corporates operate by improving efficiency, fraud monitoring, and customer experience. The value AI delivers hinges on the quality of the data it processes, a key theme discussed at Cuscal’s Curious Thinkers 2024 event.
AI applications are already making an impact in financial services with customer service bots, predictive analytics, and fraud monitoring systems. According to the Wall Street Journal, businesses are already using AI to provide personalised offerings to clients, identify clients, and identify fraud in real-time.
AI adoption in financial services is accelerating, with a recent ASIC review identifying 624 AI use cases across banking, credit, insurance, and financial advice. Over half (57%) were developed in the past two years or still in progress, and 61% of licensees plan to expand AI use within the next year. This momentum reflects the sector’s commitment to leveraging AI-driven solutions to stay competitive and deliver enhanced value to customers.
These advancements are delivering measurable benefits, but they are only as effective as the data that supports them. As IBM notes, poor-quality data can undermine AI initiatives, leading to unreliable outputs and heightened business risk.
The Opportunity for Payments Businesses Generative AI is reshaping industries, offering both economic and operational advantages. J.P. Morgan Research estimates that generative AI could boost global GDP by as much as 10%, adding between $7–10 trillion to the economy. Over the next few years, it is also expected to drive a significant surge in workforce productivity.
Closer to home, AI adoption is delivering tangible economic benefits for Australian businesses. Recent research from Microsoft and Mandala estimates that by 2035, the AI economy could generate $18.8 billion in annual revenue for Australia. Additionally, businesses investing in generative AI are seeing a $3.50 return for every $1 spent, often within just 14 months.
The success of these AI systems, however, hinges on the quality of the data driving them. AI tools process enormous amounts of datasets to generate insights. When those datasets are incomplete, inaccurate, or poor quality, the results can be unreliable—or worse, damaging.
The Quality Question Payments providers and financial institutions handle vast amounts of data every day. From transaction histories to customer profiles, this data feeds into AI models that help businesses make smarter decisions and optimise operations.
When data quality is neglected, the consequences can ripple across the organisation and may contribute to:
Misjudged risk assessments, leading to financial losses or missed opportunities
Flawed market insights, resulting in poor investment decisions
Inaccurate customer recommendations, damaging trust and satisfaction
As AI adoption accelerates, so too does the importance of ensuring data is accurate, complete, and relevant. Details that might have been overlooked in the past—such as timestamps or metadata—now play a critical role in delivering reliable AI outputs.
Steps to Improve Data Quality Investing in data quality is critical for payments businesses aiming to leverage AI effectively. Taking action in these areas can make a significant difference:
1.Data cleaning: Removing or correcting errors ensures accuracy and improves performance. IBM highlights how this step reduces risks and enhances results. 2. Data governance: Establishing clear processes for collecting, storing, and managing data creates consistency and reliability. 3. Regular monitoring: Ongoing audits help identify and fix data quality gaps before they affect AI outputs.
By addressing these challenges, organisations can unlock smarter decision-making, better customer outcomes, and a competitive edge. Because high-quality data isn’t just a technical asset—it’s a strategic one.
The Future of AI in Payments The payments industry is evolving rapidly, with AI playing an increasingly important role in shaping it’s future. Organisations ready to invest in data quality will be the ones leading the way.
References Australian Securities & Investments Commission, ‘Beware the gap: Governance arrangements in the face of AI innovation, Report 798’, Australian Securities & Investments Commission website, report, October 2024, accessed 10 January 2025,<https://download.asic.gov.au/media/mtllqjo0/rep-798-published-29-october-2024.pdf>
Belle, L 2024, ‘These New AI Bots Will Do Just About Anything for You’, Wall Street Journal, article, 24 August 2024, accessed 10 January 2025,<https://download.asic.gov.au/media/mtllqjo0/rep-798-published-29-october-2024.pdf>
Bousquette, I 2024, ‘Visa Has Deployed Hundreds of AI Use Cases. It’s Not Stopping’, Wall Street Journal, article, 1 November 2024, accessed 10 January 2025, <https://www.wsj.com/articles/visa-has-deployed-hundreds-of-ai-use-cases-its-not-stopping-4febe1b4>
J.P. Morgan, ‘Is generative AI a game changer?’, J.P. Morganwebsite, global research, 14 February 2024, accessed 10 January 2025,<https://www.jpmorgan.com/insights/global-research/artificial-intelligence/generative-ai>
|Microsoft, ‘New research identifies Australia’s most promising opportunities in the new global AI economy’, Microsoft website, features, 7 November 2024, accessed 10 January 2025, <https://news.microsoft.com/en-au/features/new-research-identifies-australias-most-promising-opportunities-in-the-new-global-ai-economy/>
Rogers, J 2024, ‘What Is Data Cleaning?’, IBM website, article, 29 November 2024, accessed 10 January 2025,<https://www.ibm.com/think/topics/data-cleaning>
Important Information: Information in this article is current as at 19 February 2025 and is subject to change. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
CEOs are crucial to maximising the benefits of AI The rise of AI opens up exciting opportunities for payments businesses to grow quickly, but it also brings its share of challenges. CEOs are uniquely positioned to guide their organisations in using AI effectively and across the board.
The challenges of using AI to scale One key learning from Cuscal’s Curious Thinkers 2024 event – scale is invaluable to businesses. Particularly when it comes to keeping their valued customers happy and creating the payment solutions of the future.
We are living in exciting times. New technology—especially AI—has kicked open the door of opportunity for businesses, offering new pathways to expand and grow.
According to Accenture’s report on the state of AI Maturity, scaling with AI comes down to mastering a set of key capabilities in the right combinations—not only in data and AI, but also in organisational strategy, talent and culture. To maximise its potential, it must be applied effectively across the business as a whole, ensuring:
the use of AI supports the overall business objectives,
innovation and creativity are encouraged, and
everyone is on board with the approach, from leaders to teams.
If you are currently using AI for small projects, the thought of transitioning to widespread use might be overwhelming – it can be a formidable task.
Many businesses operate in silos, which can lead to mixed efforts, poor communication, and inefficiencies. AI initiatives often highlight these problems even more.
There can also be fear around AI—it can feel complex and risky. To succeed, it’s crucial to get everyone in the organisation to understand and support its value.
CEOs must lead the way Scaling doesn’t happen without teamwork, but the CEO plays a critical role in its success.
As the person with the big-picture view, the CEO has the influence needed to break down the barriers between teams and keep everyone focused on their shared goals.
In fact, a study from Accenture found that when CEOs lead AI efforts, companies tend to see better results because they are uniquely positioned to:
Set a clear vision for what AI can achieve,
Build trust and confidence in the technology, and
Ensure AI projects are part of the larger business strategy.
The same study also reported that when leaders believe in AI early on, not only is adoption accelerated, it also drives positive changes across the business. This highlights the CEO’s crucial role as both a guide and a champion for AI.
Turning opportunity into action Recent articles in IT Wire and IT News highlight an exciting turning point for Australian businesses. With groundbreaking technological shifts, the opportunities to unlock new growth are immense—and bold CEO’s are leading the charge.
Telstra’s CEO, Vicki Brady, has implemented AI tools including AskTelstra and One Sentence Summary to enhance customer service. Similarly, Wesfarmers’ CEO, Rob Scott, introduced AI-enabled technology in Bunnings delivering real-time product information, improving both customer experience and operational efficiency. These stories underscore how decisive leadership is driving innovation and shaping the future of business.
Important Information: Information in this article is current as at 13 February 2024 and is subject to change. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
How To Build Customer Experience Excellence by Unlocking Leadership Potential In an industry driven by precision, trust, and innovation, payments businesses often focus on the technical infrastructure that powers their operations . However, a fundamental, often overlooked element of success lies in the people who lead these businesses—your managers. As Charlotte Rush, Head of Growth at Inventium, pointed out during Cuscal’s Curious Thinkers 2024 event, leadership is not only the heart and soul of organisations but also a critical driver of customer experience and, ultimately, business performance.
The Leadership Tightrope In today’s fast-moving business landscape, managers face unprecedented expectations. They are tasked with motivating teams, navigating technological disruption, and maintaining regulatory compliance—all while being thrust into roles with minimal preparation. As Rush aptly noted,
Management is the only job you don’t practice before you do it.
This gap in preparation often results in managers who are technically proficient but lack the people-centric skills needed to build team resilience, navigate complexity, and inspire innovation. The consequences ripple outward, affecting employee engagement and ultimately customer satisfaction.
Why Leaders Matter Your managers don’t just oversee operations. They are custodians of culture with the power to influence how well teams adapt to change, innovate, and ultimately enable seamless customer experiences.
How Smart Companies Build Better Leaders Organisations that excel at leadership development recognise it as a strategic investment, not a cost. Rush’s research highlighted several traits that standout companies share to prepare their managers for the challenges of tomorrow.
Here are the top strategies you can adopt:
1. Create training built for real-world challenges Seek, a leader in talent management services uses virtual reality and in-person workshops to prepare their leaders for complex scenarios. Payments businesses can tailor similar training to simulate the environments their executives will navigate during growth phases.
2. Give leaders the support they need Zillow, a USA-based tech real-estate business, pairs managers in mentorship programs to share ideas and problem-solve. Payments leaders could use peer networks to tackle challenges like scaling secure systems or improving customer retention.
3. Test leadership strategies before rolling them out Deloitte’s ‘people panel’ experiments with leadership ideas on small groups before applying them broadly. Payments businesses can test compliance processes or CX innovations the same way.
4. Show that leadership is a priority Seek’s CEO personally invites executives to their leadership program, making attendance non-negotiable. This level of executive sponsorship signals to teams that leadership development is integral to business success.
Measuring What Matters Investing in leadership is only as effective as the metrics used to evaluate it. Rush cautioned against reliance on “vanity metrics,” such as generic engagement scores or isolated training attendance. Instead, payments organisations must tie leadership outcomes to tangible business goals:
Customer Metrics: Track improvements in customer retention, satisfaction, and transaction speed as leadership skills evolve.
Employee Performance: Measure team efficiency, error reduction, and adherence to regulatory standards under well-trained managers.
Operational Outcomes: Monitor the scalability and security of payment systems as leadership initiatives take hold.
Strong Leaders Build Strong Payments Businesses To drive meaningful change, payments organisations must move beyond technical training and invest in leadership development that fosters a customer-first mindset, builds resilient teams, and delivers measurable business outcomes. As Rush concluded, “If our leaders fail, we fail.”
Important Information: Information in this article is current as at 12 November 2024 and is subject to change. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
Artificial Intelligence (AI) is fast becoming a feature of Australian business – whether senior management likes it or not. And as employees become more comfortable with tools like ChatGPT, businesses will need to create, implement and enforce rules to govern its usage.
The AI Train Has Left the Station One of the central themes to emerge from Cuscal’s flagship thought leadership event, Curious Thinkers 2024, was the rapid adoption of AI technology by Australian workers, many of whom are already using it in their daily tasks. Research commissioned by Salesforce and Slack reveals that 53% of Australian professionals are actively using or experimenting with generative AI in their work environments, a notable increase from 36% in 2023. Alarmingly, 44% of employees in Australia are utilizing generative AI without the oversight or permission of business leaders, according to research conducted by automation specialist technology firm UiPath, which surveyed over 1,100 Australian workers.
During the Curious Thinkers 2024 session titled The Future of Operating Models and Workforce Shifts in the Age of AI, the panel discussed that there can certainly be benefits from employee AI experimentation and agreed that employees are often best placed to identify where AI can improve day-to-day tasks and unlock efficiencies. But without proper guidance, a ‘cowboy’ attitude to AI deployment carries numerous risks, including compliance breaches, data privacy violations, and misaligned business objectives.
Playing by the Rules Businesses need to develop and implement guidelines or policies for AI usage even if they’re not using the technology in any official capacity – because studies show that employees are using it without being expressly permitted.
These rulebooks will vary between businesses, but some of the ideas touched on by the panel include:
1. Program usage Businesses must clearly specify which AI programs can be used by employees. This ensures that all AI tools are vetted for quality, safety, and compliance – reducing the risk of unsanctioned AI use.
2. Data integrity Businesses need to define what data can be used as input for the AI. This is crucial for maintaining data privacy and security, and for ensuring that the AI operates within its intended parameters.
3. Train and customise For an AI tool to be truly fit for purpose, it needs to be trained on a business’s own data so it can refine and optimise its output. This even extends to off-the-shelf AI solutions, which should be trained using internal data to help give context to the work being done.
4. Align with business goals All AI experiments and use cases should be in direct alignment with the business outcomes that the business is driving. This helps to ensure that AI usage contributes to the overall objectives of the business, rather than becoming a distraction.
Lead, Don’t Follow Each payments business will need to consider its own operational structures and reporting lines. This will ensure that any AI experiments are being conducted appropriately, and that successful ones can be developed and further implemented across the organisation.
Ultimately, the exact shape of these rules and reporting lines will depend on individual business goals, but these four common themes should provide a useful starting point for executives looking to shore up their AI practices.
Business Integration: According to an independent survey commissioned by business loan comparison platform Small Business Loans Australia 60% of Australian businesses are already using or planning to integrate AI into their operations over the next two years, with 37% having adopted it already.
Productivity Gains: Embracing the use of AI to improve existing processes and enhance platforms is the safest place to start your generative AI journey and deliver incremental benefit over time.
These statistics highlight not only the rapid growth and integration of AI within Australian workplaces but also emphasise the necessity for organisations to take proactive steps to ensure they harness these tools effectively while safeguarding compliance and aligning with strategic goals.
Important Information: Information in this article is current as at 8 January 2025 and is subject to change. This article represents the opinions and views of the personal experiences of the panellists only. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.
The past couple of years have meant significant growth for non-bank lenders and there are no signs of slowing down, says Bronwyn Yam, the chief product officer at Cuscal.
According to the RBA, the sector grew on average 15 per cent on a six-month annualised basis, more than twice the rate recorded by banks.
It is an exciting – and competitive – time. And it is in this context that the non-bank lender sector prepares to be the next one rolling out the Consumer Data Right (CDR) in Australia. While some organisations try to understand how to best navigate this complex initiative, a key aspect may get lost amid the regulatory language: CDR is way more than compliance costs.
For those organisations willing to make this part of their digital transformation, the initiative presents opportunities to stay competitive, improve efficiency, enhance customer experiences, and drive innovation in the financial services sector.
As a partner of many banking and non-banking organisations, we’ve seen firsthand how data can improve an organisation’s ability to draw strategic insights for its business plans. The good news is that some implementations can be API-driven on a subscription basis, enabling users to securely share their data and empowering companies to build improved financial applications.
Here are key takeaways on how a well-implemented CDR solution can boost businesses.
Improved customer experience: As an accredited organisation, non-bank lenders will have access to use consumer data to offer more tailored solutions. Companies that channel this supercharged data pool to drive innovation and product development will deliver improved customer experiences and personalised financial services – a potential make or break in a competitive environment. Easy wins include increasing conversion rates by fast-tracking your lending application process with a mobile-first experience, expedited approval times, quick account verification and pre-funds checks, and streamlined onboarding, easing the deposit of funds and progressing the lending cycle from origination to collections. And this is just the beginning of improved customer experience.
Increased visibility of client movement: Non-bank lenders, as mandated data holders, should want access to the metadata generated by their existing customers sharing their data with other organisations. This new dataset becomes a source of powerful insights. At Cuscal, we call them a moat for our clients, protecting their businesses’ revenue and profit. The premise is that if companies use and analyse the data properly, they will notice trends or clients looking to move, allowing them to counteract with a better experience.
More accurate risk management: While accessing data is a crucial step in developing a financial application, extracting insights from it truly unlocks its value. Adding comprehensive data overlay services helps companies harness the power of data to make more informed lending decisions, improve risk control, proactively manage hardship, and reduce default rates. Benefits include a deep understanding of spending behaviour with access to enriched transaction details, empowering non-bank lenders to improve their risk assessment capabilities.
Increased cyber security: Maintaining robust cyber security practices helps build trust and confidence with your customers and assures them that their data is handled securely and responsibly. CDR also changes the game for consumers and businesses regarding cyber security. It is a safer solution than outdated methods, such as screen scraping, which require customers to share their login details with third parties (e.g. lenders and brokers) for the various compulsory checks for responsible lending obligations. Banning these insecure practices, such as sharing PDFs and scans of transaction statements, minimises the risks exposed by storing them.
Compliance with standards and regulations is a key requirement for organisations participating in the CDR framework. That means non-bank lenders will automatically adhere to industry standards and guidelines to ensure data security, limiting exposure to malicious activity.
Data protection measures include encryption, access controls, and secure data storage practices to safeguard sensitive information. The CDR framework also imposes ongoing monitoring and auditing of databases, securing consumer data by increasing the chances of discovering risks and losing integrity in datasets.
In summary, CDR is more than a compliance cost to non-bank lenders. It is the next step to increase business competitiveness and protect businesses and consumers in Australia. CDR is about giving consumers peace of mind when they transfer personal data online and giving them control over their vulnerable data.
As CDR continues to roll out, we anticipate a stronger, more protected ecosystem in which organisations, CDR solution partners, and customers are building collectively towards a safer digital economy.
There is much to learn from other industries in preparation for the legislation. However, the reality is that non-bank lenders should consider adopting CDR solutions regardless of the government timelines. CDR will be a reality and the sooner they can be ready and start benefiting from the advantages of data and insights to protect and boost their business, the greater value they will get for their investment.
