The critical lesson for businesses out of the COVID-19 pandemic, according to ANZ CEO Shayne Elliott, is that crises are inevitable – and the best thing you can do is simply stay on your toes.
“I think being very agile is where the opportunity is,” he told a recent ANZ customer call ahead of the latest SIBOS financial services conference in October. “I don’t know where that will take us, but you’ll never find out if you can’t observe, learn and change at speed.”
Elliott said that while change was constant, the rate of change was not, and the true impact of crisis was not the volume of change they bring, but the speed.
“You can waste your life trying to figure out what will be at the end of all of this, but the real lesson of change is you’ve just got to stay on your toes,” he said. “[As a business],you’ve got to stay on your feet, you’ve got to be prepared to pivot, change, adapt and move resources, whether those resources are people, capital, technology, or whatever.”
“I think the real opportunity [for business] is to embrace the things we’ve learnt through this crisis.”
Elliott made the comments on a call which also featured ANZ Group Executive, Institutional, Mark Whelan, Managing Director Transaction Banking, Lisa Vasic; and Global Head Financial Institutions Group, Simon Ireland. You can listen to an edited version of the conversation on podcast below.