Future Leaders perspective: the impact of COVID-19 in Australia

The impact of the current pandemic has been wide reaching and has affected all businesses, whether small or large, international or local.

We asked members of the Future Leaders in Treasury group to provide information on what they have done over the last few months, and how this has affected their business models. This month we talk to a member in Australia, Rob Searle, relationship manager at MUFG Bank about how COVID-19 has impacted the business he works for.

Robert Searle, Relationship Manager, MUFG Bank

Describe your current role and how long you had been in it before the pandemic.

I am currently Relationship Manager at MUFG Bank, based in Sydney, Australia. I have been in the role for one year and am responsible for covering the banks Global Subsidiary Banking (GSB) clients. I had been at the bank 7 months prior to the pandemic.

Please tell us a bit about your company.

MUFG is one of the worlds largest banks, located in over 50 countries supporting clients all over the world. MUFG has had a presence in Australia for over 35 years.

What were your company’s first steps when we first went in to lockdown?

Operationally the bank had a formal business continuity plan which was invoked pretty early with some team members working from home, some at the office and some at the disaster recovery site. Over time that has progressed to either working at home or at the recovery site. From a business perspective their became a lot of focus on liquidity and working with our clients to ensure both counterparties were in as best possible position to work through the pandemic. The key message from management was to remain in as much dialogue with clients as was possible because key to everything was not receiving any shocks which given the volatility of the markets would not be positive for anyone.

How has your business had to adapt as a result of the pandemic?

Although many banks, including MUFG has digital high up the list of priorities, there is no doubt that the pandemic has forced the technology conversation up the list even further and sped up changes that might not have occurred so quickly but for the pandemic.  The changes are not only changes for our clients but in many instances changes that help all members of staff work in different and in many instances more efficient ways.

Do you think these changes will be adopted after we go back to ‘normal’?

I would like to think that many of the changes that have been brought on due to the pandemic will become the “normal”.

What have you learnt from the pandemic?

I have realised that banks have a vital role to play in working with clients through challenging times. The volatility that was seen in various elements of the market meant that banks and bankers do have a role to play with supporting their clients. Equally, the need for internal processes to be clear have become even more necessary to deliver with as little complication as possible. Finally, I think it is important to remember this pandemic and find ways to learn from it and improve.    

For information on the Future Leaders in Treasury group please visit www.treasurers.org/futureleaders.