Crown Perth - PEXA · 3 10:05am The world of banking today 30 mins Sean Langton, Bank West 10:35am...

transcript

Crown Perth

8 March 2018

Chief Customer Officer, PEXA

Your MC for the day

Lisa Dowie

10:05am The world of banking today 30 mins Sean Langton, Bank West

10:35am Future of property 25 mins Ronak Bhimjiani, REIWA

11:00am Morning tea 20 mins

11:20am PEXA Update 15 mins Angella Chick, PEXA

11:35am Landgate Update 15 mins Brook Durling, Landgate

11:50am Cyber Security 30 mins Andrew Cann, Office of WA Government

12:20am Lunch 40 mins

1:00pm Plenary Sessions 85 mins

PEXA Platform

PEXA Projects

Practitioner Panel Session

Law Society – JFGC Update

2:25pm Bank Panel Session 45 mins Hosted by Marielle Yeoh, PEXA

3:10pm Close – Drinks & Canapes

TODAYS AGENDA

Group Executive, Customer & Revenue, PEXA

Welcome

Mike Cameron

WINAn evening with

Hillary Rodham Clinton

Melbourne - 10 May 2018 7:30PM

Chief Technology Officer, Bankwest

The world of banking today

Sean Langton

The Digital Revolution in Financial Services

Sean LangtonChief Technology Officer, Technology & Transformation, Bankwest

seanflangton

Artificial Intelligence

Driverless cars

Augmented Reality

Virtual Reality

Drones

Brainwaves

Biological Computing

Every Industry faces disruption

ic Grow

The rate of disruption

Capture Deliver

Digital Business Models

Arrange NEEDVALUE

Mode 2: Disruptive thinking

Mode 1: Efficiency thinking

Amazon Go Video

Artificial Intelligence accurately

predicts your propensity

And advises financial

position, credit scores

and costs

Real Estate Apps feeds data from

AI API’s and recommends houses

and suburbs

Provides a Virtual Reality

experience to filter prior to

home visits

Lending is pre-approved on

range of platforms: Bank, Peer

to Peer, Crowdfund, Shared

ownership

Robotic Process Automation

takes care of data entry tasks

negotiates

settlement date

in an App

Smart Contracts on a

Blockchain assure all

conditions prior to

settlement

Drones inspect

Building condition

report and valuation

confirmation

AI assesses Fraud

Furniture moved by driverless

trucks

“Just Walk In” Home Buying Experience

ThinkingFinding a

HouseBorrowing

MoneyPaying Moving In

So, what about us?

How is industry responding

to these challenges??

$7.2TValue of Australian

property market

~1M Property transactions

per year

~12,000Conveyancing Practitioners

Australia-wide

~156Financial Institutions

Australia-wide

8 Land Registries & Revenue Offices

The Australian property market at a glance

Industry collaboration has transformed origination…

Payments…

“the bank got the mortgage doc wrong”

1 in 3 found the process stressful

1 in 5 experienced a delay in settlement

settlement

difficult

The median delay was 7 days with (on

average) 3 people

being affected by those delays

And property settlement

“bank cheque wrong by 50c – missed settlement”

PEXA PWC Digital Property Report 2015: Consumers suffer stress & delays in current settlement arrangements

Live in VIC, NSW, WA, QLD & SA

140+ Financial Institutions joined network

5,580+ Practitioner firms are active Australia-wide

Over 887,000 transactions completed

Over $105 billion worth of property valued settled

Top five ranking in Deloitte’s ‘Tech Fast’ 500 Asia Pacific companies’ list

PEXA has experienced remarkable adoption

So, what about us?

How is Bankwest transforming??

Bankwest Customer behaviour defines our agenda

StoreMonthly decreasing

InternetMonthly decreasing

MobileDaily increasing

WearablesSeveral times a day increasing

InterconnectedAlways on increasing

er interactio

Experience EconomyProduct Economy

You’ve got to start with the customer experience and

work back toward the technology - not the other

way around.

- Steve Jobs -

What customers want and expect…Digital, Frictionless & Enabling

Always Available, Anywhere

Personalised

Technology▪ Cloud Platform, API Enabled Open Technology▪ Robotic Process Automation▪ Artificial Intelligence▪ Wearables

requires a transformation…

“Blaze” Operating Model▪ Customer Centric▪ Agile Ways of Working▪ Cross-Functional Teams

Culture▪ Learning Culture▪ Inclusive, Open, Valuing Diversity▪ Autonomy, Mastery & Purpose

Analytics Chapter

Products Chapter

Engineering Chapter

Design Chapter

Cloud Native Digital Platform

TRIBEMulti Disciplinary Team

Rapid Feature Delivery

End to End CX Ownership

Persistent Funding

Process & System Owners

Innovative Culture

Technology Platform

Self Service via APIs

TRIBE TRIBE

Self Service via APIs Self Service via APIs

Technology Platform Technology Platform

…in how we work

xxxxx@brokerfinance.com.au Dynamic application

status

james@brokerfinance.com.au0412 577 509

James McAdoo

Progress Bar

Applicant details

Home Buying Tracker

Loan details

Security details

Customer feedback driving innovative solutions

• VUCA - Avoid ‘yesterday’s logic’

• 4th Industrial Revolution: just beginning

• Industry Collaboration delivers growth

• Customer Centricity

Ronak Bhimjiani, Manager, Economics & Research, Real Estate Institute WA

Future of property

Ronak Bhimjiani

Property market conditions

and outlookRonak Bhimjiani, Manager, Economics & Research, REIWA

Established market

conditions

Median price and sales

Source: REIWA/Landgate (December 2017)

Where the action is occurring

Source: REIWA/Landgate (December 2017)

Top suburbs by growth

Houses Units

Suburb Growth Suburb Growth

Coolbinia 36.3% North Coogee 41.9%

North Beach 26.5% East Fremantle 12.9%

Applecross 22.6% West Leederville 12.8%

North Fremantle 19.8% North Perth 7.8%

Cottesloe 15.4% Claremont 4.2%

Source: REIWA/Landgate (Year to December, filtered for suburbs with more than 30 sales)

Low interest rates

Source: REIWA, RBA

Growing income levels

Source: REIWA, ABS

Greater affordability

Source: REIWA, Landgate, ABS

Steady sales

Source: REIWA, Landgate

Listings for sale

Source: reiwa.com

Myth-busting supply

Source: REIWA/ABS (August 2016)

supplied

Per cent

listed for sale

supplied

Per cent

listed for sale

North Coogee 6.3% Nedlands 0.4%

Northbridge 3.7% Greenwood 0.4%

Jolimont 3.1% Leeming 0.6%Filtered for suburbs with greater than 10 listings for sale

New dwellings forecast

Source: REIWA, ABS, Housing Industry Forecasting Group (HIFG)

Rental market trends

Population drives rental

demand

Source: REIWA, ABS

Leasing and tenure time

Source: reiwa.com

Listings for rent

Source: reiwa.com

Median rents

Source: reiwa.com (December 2017)

Vacancy Rate

Source: REIWA member survey

2018 outlook

REIWA 2018 Outlook

For more information

• research@reiwa.com.au

• reiwa.com.au/members

20 minutes

Morning Tea

Executive Manager Practitioner Services WA, PEXA

PEXA update

Angella Chick

5,574 Practitioner Firms

activated

utilising

110,310PEXA Transfer

Transactions

Completed

PEXA’s Journey - 2017 to 2018

1 March 2017

activated

utilising

15,062PEXA Transfer

Transactions

Completed

1 March 2018

• WA Banking Symposium – round 3 held yesterday

• Guideline review and orchestration of guidelines tool

• Transfer Checklists for the majors online

• Discharge Authority preferences now online

Industry Collaboration

• PEXA Direct Specialists/Virtual Specialists:

Angella Chick

Executive Manager Practitioner Services WA

Angella.Chick@pexa.com.au

• Community

Sign up at community.pexa.com.au

• PEXA Support Centre

1300 084 515

Support available in your area

Account Manager - Land and Property, Landgate

Landgate update

Brook Durling

The Journey to 100% Digital

Brook Durling

What have we achieved so far?

• Enabled Landgate for electronic lodgement

• First electronic transaction 2014

• Standalone mortgages and discharges August 2016

• Refinances December 2017

• All eligible transactions 1 May 2018 (WC, D, T, M, C)

• Reduction in turnaround times for simple dealings

Current position

• 35% increase of electronic lodgments in past quarter

• Over 50% eligible documents are being lodged

electronically

• Enhancements to online plan creation and lodgment

functionality

• Easier access to online services (single logon)

Future vision

• 100% digital data (plans, new titles and dealings)

• All transactions lodged electronically

• Real time processing of dealings

• Real time approval and issue of land titles for all

deposited and strata plans

• Real time registration of all interests in land

Thank you

Chief Technology Officer, Western Australian Government

Cyber Security

Andrew Cann

GOVERNMERNT OF

WESTERN AUSTRALIA

Office of the Government

Chief Information Officer

Digital - Changing the Cyber Security Landscape

Andrew Cann

GCIO8 March 2018

Global

Australia

Hootsuite – 2018 Global Digital Report

Australian Attitudes

IaaS PaaS

APP1 APP3APP2

A B C D E F G H I

The Digital Paradox

Damage Short and Long Term• Investigation• Breach Notification• Post-Breach Customer Protection• Regulatory Compliance• Legal Fees and Litigation• Security Improvements

• Increased cost to raise debt

• Lost customer relationships

• Lost contract revenue

• Devaluation of trade name

• Loss of IP

SME’s -The New Targets?

•‘Secret’ blueprints of

new ASIO HQ stolen

•Chinese hackers believed

to be behind theft

•Blueprints show security,

IT system layouts

•Agents hacked the 3rd

party contractor

http://www.abc.net.au/news/2013-05-27/asio-blueprints-stolen-in-major-hacking-operation/4715960

Average Time to Detect a breach? - 191 days

Average Time to Contain a breach? –

Reputation brand damage from a breach? – 21%

Time to recover brand from a breach? – 11.8 months

Organisations dis-incentivised from declaring

66 days

Ponemon Institute 2017 Cost of Data Breach Study

Cyber Incident Impact

Notifiable Data Breach • All entities subject to Privacy Act with turnover >$3

Million Annually;

• There is unauthorised access to, or unauthorised

disclosure of personal information, or a loss of

personal information, that an entity holds;

• This is likely to result in serious harm to one or more

individuals, (includes reputational) and

• The entity has not been able to prevent the likely risk of

serious harm with remedial action.

OAIC - Data Breach Preparation and Response

You must notify any individuals that are at

likely risk of serious harm as a result of a

data breach; and

You must also notify the Australian

Information Commissioner.

Incentive to PreventOAIC - Data Breach Preparation and Response

Notifiction

How Do Attacks Occur?

Attack Vectors • Email – 90% of attacks start here. Scams such as phishing and

whaling

• Websites—malicious links can trigger attacks

• Smartphones, Tablets, Laptops—leave the controlled network, subject to potentially malicious wi-fi networks

• Thumbdrives/Portable Hard Drives—bypass network security by plugging in to computers directly

• Attachments to emails—files pretending to be safe actually run harmful code

• Internet Connectivity—anything that connects to the internet can be attacked

• Via other internal computers—once malware gets in to one machine, it can spread on internal networks 89

Scammers, Hackers and Cyber Criminals will target

what the weakest link in security...people.

• 90% of cyber attacks begin with email and social

engineering.

• Clever tricks are used so curiosity overpowers

common sense.

• Tricks can include perfectly legitimate like logos

and email addresses.

How Attackers Really Get In!

Lookout for Emotional Response!

•Curiosity – Gee that looks interesting

•Fear – OMG!

•Urgency – Process this right now!

Lookout for these emotions being triggered as a warning that something is not right.

Make processes clear and embedded from the top down.

Develop a culture where validating and confirming is the norm.

Address the three key components…

Security - People, Process & Technology

People• Education - Have a basic security policy and make all new starters read it.

• Awareness - Recognise and follow safe online practices (awareness training).

• Have a go to person for security…like a fire warden.

Process• Change default passwords across all systems to something new.

• Create non-administrator level accounts.

• Protect critical information

Technology• Allow automatic updates of your computers.

• Make sure Windows Defender (or other AV product) is switched on.

• Secure any remote access services

Security – The Basics

•Before you click on a link in an unsolicited email;

- could it be a phishing attempt?

•Before you transfer money because of the email from your CEO;

- could it be a whaling attempt?

•Before you open unexpected attachments;

- could they be full of malware?

•Before you plug in that USB stick you found lying around;

- could this be a social engineering trick?

•Before you use public wi-fi to do work related tasks;

- could someone nearby be snooping on you?

•Before you tell social media everything about yourself;

- could you be giving too much away?

•Before you copy sensitive work related information onto a portable device;

- is the information protected if the device is lost or stolen?

Think Cyber

Security Partnership

Resources

• https://youtu.be/8-8dZ--OIho

• CERT Australia –

• Cyber Security Small Business Program Grants up to $2100 for testing.

• Stay Smart Online Small Business Guide

40 minutes

25 min Plenary Sessions (Choose 3)

PRACTITIONER PANEL SESSION

Astral Ballroom

Engage with your peers on tips for future

proofing your business

PEXA PROJECTSStudio 1

PEXA’s solution for the

developer market

PEXA PLATFORMStudio 2

Gain an insight into the future of the PEXA

platform

LAW SOCIETYThe Studio

Changes to the Joint Form General

Conditions

SESSION START TIMES: 1:00 | 1:30 | 2:00

PEXA staff will direct you at the end of the lunch break

Nicole Akatos Operations Manager, ANZ

Timothy Graham Executive Manager Mortgage Industry, Home Ownership Services, Westpac

Gary Howard General Manager Lending Operations, NAB

Suzanne Turnbull Executive Manager, Digital Lending Operations, CBA

David Morrissey Executive Manager Digital Operations, Bankwest

Bank Panel Session

HOST: Marielle Yeoh,

Chief Financial Services Officer, PEXA

Thank you for attending

Crown Perth - PEXA · 3 10:05am The world of banking today 30 mins Sean Langton, Bank West 10:35am...

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