Marnie Baker SF FIN did not expect to have such a long career in banking and finance when she set out on her professional path, but the sector is fortunate fate led her down this path.
Marnie recently finished up at the helm of Bendigo Bank and, along with Elana Rubin AM SF FIN, Marnie recently addressed FINSIA members at our annual networking function for Victorian members in a discussion led by Yasser El-Ansary F FIN at the State Library Victoria.
When she set out on her career, Marnie had intended to become a primary school teacher. But a glut of teachers at the time she was deciding on her career path – how times change – steered her towards banking and finance.
“I was pretty good at maths and had heard accountants make good money, so I put accounting down as my first preference for university. It was one of those sliding door moments,” she says.
After moving to Bendigo to study business at La Trobe university, one of Marnie’s lecturers suggested she get some work experience. So she continued her studies part-time while working at Sandhurst Trustees, which was eventually acquired by Bendigo Bank.
“People often ask me about how I could stay with one organisation for nearly four decades, but Bendigo Bank changed significantly over that time, from a very small Victorian based company with half a dozen branches, to now an ASX-listed, $7 billion, national business," she says.
"The company is an amalgamation of around 80 different companies. We were undertaking one or two acquisitions a year in the nineties, so we were growing and changing all the time. But the organisation’s core didn’t change. It had a clear purpose that was closely aligned with my own values, to bring your most authentic self to a business and the importance of community."
Marnie says being a smaller organisation naturally fosters innovation.
“I come from a regional background and in the regions, you don't necessarily have the benefit of the same infrastructure you have in the cities, so you have to be smarter about how you do things. A lot of people don't realise just how innovative Bendigo Bank is," she adds.
"We bought Visa debit and credit cards to Australia. We introduced mortgage offset accounts. We were the first to offer green loans. We changed the face of banking with the introduction of the globally unique community bank model, and more recently we launched the first mobile-only digital bank in Up. So we were always thinking ahead on how we could deliver better experiences for our customers.”
Fast forward to a time when innovation in financial services is synonymous with fintechs and Marnie says they play an essential role in financial services.
“They focus in on a part of the customer experience to improve it, to reimagine it from the customers perspective. It raises the bar for everyone, including the current incumbents.”
As Marnie reflects on her time with Bendigo Bank, she acknowledges talent development and succession planning as a huge focus.
“Organisations are only as good as their people, so culture is extremely important. As much as we recruited for skills and experience, of equal importance was someone’s fit in the organisation and their ability to grow. You can teach banking, but some things are innate, such as curiosity, an ability to adapt and learn and critical thinking," she says.
Marnie says that despite all the changes within banking and corporate Australia, the fact the business never lost sight of its core purpose and continues to be Australia’s most trusted bank, is what she is most proud of at her time with the bank.
“We were born out of community for community and we have a purpose that has people at the heart of what we do. We're about putting people in houses and our purpose of feeding into prosperity, not off it, is a common thread not only throughout my 35 years, it goes back 166 years to the very start of the organisation.”
Nevertheless, Marnie says it’s disappointing the bar has not moved far enough on gender diversity in financial services during her career.
“I was one of only ten female CEOs in the ASX 200 and for a short period we were the only ASX 200 company to have both a female CEO and female chair. I would have loved to say one of my greatest achievements was to see more of a change in diversity from an industry perspective.”
Consequently, she hopes to help improve diversity across financial services in a different capacity now she has stepped away from Bendigo Bank.
“We took a backward step during COVID when we saw organisations reverting back to filling CEO and senior positions from those with significant experience, which almost always favoured men," Marnie says.
"Which is funny because COVID was all about people and one of the great strengths females have is that capacity to understand and care for people. Nevertheless, I'm very proud of Bendigo Bank and it has been a real privilege to be a part of the banking industry for 35 years and show what a bank should be and can be."
