Recently we caught up with Diane Tate, the Chief Executive Officer of the Australian Finance Industry Association (AFIA).

Diane chatted to us about taking on the most senior executive role within AFIA, who are deemed to be the most diversified and influential association in the Australian finance world.

AFIA represents in excess of 130 Member and Associate Member companies, including Morris Finance, and during our interview Diane takes us through her career, AFIA’s recent successes, challenges, goals and aspirations, and last but not least a little bit about Diane and her interests outside of work.

Q/Describe your current role and give us a snapshot of your previous role. 

Diane spent 14 years at the ABA (Australian Banking Association) in senior executive roles, the latest was as Deputy CEO, working closely with Anna Bligh throughout the Royal Commission. Diane considers Justice Hayne’s findings to be part of the process of resetting industry practices and standards that emerged from and before the global financial crisis of 2008, urging the finance industry to continue to re-establish its critical role in our economy and society and to rebuild public trust.

Diane’s journey at the ABA encompassed copious challenges with her extensive career traversing pandemic planning associated with SARS, Bird Flu, and Swine Flu, influencing Government and industry action through the GFC, and designing the Banking Reform Program ahead of the Royal Commission. It’s no wonder she spent a couple of months recharging her batteries skiing the double black runs at Perisher before commencing at AFIA.

Whilst Diane didn’t see herself leading an industry association as her next career move, citing an interest in expanding her corporate experience being in her sights, she is an advocate at heart and loves to find ways to make things better for the financial wellbeing of Australians. So when the opportunity came knocking as CEO of AFIA in November 2019 she grasped it with both hands, with a vision of creating and promoting a unified voice for 150 members and associate members. AFIA is the only industry association in Australia that represents the entire finance industry, with members representing those involved in consumer, commercial and wholesale lending, along with associate members from the technical, legal and consultancy fields.

Q/What have been your major achievements and challenges to date?

Six months into the role as CEO, Diane see’s the development and communication of a clearly articulated AFIA Strategic Plan as her major achievement to date, with the Board ratifying it in April, post the onset of COVID-19.

Whilst strong organisational foundations were in place, the plan encompasses the goal, the priorities and the behaviours associated with driving a new strategic approach with members and stakeholders, including leadership, representation, insights, connectivity, and engagement. The strategic goal of AFIA is to “embrace the challenges of our modern finance industry, by leveraging the insights of our diverse membership, to influence our future and drive a culture based on integrity, transparency and fairness, to achieve a better outcome for our customers and our industry.”

The major challenge that Diane and the industry association has faced is the personal connectivity since COVID-19, but the intelligent usage of technology has allowed the association to continue to function, albeit remotely. It should be mentioned that virtual member events had been part of future planning, but COVID-19 has fast tracked this initiative, indeed a positive initiative. Diane is now looking for ways to make sure their return to work strategy manages the inevitable health, safety, and logistical challenges, but maximises connectivity in our new world.

Q/What have you set as your top three goals of the new financial year?

Whilst AFIA’s strategic goals are now well documented, Diane believes her top three priorities are, namely:

1. Making sure we are well positioned to cope with change
2. Growing the capabilities of the business
3. Playing a vital role in the macro recovery of our economy

“Personally, I should also mention that I have set ourselves the ambition to be, recognised as, “the most passionate Board in finance,” said Diane. 

Diane also adds that in the current economic climate resilience is imperative, but businesses require actions that hold a clear vision of the future, adding creativity as the ingredient that drives successful change.  

Q/On a personal note, please tell us a little bit about yourself?

Having grown up in Nambucca Heads, Diane was swimming before she was walking, so it’s not unusual to hear that the water, the beach and the ski-slopes are in Diane’s DNA. When she gets time, she also enjoys photography, music from the 80’s (Cyndi Lauper & Bon Jovi) and international travel with her husband of 22 years. So, whilst travel is out for the moment, in the words of Cyndi Lauper, “this girl just wants to have fun” – Diane enjoys nothing more than a good steak cooking on the BBQ, with a gin and tonic in hand, whilst preparing a raspberry dessert to top off a great night with good friends!

To keep up to date with AFIA’s latest news head to www.afia.asn.au or their LinkedIn or Twitter pages.