Aider’s interview with CEO, Shayne Elliott from ANZ
ANZ CEO Shayne Elliott and Aider entered into a partnership towards the end of 2020. Shayne stopped at the Aider offices to talk about trust, our partnership with ANZ, and how to help small businesses succeed.
Both teams are excited to work together as both are passionate about helping small businesses grow and using data to make it happen. Following are excerpts from Shayne’s discussion with Brendan Roberts, CEO of Aider International.
We know the two big reasons that small businesses fail. One: most people figure out they’re earning less than minimum wage. They realise ‘I’m working my butt off, but not I’m making any money’. The second reason is that they give up because they originally wanted to be a florist, an engineer or graphic designer, and what they’re actually doing is payroll, taxes, and bank reconciliations.
In my opinion, most small business owners are time-poor control freaks. They are the head of IT, the head of marketing, the head of HR, and they also have to actually run their business, so they end up doing most of the other stuff after hours. There are lots of problems for small businesses to solve.
Some people ask, “why doesn’t the bank solve those problems?” Well, we can only solve some of those problems with money. The real value we try to offer is through accessing data and giving people advice.
We know everything about our small business customers because everything runs through their bank account, including their income and outgoings. Today, we have the technological ability to analyse data and understand what is going on in their business, and then predict what will happen in the future. We use the data we have for risk management, but increasingly, we’re thinking more about how we can use the data to identify opportunities to help that business grow.
Ultimately, we’re in the business of solving customer problems and we know we’re going to have to do that in partnership with others. When we were introduced to Aider, we thought, “hey, what you’re doing fits in perfectly with our vision of that future”.
We often joke to ourselves that organisations like Aider have lots and lots of really good ideas and no customers. And we have lots and lots of customers and not as many good ideas as we need. So, imagine what happens when you join the two together.
We don’t wake up in the morning wanting to put equity in FinTechs. We want to make our customers’ lives and businesses better. I disagree with the idea that FinTechs are going to take over the bank. Even today, when you go and do the research, the public tells you they trust banks with their data. We know that they trust us because they give us their money, and we generally don’t lose it. Imagine if you took that trust and customer base and you added the value of innovation at Aider. That’s what partnering is really about.
At the end of the day, we are partnering with companies like Aider to help small businesses. We are committed to solving their problems while also making sure we are adding value to the banks. By teaming with Aider, our relationship managers are going to have more valuable conversations. They’ll be able to provide a better product, a better service, and truly, a better solution to our small business customers.