Evolution of Banking and Finance: A Journey of Innovation and Empowerment

In a recent episode of the Banking and Finance Leaders Shaping the Industry Podcast, Stephanie Girard, CEO of Women in Banking and Finance, had the pleasure of hosting Rosemary Gaglioti, the Director of Transactional Banking Solutions for Commonwealth Bank in Perth, Western Australia. Rosemary, a recipient of the prestigious 2023 Achievement in Institutional Banking award, shared her inspiring journey through the ever-evolving world of banking and finance.

A Journey Through Banking Evolution

Rosemary’s journey in the financial industry spans almost four decades, commencing in an era when computers were still a novelty in the workplace. She vividly recalls the transition from manual processes to the advent of computers in the early 2000s. During this transformative period, the industry moved from a single computer for an entire department to every employee having their own desktop. The emergence of internet banking marked another significant leap, replacing floppy disks and modems with the convenience of online transactions.

“When I think back, the big change was in the 2000s with computers. That evolution of going from those manual processes to everything on computer,” said Rosemary.

Reflecting on the changes, Rosemary underlines the importance of adapting to evolving technologies. She emphasises that embracing change is essential for success, even when these changes challenge established practices. Rosemary’s insights shed light on the importance of staying up to date in a fast-paced industry.

She recognises that many individuals tend to cling to traditional methods that are familiar and comfortable. However, she advises embracing change positively, as this can lead to more efficient and effective work processes.

A Vision for the Future

Discussing the future of institutional banking, Rosemary highlights the importance of strong relationships with clients and government agencies. Her role involves not only providing solutions but also collaborating with clients to improve processes and technologies. She predicts a further strengthening of these relationships and an enhanced focus on technology in the future.

Rosemary also acknowledges the changing work environment, with flexible arrangements allowing employees to work partly from home, creating a better work-life balance, and supporting the continued growth of women in the industry.

“We now have really good work from home arrangements where we work 2 days a week from home, 3 days in the office so you’re getting that diverse, mix in a home and office and the people are starting to interact more. Now when we are in the office it’s a bit of a nice culture because it allows males and females to have that work life balance. Back when I had my first child, I didn’t have anything like that. It was 12 months parental leave and if you don’t come back to work, you resign and when you did come back to work there was no flexibility,” Rosemary remarked.

Supporting Diversity and Mentorship

Diversity is a key theme in Rosemary’s conversation. She underscores the importance of diversity in the workplace, not only for clients but also for providing support to team members. She believes that diversity encourages an inclusive and supportive work culture and emphasises the role of mentorship in helping younger professionals advance in their careers.

“You get more confidence as you go along but I think it took a long time for me, because you always kind of felt that maybe you shouldn’t be there or you’re not good enough. You’ve just got to back yourself and know that you are worth it, and you can do whatever you want,” said Rosemary.

Leadership and Empowerment

When asked about her perspective on leadership, Rosemary emphasises support and leadership by example. She encourages leaders to be present, engaged, and inspiring, while also providing guidance and mentorship. A strong emphasis is placed on being proactive, nurturing the potential of your team, and creating a space for open and honest communication.

“Be humble, be kind, be you and work hard. Dedicate time to your clients, to your colleagues as well, and you’ll get there along the way,” Rosemary said.

Rosemary’s journey is a testament to the power of embracing change and adapting to evolving technologies. Her philosophy of kindness, support, and continuous learning serves as an inspiration for aspiring individuals in the banking and finance industry.