How BPAY Group brings its strategy to life

- By Collaborative Media & Publishing
The purpose of the BPAY Group is straightforward – Making Life Simpler.

Likewise, its mission is clear and simple – to collaboratively develop solutions that grow a competitive and robust financial services industry while meeting the needs of all customers.
 
But how does the company ensure these aren’t just words on a page and that the purpose and mission are actually fulfilled? In short, how does the BPAY Group make it happen?

To bring the strategy to life, BPAY Group has come up with five key drivers: strategic flexibility, brand and reputation, partnerships and relationships, operational excellence, and culture and capabilities.
 
Chief executive John Banfield explains how each one works.
 
Culture and capabilities – “The culture and capabilities piece is essential for us. Culture for us is a journey. It's never a destination,” says Banfield. “Having an inclusive, innovative and empowering workplace culture is imperative to driving our new strategic ambitions. COVID and working remotely has impacted the way we work and engage with each other so we’ve taken the opportunity to reflect on this, listen to our people and use what they are telling us to our advantage and strengthen our culture.”
 
Having the right capabilities in place at the right time is also key to successfully delivering on our new strategy.  “Who do we hire that's complementary to our culture, that have the capabilities to really enhance the organisation's effectiveness and will to win. It’s also about how we develop, leverage and focus our existing talent on the things that really matter.”
 
Operational excellence – As the name suggests, operational excellence is about our technology, operational process and the fact that it just keeps working. But it's also about making sure that the group is a lot more agile and nimble in what it delivers.
 
For example, the BPAY Group has gone from using its own IT infrastructure to a hybrid model, using private and public cloud offerings that have enabled accelerated product releases, previously 4 per year to more than 50 last year.
 
At the same time, we have ensured the services provided are still “second to none” in terms of service availability and delivery of seamless experiences for our customers, Banfield says.
 
Partnerships and relationships – This includes partnerships or relationships with regulators, owners, our members and the broader industry.
 
“It's about being able to express the strategic value that BPAY Group has, not only for our owners but also for our members. Where we can create strategic value that we think improves the industry, it improves the proposition to the end customer, and ultimately it's about embedding those partnerships where those partners or relationships see tremendous value in BPAY,” Banfield explains.

Seeing value goes beyond BPAY, and includes everything from Osko to Sypht to Digital ID.

As a service provider that is owned by industry players, BPAY Group can be the catalyst for solving industry issues that banks can’t solve on their own, but need to be solved for the industry.
 
Providing and verifying digital identities and managing Know Your Customer requirements are examples of the sorts of processes BPAY Group could carry out for the industry, potentially saving the banks tens or even hundreds of millions of dollars.
 
Brand and reputation – One manifestation of this driver is BPAY’s brand and reputation with end users, that is, bill payers. The BPAY Group measures brand salience and brand awareness to see how top of mind it is.
 
But there is also its brand and reputation among owners and partners. It needs a strong and credible reputation in the marketplace so it is trusted to undertake projects like Osko and run them for the industry.
 
Strategic flexibility – Strategic flexibility means being able to flex between BPAY’s three pillars: enabling the BPAY scheme to thrive; creating business propositions outside of the existing scheme; and incubating new industry services.
“We've been able to flex where the appropriate demands are right now,” says Banfield.
 
Strategic flexibility has become particularly important during the COVID-19 pandemic when the usual way of doing things is upended but the business wants to continue pushing ahead.

Each of these drivers supports the strategy in different ways.
For instance, when BPAY Group strives for operational excellence, it’s also trying to ensure that it continues to fulfil its purpose to Make Life Simpler for users.

“Whatever we do in operational excellence in terms of tweaking the technology, we do it to make life simpler for everyone that uses it, which enables our scheme to thrive,” says Banfield.

“But it's also about making sure that whatever we do tweak, we make sure that everything continues to work.”
 
Summing up the role of the drivers, Banfield says: “Our strategy is the path that we'll take and those drivers are the how we’ll actually win.”

This article represents the views and opinions of the author and do not necessarily reflect the opinions of BPAY. Published by BPAY Pty Ltd.  BPAY payment products are offered by over 150 Financial Institutions. Contact your Financial Institution to see if it offers BPAY payment products and to get the terms and conditions. This is general advice – before using BPAY payment products please review the terms and conditions and consider whether BPAY payment products are appropriate for your personal circumstances.

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