Rob Marchiori, Country Lead, Australia at Cognizant.
Background
As country leader for Cognizant Australia, Rob is responsible for delivering client value, innovation and sustainable results by leading the company’s 1,500-strong client partnerships and consulting teams across Australia.
Rob’s wealth of knowledge comes from over 20 years of experience working in technology, consulting and corporate roles. Before joining Cognizant, Rob held leaderships roles as CIO of Institutional Banking at ANZ and was a founding partner operating as CTO for a successful large-scale eCommerce company. Throughout his career, Rob has continuously built, motivated and led high-performing teams of all sizes in over more than 30 countries. More recently, Rob spearheaded and delivered the complex, large-scale organisational and cultural transformation of ANZ Bank, including the introduction of new ways of working, engineering acceleration and boosting employee engagement.
Rob prides himself on purpose-driven leadership, delivering strong commercial results, deep technical & process knowledge and is known for coupling innovative strategic thinking with large-scale delivery success. Currently residing in Melbourne, Australia, Rob grew up in Chicago and has lived and worked across the USA, Amsterdam, Singapore and Frankfurt.
To provide insights into how the skills shortage is holding back banking sustainability efforts, Tim Langdon, publisher of Eco Voice, had the pleasure of facilitating a Q & A with Rob Marchiori, Country Lead, Australia at Cognizant.
Q1. What does sustainability look like in terms of the banking industry?
Sustainability has shifted to become a fundamental aspect of the banking industry’s identity. In today’s landscape, sustainability isn’t just an option for banks – it’s a necessity. There are two very compelling sides to this sustainability coin. The first is the need to invest in and practice sustainably, and the second being the financial returns this can yield.
Within the banking sector, sustainability presents itself in a number of ways. Institutions are actively funding sustainable projects, deploying ESG (Environmental, Social, and Governance) specialists to guide corporate initiatives, assuming leadership roles in sustainable practices, educating clients on sustainable financial strategies, and transitioning away from reliance on non-renewable energy sources.
Consequently, these very banking institutions are undergoing a behavioural shift, reorienting their priorities to position sustainability at the core of their operations. This shift isn’t merely about meeting regulatory requirements or adhering to societal expectations; it’s a strategic move towards future-proofing the industry and ensuring long-term viability. By embracing sustainability, banks not only fulfill their ethical responsibilities but also tap into new revenue streams, enhance their brand reputation, and fortify their resilience against emerging risks.
In essence, sustainability in the banking industry is no longer an add-on or a superficial gesture – it’s reshaping how banks operate and succeed in an ever-changing economy.
Q2. Why is sustainability important to the banking industry?
Sustainability has become a cornerstone for the banking industry, playing a growing role in its long-term viability, risk management, and societal impact. By integrating ESG factors into operations, banks are better placed to identify and mitigate risks across climate change, green energy, and social inequalities. Being well equipped to finance sustainable initiatives, such as renewable energy projects or green infrastructure development, banks can play a leading role in creating a more resilient and environmentally conscious economy.
Banks, boards and shareholders understand and are seeing the benefit of sustainable practices across their organisations. This is not only due to the societal obligations that are placed on these institutions to be good corporate citizens but also the positive financial impact it has on the bottom line.
As the world grapples with the urgent need to combat climate change and resource depletion, a new breed of business management is emerging, placing sustainability at the centre of business practice. For financial institutions, they now have a key role to play in building a low-carbon economy and a more sustainable future – not just in APAC but across the world.
Q3. What are the main issues holding back the banking industry’s sustainability efforts?
One of the primary challenges hindering the banking industry’s sustainability efforts revolves around the need for specialised talent required to drive sustainability initiatives forward. According to a our latest survey with Oxford Economics, 38% of industry leaders identify the lack and cost of specialised talent as the top obstacle impeding sustainability efforts within their organisations. The study also highlights that 40% of leaders are anticipating a significant surge in demand for sustainability consultants by 2025, with 67% acknowledging the positive impact of sustainability initiatives on their financial performance by the same year.
This talent shortage poses a significant threat to the progress of sustainability initiatives within the industry. Transitioning towards a more sustainable model demands an increase in talent and skills, which can be partly addressed through reskilling existing workforce members. Consequently, it is imperative for leadership teams to proactively implement any necessary changes to attract, retain, and upskill top talent, ensuring the continuity and success of sustainability efforts in the banking sector.
Q4. What are some of the changes banks can make to improve their sustainability endeavours?
As sustainability becomes increasingly central to business operations, leaders in the banking industry must prioritise investments in green skilling and technology solutions aimed at enhancing ESG data management. Embracing ESG-aligned transformation is a strategic move to foster innovation and future-proof businesses.
To improve their sustainability endeavours, banks can make the most of technologies such as AI. By harnessing tools like AI powered social listening, banks can effectively monitor, analyse, and engage with content generated from various social media channels, blogs, and online sources, enabling them to gain valuable insights into where their sustainability efforts should be directed. This helps to uncover emerging sustainability trends and market needs among their customer base by exploring relationships between a broader set of variables than previously utilised to assess customer needs.
By embracing AI-driven solutions for sustainability initiatives banks are empowered to not only enhance their ESG data management capabilities but also to stay attuned to evolving market demands and customer preferences. By doing this, banks will firmly position themselves as leaders through driving positive environmental and social impact within the banking industry and beyond.
Q5. How can banks address their sustainability skills shortage?
Addressing the sustainability skills shortage in banking requires a wide lens approach that involves both organisational policies and leveraging new and existing technologies.
Developing incentives and reward systems can play a crucial role in attracting and retaining talent with the necessary sustainability knowledge and experience. However, our latest research indicates that only 19% of banking leaders currently implement such measures, even when sustainability targets are achieved. This highlights a significant opportunity for banking institutions to revise their policies and create incentives that encourage employees to actively contribute to sustainability goals, enhancing their ability to put together top-tier teams dedicated to sustainability efforts.
Additionally, AI presents a promising avenue to combat the sustainability skills shortage. By harnessing AI technologies, banking institutions can significantly improve the contextualisation of customer and company data, leading to more actionable insights. This facilitates quicker decision-making processes for those overseeing sustainable initiatives, as they gain clear visibility into the areas that require attention and action within the organisation. These AI-driven solutions can assist in identifying gaps in skills and knowledge related to sustainability, enabling banks to implement targeted training and development programs to upskill existing employees and bridge the talent gap effectively.
Q6. How can publications, such as Eco Voice, play their part in promoting sustainability in the banking industry?
It’s up to everyone with a voice to educate and guide sustainability within society. With banks often holding the keys to funding green projects, the media can play a key role in providing them with the best resources and information for leaders to make the right decisions for a more sustainable future.
Publications such as Eco Voice can help guide decision makers by interviewing and reporting on sustainability throughout the banking industry, simultaneously highlighting good work and shining a spotlight on institutions when appropriate.
ABOUT ECO VOICE
First published in 2003, Eco Voice is your go-to publication for sustainability news in Australia. Eco Voice prides itself as an independent news platform with a clear focus on sustainability, with articles coming from a diverse range of contributors – all levels of government, corporations, not-for-profits, community groups, small to medium sized businesses, universities, research organisations, together with input from international sources. Eco Voice values community, conservation and commerce. Eco Voice is a media partner of the prestigious Australian Banksia Sustainability Awards – The Peak Sustainability Awards.
ABOUT COGNIZANT
Cognizant engineers modern businesses. We help our clients modernise technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life.
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