2020 CEO Survey: Ahmed Fahour, Latitude

COVID-19 provides governments the opportunity to accelerate reform and support a new era of growth, says Latitude chief Ahmed Fahour.

What are the three enduring lessons or changes to flow from COVID-19?

“Touchless” trends such as online shopping and videoconferencing accelerated through COVID-19.

The pace of digitisation and technological change also accelerated, with some industries delivering six years of change in just six months.

Remote working is here to stay, even as people gradually return to the office.

How would you rate the shape of the Australian economy as we head into the new year?

Australia’s economy has proven incredibly resilient, with the GDP results for the September quarter confirming what we are seeing at Latitude as household spending and demand for interest free shopping continues to strengthen. While we can expect to see further positive signs for the December quarter and into 2021, the path to recovery for some industries remains bumpy, so targeted support beyond JobKeeper will be required to help smooth the recovery.

What three reforms are needed to sustainably grow the economy?

COVID-19 provides governments with the opportunity to accelerate their reform agendas to support the next era of growth. Opportunities exist in the areas of energy and climate policy and industrial relations, along with changes to credit laws. The federal government should be commended for pursuing sensible changes to Australia’s consumer credit framework which will improve lending efficiency without diminishing lending standards. The NSW government has also embarked on a bold reform agenda that could serve as a model for other states.

What are the three best growth opportunities for your company in 2021?

Performance has picked up strongly as restrictions have eased, aided by the strong demand we are seeing for Latitude’s interest free shopping products. We are working with our retail partners on several interest free shopping opportunities across BNPL and instalments which will be rolled out across 2021. We are also progressing our plan to expand LatitudePay into Asia, so I’ll have more to say on this next year.

What impact will digital transformation have on your company?

Digital transformation presents enormous opportunities for Latitude, from enabling us to speed up our credit decisioning and loan approvals process through to better targeting offers and improving the interest free shopping experience for our customers.

How would you rate business, state and federal government performance this year?

While we are often quick to criticise our political leaders, hopefully Australia’s handling of COVID-19 reminds people that our governments get it right most of the time. The same could be said for business, with most doing a remarkable job at the start of the pandemic, supporting customers while making sweeping operational changes to protect their employees. We should be proud of Australia’s achievements this year.