2020 CEO Survey: Renato Mota, IOOF

Structural tax reform remains a priority to support productivity, says IOOF chief Renato Mota.

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

We underestimate people’s ability to adapt – the adoption of technology in all aspects of society, as well as remote working, demonstrates our ability to innovate and solve problems when faced with challenges. The opportunity is to adopt this innovative mindset beyond the pandemic.

Distance is no longer measured by physical means – technology has facilitated greater connectivity around the globe, however in the face of increasing mental illness and isolation, creating communities of support has never been more important. How do we ensure we minimise social isolation – which can sometimes happen to those nearest to us?

We all have a contribution to make to our society’s wellbeing – for IOOF, it was important that we challenged ourselves to meet the needs of our communities through supporting pro-bono financial wellbeing. It was pleasing to see organisations from a large range of industries step up and help support the community.

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

Much of the future economic growth and stability will depend on the successful creation of a COVID-19 vaccine. Longer term fiscal challenges remain, and these are likely to feature in policy making for some time to come.

What three reforms are needed to sustainably grow the economy?

Supporting an innovation economy and incubating world class talent. Globally, we are at an industrial inflection point with the reinvention of a large number of industries and economies. It will be important that Australia supports research and development to underwrite future economic growth.

As the nature of employment changes, so does the tax base of the economy. Structural tax reform remains a priority to support productivity.

Australia’s prosperity has been supported by a growing economy and population base, and ensuring this continues is essential.

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

Three best growth opportunities include:

Supporting the value of advice – the evidence is clear that people who engage in financial advice live happier, healthier lives. IOOF’s opportunity is improving the affordability, and therefore access, of advice to many more Australians.

Efficiency through simplification – through the integration of recent acquisitions, and as a result of our increased scale, we are able to strip our complexity and simplify our business. This will have a double benefit for our clients: improved client experience at lower cost.

Building a trusted reputation supporting Australians. Our role in the community relies entirely on earning our clients’ trust. Continuing to challenge ourselves to find better ways to make a meaningful impact on our clients’ lives is ultimately the key driver of IOOF’s success.

What impact will digital transformation have on your company?

Digital transformation will impact every business and every economy. It is crucial that this opportunity is used to reinvent processes and ways of working and not to simply automate past processes. It has required IOOF to change how we think and how we deliver what matters to clients.

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

In the face of extreme uncertainty, anxiety and ambiguity, the various state and federal governments have excelled in protecting the wellbeing of their constituents, particularly when compared to other geographies. There are clearly lessons to be learned, which we shouldn’t lose sight of. However, we should be positive and collaborative in assessing and responding to improvements which can be made for the future.