REGIONAL SPOTLIGHT: AUSTRALIA
Ahead of the eight
Michael Phillipou brings a unique combination of skills to his new role as CEO of Sandstone Technology – including that of an Australian Football League pundit. We got in a huddle with the new boss to talk tactics as he maps out his plans to expand on the back of open banking “There’s so much work for banks to do over the next decade when it comes to having a compelling digital value proposition because digital is the battleground now for financial institutions,” says Michael Phillipou, the newly-instated CEO of Australian fintech, Sandstone Technology.
And that’s not just a technology vendor talking. He’s come to that conclusion from the perspective of a banker who ‘fell in love’ with the first-wave challengers that emerged after the financial crash, and also as founder of a lendtech himself. Technological advances, regulatory pressure points and evolving consumer habits mean that to win, competitors on
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the financial services pitch must change their game plan, teammates and targets, while playing to their strengths and addressing any weaknesses – and Phillipou knows a thing or two about adapting to the field of play. As an Australian Football League boundary rider for Oz broadcaster ABC, he turned up to deliver commentary on games from the sidelines while simultaneously building his career in financial services. Having watched premiership cup strategies over five seasons, he’s hoping to increase the digital goal score at Sandstone, where he was appointed CEO last December after occupying the role of chief customer officer for 15 months.
Sandstone has been at the forefront of fintech since before the term was even coined. The mid-90s startup is now a global technology business, providing a wide range of micro services, mainly for top and mid-tier financial organisations that are upgrading or transitioning systems such as digital acquisition, loan origination, settlement management, internet banking, mobile banking and online financial management. It doesn't provide core banking services, but works with partners that do. Phillipou’s appointment as CEO coincided with the firm’s 25th anniversary and comes during a sea change for financial services on its home turf. www.fintechf.com
