EY Flashcards
Why do you want to work at EY?
Great graduate culture and opportunities for progression and upskilling.
Such a big organisation with international branches and many opportunities
Strong focus on development with the EY Tech MBA and EY badges
Strong commitment to social impact, aiming to be carbon neutral by 2025 - want to work for an organisation that considers the environment
Spoke to Ruby Fischer who resonated positive culture and opportunities for progression
What story have you looked into recently concerning technology in finance?
A great story - Where a major apparel retailer found that its finance function accounted for over 3% of it’s costs. Robotic process automation and AI were applied to the function, cutting costs by 15% and instead of letting employees go, they were reskilled to conduct analysis of the data, which cut costs and made the finance function more efficient.
What is your understanding of the Financial Technology area of EY?
- Growing area that is crucial for businesses and a very exciting space to be in
- Focused on driving profitable growth, rethinking organisational structure and helping financial entities realise the importance of a forward thinking IT structure. In particular helping finance become adaptable, insightful and cost effective through utilising technology
Must be extremely adaptable as new technology is developed all the time
- Focused on driving profitable growth, rethinking organisational structure and helping financial entities realise the importance of a forward thinking IT structure. In particular helping finance become adaptable, insightful and cost effective through utilising technology
relevant market trends!
- Low interest rates increasing the borrowing capacity of consumers
- Increased competition through the entrance of Neobanks, now more important than ever for banks to put consumers at the heart of their business
- Fintech leaders coming in with new products - Crowdfunding etc
- Increased competition through building societies and credit unions due to reduced conversion requirements from APRA
Private capital expenditure has decreased, harder to generate more customers
What is something that will impact the banking industry?
- Increased compliance in light of the Hayne Ryal Commission, updates to the BASEL III reforms in 2022 /23
- Potential increase in bad debts and loan defaults
Increased mortgage and loan deferrals, important for banks to be empathetic to maintain customer base
- Potential increase in bad debts and loan defaults
