UBank CEO Lee Hatton is out to shake up online banking, but she stays firm to who she is and her personal values
“As Australia’s first digital-only bank, our mandate is to change the future of banking,” says UBank chief executive officer Lee Hatton.
This is no small goal from Hatton, who was appointed at the helm of the NAB-backed organisation earlier in 2015.
“Over 75% of Australians now own a smartphone. People would rather leave their wallet behind than their smartphone, so it’s important to leverage technology, understand the future behaviour of customers and work out how banking plays a role in their life.”
Her conversation focuses on innovation and how banking can be revolutionised, and her intent is to steer her 200 staff and 400,000 customers into a tech-focused future.
“As a team we talk about liberating banking and making it run at the speed of thought,” she enthuses.
Hatton’s rise to leadership began in Westpac’s graduate program.
“My mentor at Westpac had joined Bank of New Zealand (BNZ) and encouraged me to try something new. I went from corporate banking to being a marketing manager at BNZ, and took on different roles in strategy and mergers & acquisitions.
“When working for the CEO, he challenged me, ‘You’re good in your leadership, but can you capture hearts and minds?’ As a result I was thrown out into retail banking to lead 700 people and 80 branches. It was a big change.”
Hatton later travelled to the United States to work as Executive Vice President Sales, Chief Operating Officer, at Great Western Bank based in South Dakota.
It was a big risk, but careers should be about direction, not destination, says Hatton.
“I often joke that the hardest part of my job has been moving countries and having to find a new hairdresser each time. But having to move countries and rebuild your community and circle of friends is the big challenge – it’s also very enriching.”
The encouragement she received to push her skills in her early years have informed how she now leads people at UBank.
“Leadership has a massive role to play in how I value an employer. Fundamentally people need to be believed in. I genuinely believe people follow leaders, but they also leave because of leaders, so you need to be inspiring and encouraging.”
Hatton attributes her career success to hard work, risk taking and being a curious person by nature.
“Delivering on your primary role is just the baseline. Smash it out of the park. Then you have to lift the bar and be curious and learn, explore and innovate to differentiate yourself and predict what could be next.”
This innovative and adaptive thinking is at the core of being a leader for an online-only company.
“The whole premise is around speed and efficiency. We have eight products in total for tablet, desktop and apps to simplify banking processes. Because it’s digital we can move quickly in terms of launching and promoting products to customers. We know we’re only one part of the customer’s life and we want to be a great part of it rather than a hindrance.”
Connectivity has also helped Hatton cope with the guilt of not always being at home.
“It’s important to maximise the tools that modern technology provides us with. I have three little boys Charlie, Joe and Zach and when I am away from home I can FaceTime them. My husband sends me pictures which allows me to stay connected with everyone.”
Health and wellbeing is an important focus for Hatton, who enjoys taking time out to run to catch up with friends.
“I believe in being your whole self. I bring just as much of myself to work every day as I do when I come home at night – I’m not someone different.
“Just have love and kindness and friendship in your life. Be purposeful and know your values, who you are and what you stand for. It’s hard to work that out, so take the time to do it.”
Written by: Thea Christie