RBA board member Marnie Baker signs on as FinTech Australia director

As FinTech Australia gears up to hand out the gongs in the annual Finnies awards this week, the industry association has added top banking exec Marnie Baker to its board as a non-executive director (NED).

Baker is the former CEO of Bendigo and Adelaide Bank, sits on the Reserve Bank of Australia’s monetary policy board and is a director of the Regional Australia Institute and Australian Retirement Trust. She also previously served as deputy chair of the Australian Banking Association.

Her knowledge on that front brings unique insights to the fintech sector, which often sees itself struggling for traction against legacy financial systems.

FinTech Australia Chair Sarah Gorman said Baker has chased impact and positive change in the banking ecosystem her entire career.

“Her joining our board is a huge point of validation for the fintech industry, its impact to date and its broader goals,” she said.

“Her guidance will lend a new level of expertise to our organisation, in turn helping our members as they face complex funding and policy challenges. The appointment is both a significant milestone for FinTech Australia and also the fintech industry.”

Her appointment briefly gives the 10-member FinTech Australia board a 50-50 gender split, although Cathryn Lyall plans to step down in September, transitioning to an advisory role.

Baker said joining FinTech Australia is a chance to contribute to its future and help shape a more inclusive and competitive financial services ecosystem.

“I’ve long admired the energy and innovation coming from Australia’s fintech community,” she said.

Next month FinTech Australia will hold its third annual Consumer Data Right (CDR) summit in Sydney.

Last week the ACCC announced it had handed NAB $751,200 in penalties over sloppy Consumer Data Right responses to fintechs.

The competition watchdog said there were alleged failures by NAB to disclose, or accurately disclose, credit limit data in response to four separate requests made by different CDR accredited providers.