Australia's finance and lending sectors are undergoing a quiet, but important shift, as more women step into leadership roles and reshape what effective leadership looks like. No longer confined by traditional norms, these leaders are bringing new perspectives, stronger emphasis on collaboration and a broader vision for the industry’s future.
In the fifth installment of Australian Broker’s ongoing series spotlighting women in finance, we speak with Mortgage and Finance Association of Australia's (MFAA) Chief Executive Officer Anja Pannek for her thoughts on leadership and her journey to the top.
Pannek took the helm at the MFAA in September 2022. But with a career that also includes senior-level stints at National Australia Bank (NAB), investment manager Challenger Limited, LMG and more, she offers a wealth of experience and vision on what leadership demands today, and where it is headed next.
AP: I think it's important to start by recognising that many women in our industry are already leaders. Many broking businesses are led by female CEOs and business owners. Running a broking business requires incredible leadership. This includes leading a team, building trusted client relationships and often growing a business from the ground up.
The number of female CEOs across lending, aggregation and fintech is varied, and of course we can always do more. However, if we look more broadly across the industry, there are significant leadership roles held by women. This includes state leadership positions, roles in regulation and compliance, and other key functions. That certainly was not the case when I first came into the industry.
AP: The lack of women leaders in some parts of the industry is influenced by a range of factors. This includes unconscious bias and stereotyping, as well as the need for continued focus on support pathways, such as networking, leadership development and mentoring programs.
AP: The key focus for all of us needs to be the actions we take to encourage women to consider leadership. Growing the talent pipeline is critical. As more women enter the industry, build successful businesses and develop deep expertise, we will see more women step into broader leadership roles across the sector.
Mentoring networks and professional development also make a real difference because they help people build confidence and capability over time. Careers in financial services and broking should also be promoted to girls at school level so they understand it is a fantastic career choice. Developing and nurturing more women to take on senior leadership roles will require a united industry effort.
As more women take charge of their careers, that will hopefully inspire others to not only join the sector, but also go on to reach their full potential as general managers, CEOs and COOs. Female role models are vital. You can’t be what you can’t see. Visibility plays a really important role. When people can see others who have taken different paths in the industry, it helps them imagine what might be possible for themselves.
AP: I've been fortunate throughout my career to work with people who encouraged me to step into new opportunities and take on bigger challenges, often before I believed I could. At the same time, leadership does require a willingness to step forward, even when you may not feel completely ready. There are moments when you must back yourself and trust that you will learn as you go.
I've also come to believe that good leadership requires a degree of vulnerability. Being open to learning, listening to different perspectives and acknowledging when you don’t have all the answers can make you a stronger leader. For me, curiosity has also been incredibly important. Working across lenders, aggregators and now the peak industry body has given me the opportunity to see the mortgage and finance ecosystem from different perspectives. That broader view helps when thinking about the long-term direction of the industry.
AP: Resilience and empathy are essential. Leadership is ultimately about people, understanding what motivates them, supporting them through challenges, and helping them succeed. And in an industry like broking, where trust sits at the centre of the client relationship, those human qualities are critical.
I've also come to appreciate that strength in leadership can take many forms. It can be big or small, bold or quiet. Some of the strongest leaders I know are the ones who lift others up and create opportunities for the people around them.
But leadership itself is [also] evolving. Strength does not have one shape or style. Some leaders are very visible and outspoken, while others lead more quietly through how they support the people around them. Both forms of leadership are valuable. That is both the opportunity and the challenge for all of us, to help lift the next generation of women leaders across the industry.
