Getting To Know: Matt Carnell

Matt Carnell is a Senior Partner at BNZ Partnership Banking. Matt and his team are Corporate Members, Sponsors and you will normally catch a few of the BNZ guys at our club events throughout the year!


Where have you been during the lockdown and what did your ‘bubble’ look like?

My wife, two kids, & I spent lockdown at our family home in Stanmore Bay. Initially it looked like madness and chaos as we adjusted to working from home and trying to home school our kids. I’m certainly even more grateful for our Teachers now! That said after seven weeks at home we found a new routine and really started to appreciate a number of the benefits of working from home.
 

Were you mostly working from home? How did you manage this? Did you develop any new work/life habits that you’d like to continue?

Almost the entire Bank worked from home for the full duration of the lockdown. It has been an incredibly busy period as almost every one of our clients have been impacted by Covid-19 in some way.

I’m very proud of how the NZ Banking sector has supported our clients helping minimise the financial impacts of Covid-19. Initially this was often in the form of converting loans to interest only repayments and/or providing temporary overdrafts to assist meet working capital requirements. More recently we have been having a number of conversations with clients regarding longer term impacts on them and how we can assist in adjusting to their new norm.

I personally expect that the full impact on many businesses cashflows has not yet been seen. Those who sell on credit terms to their clients would have invoiced in March and received payment in April. In May, June, & July is where the impact on cashflow from having not traded during lockdown will fully be felt. Keeping a close eye on short term cash requirements over the coming months will be very important.
 

What did you find the most difficult and what have you learnt from this?

Personally the hardest part was not being able to visit my parents and family. We are very close and rely on each other as a support network. The distance created by lockdown made me truly appreciate the joy that comes from our relationship.
 

What aspects of the lockdown did you enjoy?

Lack of traffic, ability to focus and get through a lot of work, the significantly reduced dry cleaning bill have all been great but it was the additional time spent with my kids that stands out. We made an effort to do more things with them every day including walks on the beach, cooking together, and a lot of fun games. On the Shore we have so many things to be grateful for, living in an outdoor paradise with a fantastic community. Spending all that time with the kids in such a wonderful place was magic.

Another great thing to come out of this is incredibly low interest rates. In my 20 year career this is the first time I’ve seen a home loan rate under 3% and commentary that it could fall even further. There are a number of people well placed to take advantage of this very cheap money. Hopefully they will spur market activity thereby kickstarting the rebuild of our economy. I think we’d all like to see that

 

How did you manage your staff? Safety? Wellbeing? Team morale?

Staying in regular contact has been so important. We increased interaction with the local and wider Bank Teams. The Microsoft Teams app has been fantastic and has allowed us to video chat with ease.

We’ve always had a strong focus on mental wellbeing of our staff and customers having offered free consultations via our Wellness coordinator. We have surveyed the teams who have been overwhelming positive on how we have reacted and adapted in the face of a pandemic.

 

Any other insights?

While the lockdown was forced upon us it’s meant we’ve all had to adapt and review how we operate. I’d say a number of us have been surprised on a number of the benefits and efficiency gains from remote working. It certainly has been great to see the positive impact on the environment (but just a little hard to see the fish move closer to the shoreline without being allowed to cast a line 😉).

My advice to all is to make sure you surround yourself with good quality advisors (Accountants, Lawyers, & Bankers). Make sure you engage them early with open & honest communication. We are here to help after all!

 

Matt Carnell

Senior Partner

BNZ Partnership Banking

 

 

I haven't shaved all
lockdown, but a haircut
this week has been
a great relief!