Private Inspiration: Q&A with Gea Hong Tho of EFG Bank AG
Our Private Inspiration series recognizes and celebrates the triumphs of women in the world of private banking.
In this edition, we speak to Gea Hong Tho, EFG Bank AG’s Chief Executive Officer for Singapore and SEA Region.
“Always focus on your own values. If you are sincere and honest, other people will see your authentic self and look up to you. By focusing on doing the right thing the right way, you will earn the respect and trust of those around you.”
Career
Current role
As CEO for EFG Singapore, I am primarily responsible for the strategic and operational performance of the branch and ensuring that we have an effective governance structure in place. A big part of that is hiring the right people and creating the right corporate culture to make the workplace a cohesive, effective and happy environment.
We focus very much on teamwork and our entrepreneurial spirit and rich understanding of our clients’ needs drive our solution-driven mentality. Our clients are proud of their association with EFG because of our values and hence majority of our client acquisition happens through recommendations from our existing clients and contacts.
Career highlights
One of the biggest highlights was my decision to leave my comfort zone in the world of consumer banking. It was a pivotal decision which led me to where I am today and has allowed me to be in a position where I can actively steer and grow the bank locally and contribute to the overall success of the bank.
Career lowlight
I view problems as moments of opportunity and hence would not consider them as lowlights of my career. When a problem arises; there’s no point in complaining or whining when you have the ability to find a solution. Throughout your career, there will always be challenges, but it is important to approach them as opportunities to get going and to grow.
Personal
Out of office
As a female professional and a full-time working mother, it’s difficult to find time for hobbies between the demands of work and the priority I put on spending time with my four children. When I can find time, I enjoy watching mini-series dramas and videos that make me laugh and help me relax.
Lockdown wind-down strategy
One thing that I enjoyed was the ability to wind down during dinner time with the whole family. Prior to the pandemic, everyone’s schedules made it difficult to sit down and enjoy a meal together. It’s been a rare and wonderful reminder for us to put things aside and just focus on spending quality time connecting with the family. We have also been drawn together recently by a very good Korean drama Voice!
One personal objective this year
Definitely to exercise more! It should be easy, but I’m just not as disciplined as I’d like to be. It’s something that I encourage my kids to do, but I sometimes struggle to do myself.
Outlook
Response to the COVID-19 crisis
The focus of my role is constantly changing especially as we continue to respond to the government guidelines and requirements throughout the pandemic. At the start, we quickly assembled the crisis management team and had daily morning calls to discuss the issues we faced, actions needed to be taken and identified the support required. Through the collaborative effort of everyone in the bank, we were able to maximize operational efficiency by increasing our IT infrastructure and capacity, implemented new safety measures, and facilitated and supported more of our employees to work from home.
Another crucial part of my role was to encourage interaction and collaboration with the employees. This meant lots of video calls with small teams, where we focused more on connectivity, laughter and team spirit. To motivate our employees through these challenging times, we surprised them with fun snacks and gift baskets to boost morale and extend our care to them and their families. It was heartwarming to see how our employees support one another during this crisis and how everyone stepped up to embrace and embody our corporate values.
Trends this year
This year is really about refocusing on what we wanted to achieve last year but didn’t have the opportunity to do so. Personally, that means improving efficiency and further enhancing the client experience. There is also increasing interest in wealth planning and digital solutions that allow banks to communicate better with clients online.
Greatest opportunities this year
There are many investment opportunities relating to what we call the “food revolution”. With increased awareness of the causes of climate change, many businesses will have to change the way they operate. In particular, the “food business” has to learn how to use less land surface for agriculture, use sustainable fertilizers, more efficient livestock management, alternative proteins, food packaging and efficient delivery to the end consumer. We are excited to bring to our clients, themes and ideas that are ahead of the wave of climate change that governments, corporates and consumers will be investing, in the coming years.
The role of technology
Technology is key, and we are seeing that the process of implementing new technology has accelerated. There are so many initiatives being embarked on related to digital onboarding, digital communication and digital solutions. All of these will improve client experience and speed up operational processes. We are specifically looking at digitalizing manual processes in certain functions using robotic intelligence.
Inspiration
How banking can drive inclusivity
The media plays a big part of this change. There is more celebration of diversity, and increased awareness making people more knowledgeable and comfortable to discuss leadership diversity. We have also seen more and more women sharing their journeys and success.
How individuals, companies, and society can drive change
It’s crucial to set up your own platforms for networking and sharing, where senior women can share their career journey. It’s especially important that these women share not just their successes, but also the real challenges they faced and what it took to overcome them. We need to encourage people to share the good and the bad.
This could mean formal mentorships or support groups where people talk and listen to one another. Encouraging these conversations helps to raise awareness that they are not alone and that others have faced similar challenges. It is also valuable to bring in external professionals to share their expertise and coach employees.
Advice for your younger self
People tend to fear stepping out of their comfort zone; maybe they think the risk is too great, or they think they are not ready yet. But when you are ready, the opportunity may not be there anymore — so if there is an opportunity, be brave to step up and trust yourself to meet the challenge.
Always focus on your own values. If you are sincere and honest, other people will see your authentic self and look up to you. By focusing on doing the right thing the right way, you will earn the respect and trust of those around you.
Be open in listening to others. Don’t think that you’re always right. Be humble and understand that other people might have better ideas or views.
The information and opinions expressed herein reflect the opinion and views of the interviewee at the time of writing; they are not necessarily representative of the views of EFG Bank AG.
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