You can sense that the banks in Australia are beginning to really take Fintech seriously.
I was lucky enough to attend the last Fintech Meet-Up held at Macquarie Bank, hosted by UKTI and global Fintech doer, Kim Heras. Not only was the evening a great opportunity to hear success stories from local and international Fintech entrepreneurs and VCs, it was really interesting to get some perspectives from local banking reps who were hungry to improve their understanding of this emerging space.
This hunger, and perhaps a little wariness, is extending all the way to the Boardroom.
NAB Director, Geraldine McBride, in a recent interview with James Eyers of the Financial Review, described the banks as being at a critical inflexion point when it comes to digital disruption, and said it is firmly planted in the minds of senior leadership.
“Digital disruption is the biggest fear of company boards,” McBride said. “Yet banks have the opportunity to become major digital hubs by participating more broadly in their customers’ lives.”
The opportunity McBride points to here has been well imagined in a recent Accenture report dubbed “The Everyday Bank”. In this report, it is predicted that banks will be able to turn this disruption to their advantage by leveraging their key assets including trust, knowledge and vast pools of customer transactional data to become the centre of their customers’ daily digital interaction.
This really does present an interesting proposition for banks and one that in some ways flies in the face of common opinion that local banks are resistive of change and dismissive of innovative Fintech solutions.
There is a genuine opportunity for exciting innovation in financial services and banks are welcoming, or at least open to discovering more about the idea of collaborative relationships with agile solutions in order to achieve their future goals. Fintechs will be incredibly important to banks in providing a new way of thinking.
Collaboration in Fintech
If you are looking for more ways to get the latest Fintech and digital disruptive information, meet the people at the centre of the movement, and access genuine new ideas that can transform your operations, then the Collaboration in Fintech Conference coming up in June is definitely one that you should be checking out.
Bringing together all the movers and shakers in Fintech in this country, it is the first event of its kind in this market. Get in front of the disruption and make the most of this exciting opportunity.