Banks in Australia face fragmentation, disruption and now royal commission scrutiny. Richard Gluyas of The Australian discusses these challenges and what the future of the industry looks like in an article published in Deal Magazine. Xinja CEO Eric Wilson talks about the big banks attempts to innovate: “The future of banking is not a bank delivered via a mobile phone, or a modernised Big Four bank, and it most certainly is not a pretty app flogging an existing legacy bank’s products under a different brand. Every banking model that currently exists in Australia will be extinct or on the critically endangered list within 10 years, and possibly as soon as five.”
Eric is also quoted talking about the effects of blockchain and artificial intelligence on the industry and how technology can help bring the personal touch back to banking.
Click here to read. (Please note, The Australian uses a paywall, so subscription is required).