Banking it is claimed is facing a period of disruption and uncertainty. Technological advances, it is argued will transform the industry and sweep away old institutions.
Alas, I am here to deliver the ‘damp squib’. Tonight it is my sad duty to say that the banking revolution is not around the corner. While there will be technological change that will improve services and benefit customers, this will be evolutionary not revolutionary.
In this talk I want to consider two of the potential drivers of technological disruption – Open Banking and the New Payments Platform.
This speech was delivered in July 2018 at the 23rd Melbourne Money and Finance Conference, which explored the theme Business finance – current issues and developments