06 Sep TAS Banking Report Key Insights
The purpose of this independent TAS Banking Industry Report 2018 is to dive deep into the current state-of-play of the banking sector, especially against the backdrop of the current Royal Commission. The report also explores the impact of disruptive technologies and innovation such as AI and Robotics, as well as the emergence of FinTechs.
The aim of the report is to canvass the challenges and opportunities facing the cross-section of operators in the sector and deliver these insights back to the market in an independent and comprehensive way. Key headline findings include:
- The outlook is murky for bankers. Leaders are unanimous in their concerns for the sector amid multiple challenges from market forces and competition, technology, the changing customer, as well as the Royal Commission.
- Bankers feeling the heat of heightened competition. Competition is heightened in the current environment and is coming from all angles with international players setting their eyes on Australia. The rise of FinTechs and digital banks is also an emerging threat as Australia promotes itself as a global FinTech hub.
- Australian banks lag in disruptive tech. Leaders understand that they need to prioritise disruptive tech and innovation in their business strategies but fail to adequately invest in the latest technologies like AI and Robotics.
- Partnerships with FinTechs represent an untapped opportunity. Strategic partnerships and alliances are not yet being fully utilised and leveraged by banks and financial institutions to ensure they remain relevant and customer centric.
- The sector sends a strong message to the government – leave us alone. Banks have called for the government to leave them alone, to recognise that the sector has a variety of different players and therefore need to be treated fairly and on an equal playing field.
These insights are drawn from the TAS Banking Industry Report 2018. Read the full report here.