Bank cartel sharpens its claws
Bank cartel sharpens its claws. The finance sector is awash with talk of 'disruption', whereby small, nimble players take on inefficient, rent-seeking incumbents through the clever use of technology. Uber is taking on the taxi industry, a rent seeking incumbent like no other; Airbnb is trying to do to accommodation what Amazon has done to books; and of course Seek, carsales.com and realestate.com.au disrupted classifieds long before disruption was a 'thing'. There's huge scope for cataclysmic change in banking, which relies on decades-old technology, archaic work practices and incessant political lobbying for its record breaking profitability. The banking cartel is well aware of the threat, and playing a clever hand in resisting it. Three recent examples reveal how. (VIEW LINK)
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