The potential for new technology to disrupt Australia's banking market is expected to be a key theme of the Murray Inquiry interim report
The potential for new technology to disrupt Australia's banking market is expected to be a key theme of the Murray Inquiry interim report. There is an excellent article in the AFR today highlighting disruptive forces facing Australia's financial institutions. At the heart of it is the $29 billion in profits the banks generate each year - a sizeable target for small companies. The payments and peer to peer lending space is an obvious entry point for fast moving and innovative start-ups. However, it is likely to be moves from omnipresent social giants such as Facebook, Apple, Google and Amazon. According to a report in the Financial Times, Facebook has applied to Irish authorities for a licence that would allow it to provide remittance and electronic money services to its members across Europe. The interim Murray report comes out on July 15 and will be watched closely. Article here: (VIEW LINK)
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