The traditional banking industry in this country is facing low public trust and higher expectations, said Accenture Australia banking lead Alex Trott.
“There’s a significant opportunity for financial technology firms, as recognised by this analysis, to partner with, as well as compete with, traditional financial firms,” he said.
The imminent arrival of open banking laws and the issuing of new banking licences would further open up the market, Trott said.
“There is also an opportunity for financial technology innovations in the wake of the banking Royal Commission, with various local fintech players working to improve remediation and compliance through artificial intelligence and other emerging technologies.”
Read More.. Source Yahoo Finance