Digital technology has disrupted the media and advertising industry as we know it. It is now reinventing commerce, banking, health and manufacturing. There is no more old industry and new industry. Everything is new and everything is being reinvented. How does good governance keep pace in an ever changing world?
If Australia had a centralised register that contained all information to satisfy Know Your Customer (KYC) requirements, merchants would find it easier to swap between financial providers, which would in turn increase competition within the market. Its a win-win for merchants and financial providers alike.
It goes without saying, if Australian doesn’t quickly develop its own ‘ecosystem’ of entrepreneurial success stories, then our home-grown companies that are frozen by an analogue mindset will be left behind, with their customers switching to competitors from overseas that use technology to provide a better user experience and a better quality of product.
Apple is using the world leading Australian EFTPOS terminal infrastructure with its NFC readers to support its Apple Pay solution, but bars Australian providers from accessing the NFC antenna of its smartphone fleet. That does not only eliminate third parties in the card payment space alone, but also those providing services with regards to transport, passports, driver licences, loyalty solutions and many other innovations not yet imagined.
Delivering new financial services through technology (FinTech) has created huge excitement and attracted huge investment, because it provides consumers and businesses with a better user experience on more attractive terms. At the same time, users rightly expect to be safe and this is where RegTech becomes a critical factor of the revolution in banking and financial services.
For reform to be successful in the banking sector with regard to SME lending, the big banks need to be receptive to making changes to their policies so that SMEs are not at a disadvantage when securing a loan. There needs to be transparency between financial providers and potential borrowers and that’s a no-brainer
Despite all the hype, starting a bank is hard in the UK, mission impossible in Australia. While the British licensing process is supposed to take six months it actually takes roughly two and a half years. New digital banks that go for disruption need to spend the time and investment to develop their own deep technology stack.
Senator Arthur Sinodinos today joined Ben Heap, founding partner of H2 Ventures and Milton Samios, CEO of Investec Australia, to launch the Tech Pioneers 50 report highlighting the local innovators changing the business landscape.
In our world, Tyro is the Hero who challenges the establishment, innovative, principled, daring to right the ‘wrongs’. We have taken on the herculean task of building the nextgen bank that will bring fair and transparent banking to small-to-medium and growth businesses, the ones who are the engines of innovation and growth, the ones who create the jobs, products and services for our prosperity in the digital century.