“If we don’t get our act together and move fast, the major banks will have a problem because they don’t know how to compete, the fintechs will have a problem scaling up and the foreign colonisers will win."
“Businesses in the hospitality sector need to challenge the traditional modes of business operation beyond offering a great culinary experience. They must find new ways to engage with their client base; experiment with different products; and invest more time in their online presence.”
“By collaborating with other innovators in the payments space, we are ensuring that our customers have access to flexible payment offerings that are reliable, innovative and technology-enabled."
The banking sector in Australia has long held a ‘closed door’ approach, not only to SMEs but also to new players wanting to enter the market with new, innovative banking solutions that would compete with the offerings of the big banks.
A successful organisation is one that moves away from complex organisational structures and lengthy administrative processes and constantly rethinks and learns best practice in governance. It is about up-skilling, about finding the best talent in the market and experimenting with forever changing and sophisticated technology.
The UK Government's plan for the Royal Bank of Scotland to fund initiatives that would encourage increased competition and innovation in their banking sector should be applauded and the Australian Government should be keeping a close eye on this.
"Our goal is to build the Tyro Bank that is cloud based, totally integrated and totally mobile and that provides awesome frictionless banking solutions. Tyro spent 12 years to establish itself as a tech player, and payment provider. Now we're changing the game and we're going to a very different level."
“I have an opinion in general: the future is entrepreneurship and the only asset class with significant returns is entrepreneurial investments. It’s a no-brainer; we’ve only seen the start of disruption and it’s going to touch all industries, all sectors, all countries."