Faced with the choice of losing business or collaborating, incumbent Australian banks are now looking to harness what the newcomers are offering. It is an open acknowledgment that fintechs are perhaps better at understanding the needs of their customers than they are.
“We’re the generation that never knew the world without the Internet,” said Brad Lorge, the team’s 23-year-old cyber expert. “We’re trying to reframe how banks work.” Fintech entrepreneurs the world over are engaged in similar projects aimed at making tedious and clunky banking services as effortless and fun to use as Facebook or Twitter. Armed with algorithms and smartphone apps, they’re exploiting the latest technology to change the way customers of financial-services companies pay, save and invest.