Banks and financial technology: will banks become back offices for fintech companies?
A speech by John Price, Commissioner, Australian Securities and Investments Commission, International Bar Association Annual Conference 2017, (Sydney, Australia), 12 October 2017
Fintech is today changing many aspects of financial services. The success of fintech seems a reflection of both a more fundamental shift in the global economy and also a response to declining trust in traditional institutions—including those in the financial sector.
At ASIC, we view fintech positively —it offers enormous possibilities. It has real potential to lead to customer-focused benefits such as increased efficiency, affordability, innovation and competitiveness.
Customers are demanding better alternatives to traditional financial services providers, and fintechs are delivering these via the use of technology. New fintech start-ups are also increasing competition and choice by providing alternatives to existing banking offerings.