ANZ CEO Shayne Elliott says technology will kill the banking oligopoly

Rapid technological disruption will break apart the Australian banking oligopoly and overturn the universal banking model that has underpinned big bank profits for decades, the chief executive of ANZ Banking Group told thousands of global bankers on Monday.

In order to thrive in an uncertain future, banks will need to partner more with start-ups and global tech giants and potentially sell financial products manufactured by outsiders, Shayne Elliott said.

The ANZ boss said dealing with the fallout of the Hayne royal commission simultaneously with unprecedented technological change was “challenging”, although he remained optimistic that ANZ could cope with both.

The four-day Sibos event in Sydney this week is being attended by more than 7000 bankers from around the world. Its program, which contains numerous sessions on artificial intelligence, blockchain and quantum computing, illustrates the extent to which the financial services and technology sectors are blurring.

“Banks will look different in the future,” said Mr Elliott, the only CEO of a major Australian bank appearing on the conference program. “ANZ will take a different path and we will explore and experiment with different business models.”

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Source: ANZ CEO Shayne Elliott says technology will kill the banking oligopoly | afr.com