Digital disruption disrupting brokers
Digital disruption could be a threat to broker networks, according to APRA chairman Wayne Byres.
The chairman spoke at the Australian Prudential Regulation Authority’s (APRA) Curious Thinkers Conference in Sydney on 24 September.
He discussed the impact on emerging fintechs, saying it was “too soon to tell whether the financial world faces evolution or revolution”.
Outlining several scenarios which could play out, Byres said either way the production and delivery of financial services would change.
In his speech, he said technological advancements in finance will change in the future as new technologies have already allowed smaller businesses to enter the space.
Here he said, “The advent of digital distribution and servicing removes the need for branch and broker networks.”
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