'I hope we're disrupted': ANZ boss welcomes fintech fight

ANZ boss Shayne Elliott says he welcomes disruption from fintech players and ANZ will continue to seek to partner with them as it hopes to win a larger share of Australia’s banking customers.

“I hope we are disrupted by smaller players — if we’re not disrupted, we won’t change, and if we don’t change, we’ll die. We welcome that disruption, if you will,” Mr Elliot told the audience at the Intersekt fintech conference in Melbourne on Wednesday evening.

Mr Elliott said ANZ wanted to be a disruptor in its own right, and increase its market share beyond 15 per cent of Australia’s banking population.One way of doing this was to engage with smaller financial technology players to more readily provide the services customers wanted, he said.

The challenge was to prevent traditional banking bureaucracy from getting in the way, he said.”It’s very easy for us to go and throw money at people — how do we bring in smart, new ideas and new technology?”

ANZ’s ventures unit has recently taken stakes in a number of local fintech companies, including “virtual credit card” business DiviPay.

Mr Elliott said ANZ had a number of strengths to bring to the table in these relationships, including a high level of trust from customers around their finances and their information.

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