Fintech forcing major shifts in banking strategies
The banking sector is undergoing many changes currently, as technology is becoming increasingly important to keep up with fintech competition. It has become apparent that the space is evolving in a way that will see new technologies have an outsized impact in the next few years, according to a report from Temenos and The Economist Intelligence Unit. Additionally, the report examined the impact of open banking and how banks are shifting their business models, among other things. Here are some of the key takeaways from the report: Tech and digitization will have a bigger impact than regulation. Forty-eight percent of banking executives think new technologies, such as blockchain and AI, will have the […]
Australian consumers should expect benefits as seen overseas in light of APRA’s proposal to ease barriers to enter banking sector
Temenos, the software specialist for banking and finance, welcomes Australian Prudential Regulation Authority’s (APRA) proposed revisions to the licensing framework for authorised deposit-taking institutions (ADIs) to make it easier for applicants to navigate the ADI licensing process. According to Ross Mallace, Head of Cloud Services at Temenos Australia, “We believe that this move from APRA is a great framework for driving innovation and a competitive marketplace, something we have witnessed and support with our global community of clients. “In Australia, we’re already seeing a groundswell of activity in the startup bank space. In the past, the barriers of time and cost of building the technology to establish a bank meant […]
