ASIC commissioner: fintech streamlines bank back offices

Author: John Crabb | Published: 12 Oct 2017
Banks and financial institutions must work together with fintech companies in order to make their back offices more efficient, and streamline the services they offer.

According to speakers at today's session at the International Bar Association's annual conference in Sydney, 'Banks and financial technology: will banks become back offices for fintech companies?’ the more these partnerships grow, the greater the long term benefits will be, especially for the consumer.

"Customers are demanding better alternatives to traditional financial services providers"

John Price, commissioner of the Australian Securities and Investments Commission (ASIC), said that his organisation views fintech very positively, that it offers enormous possibilities and has a real potential to lead to customer-focused benefits, such as increased efficiency, affordability, innovation and competitiveness.

"It is very important. Customers are demanding better alternatives to traditional financial services providers," he said. "Fintechs are delivering...



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