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
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...