Once enemies, now frenemies: Banks and fintechs are teaming up to solve problems
Westpac and ANZ are taking a novel approach to solving internal problems they can't fix themselves.
Banks have a problem with cheques. Almost no one uses them but those who do, rely on them. And despite a government mandate to phase them out by 2030, it’s the banks that will face any immediate backlash from users.
It’s a conundrum. So ANZ, for one, has adopted a novel approach: it will ask fintechs to come up with innovative ways to solve the problem.
“We are interested to see impactful technology-based solutions, software or hardware, that accelerate the transition off cheques to more efficient and cost-effective digital payment methods for individuals, businesses and government; ensure our vulnerable/at risk/unbanked population are no worse off or left behind; and address all (or most) of the various cheque payment scenarios, incorporating the use of modern technologies for sustained effectiveness into the future,” the bank said in a “problem statement”.
The statement is one of six ANZ and Westpac have put forward in an unusual, joint “reverse pitch” event coordinated by FinTech Australia in tandem with the NSW government.
