The competitive threat posed to Commonwealth Bank by the likes of Apple and Google is as great as that of its big three rivals, chief executive Ian Narev says.
He said increasing internet speeds and the rapid development of smartphone applications had led to a fragmentation of the financial services industry. This had opened the door for new players to enter the market, such as in the payments industry.
"We consider we have got very, very good competitors in the major banks, we have got very good competitors in the next-tier banks," Mr Narev told the G100 Congress in Sydney on Tuesday.
"We worry every day about all those competitors, but we worry equally about the niche players, many of them well resourced, many of them international. The Apples, the Googles, the Samsungs, the PayPals, the credit card companies, who can pick particular slivers as a result of the application of technology into financial services and compete."
Mr Narev welcomed competition but said it was unclear how regulation of the financial services sector was going to adapt to the participation of so-called niche players.