The big four banks can't afford any more IT mistakes

The big four banks have found agile adversaries in the likes of Google, Alibaba and PayPal, which could challenge up to 30 per cent of their revenues. Big investments in IT will be needed to stay ahead of the competition.

In the middle of the Commonwealth Bank’s financial planning crisis (A CBA scandal wake-up call to all banks, July 4), Macquarie Bank has sent a research report around the market that should send a shiver to shareholders in all big four banks.

Some 30 per cent of their revenue is set to be the subject of new competition, for which three of the four banks are ill-prepared.



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