Bank cartel sharpens its claws

The finance sector is awash with talk of ‘disruption’, whereby small, nimble players take on inefficient, rent-seeking incumbents through the clever use of technology. Uber is taking on the taxi industry, a rent seeking incumbent like no other; Airbnb is trying to do to accommodation what Amazon has done to books; and of course Seek, carsales.com and realestate.com.au disrupted classifieds long before disruption was a ‘thing’. There’s huge scope for cataclysmic change in banking, which relies on decades-old technology, archaic work practices and incessant political lobbying for its record breaking profitability. The banking cartel is well aware of the threat,...

The finance sector is awash with talk of ‘disruption’, whereby small, nimble players take on inefficient, rent-seeking incumbents through the clever use of technology.

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