Banks threatened by online competitors

With ANZ, National Australia Bank and Westpac expected to report record profits this week (Commonwealth Bank has a 30 June year end), everything is going swimmingly for Australia’s banking giants. Their share prices are recovering from the recent pullback and recommendations from the Murray enquiry aren’t expected to be as harmful as initially feared. Yet due to advances in technology, the future for traditional banks might not be as rosy as their share prices suggest. In the 1990s, innovators such as John Symonds of Aussie Home Loans and John Kinghorn of RAMS introduced competition to the home loan market, slashing...

With ANZ, National Australia Bank and Westpac expected to report record profits this week (Commonwealth Bank has a 30 June year end), everything is going swimmingly for Australia’s banking giants. Their share prices are recovering from the recent pullback and recommendations from the Murray enquiry aren’t expected to be as harmful as initially feared. Yet due to advances in technology, the future for traditional banks might not be as rosy as their share prices suggest.

In the 1990s, innovators such as John Symonds of Aussie Home Loans and John Kinghorn of RAMS introduced competition to the home loan market, slashing margins on the big banks’ home loan business.

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