Fintech innovation is experiencing exponential growth. Are the big banks catching up? ANZ Bank Chairman Paul O’Sullivan thinks so. “We need to be increasingly mindful that innovation FinTech is occurring at a faster pace and will continue to do so as DeFi, Web 3, AI and new competitors radically disrupt our industry.
It will happen whether banks participate or not”.
ANZ is participating in the DeFi, Web3 and Digital Assets revolution, noted Mr O’Sullivan.
Related Read: ANZ’s Technology Priority Is To Align With Business Strategy: CIO
ANZ is exploring DeFi, a willing partner in DFCRC
DFCRC is “Digital Finance CRC”. The initiative brings together stakeholders in Fintech, Industry, R&D and regulation for transformation in financial markets”.
Much of our recent transformation at ANZ has been around focusing on those things we do best. And doing them better.
“It is not our intention to participate in everything taking place in the DeFi world. However, we will choose where we can add value and where we can create value for our customers, shareholders and staff.
We have been working across different areas including trade finance, carbon credits and even taxation.
We have the ability to tokenise carbon credits and offer a digital means of settlement, with our A$DC. This is a perfect example of how we can participate”, noted Mr Paul O’Sullivan.
Related Read:ANZ Group Preparing for Next Generation of Banking with Investments in Disruptive Digital Technologies
Exploring Blockchain and Tokenisation: NAB Chief Digital Officer
We are interested in Blockchain and Tokenisation declared the new Chief Digital Officer of NAB Ms Angela Mentis.
Speaking at the AFR summit earlier this Aussie winter, Ms Mentis said: “the bank’s strong technology foundations, coupled with its growing digital and data capabilities were key to improving customer experiences”.
NAB is exploring “how to utilise Blockchain technology to solve real customer problems or improve customer experiences”. Ms Mentis remained cautious about offering crypto to retail customers via the bank’s banking app.
