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How the big banks are betting on technology to boost profits

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20.08.2019

There are few business buzzwords that get more airtime than "disruption," and few industries as exposed to this trend as financial services.

KPMG last month predicted there would be more changes in banking over the next 10 years than we have seen in the past century, amid huge technological shifts that are transforming how we deal with money.

The big four's attempts to harness technology to boost earnings have been overshadowed by scandal in recent years.Credit:Karl Hilzinger

As consumers do their banking on smart phones or online, this is creating all sorts of challenges for the incumbents, not the least what to do with all those existing branches, automatic teller machines, or decades-old computer systems.

However, the technological changes sweeping finance are not all bad news for the biggest players.

Indeed, barely a week goes by without news that shows you how the country's largest financial institutions are also busily trying to exploit shifts in technology to boost profits.

In the past month alone, there have been changes aimed at slashing........

© Brisbane Times