Elliott: Pretty soon the financial services industry is going to have to make some fairly big decisions around some of this new stuff, around payments and data.
One of the things is around innovation and almost everything, with one major exception, everything you talk about with disruption, banks could have done.
I mean there is nothing – the only thing truly innovative we wouldn’t have done is these crypto-currencies like Bitcoin. Everything else – peer-to-peer lending, all these digital wallets, all that stuff – we could have done that. And we still can.
There was some silly article a few months ago saying banks haven’t innovated anything since the ATM. I mean that’s just nonsense.
When you think about it, it’s not that long ago we just had internet banking. I mean when I started at ANZ, six years ago, we didn’t have mobile banking. At the time I think GoMoney was just a prototype. Now it’s our biggest channel in terms of transactions.
It’s not just in retail either, it’s in institutional. Derivatives and securitisation and all those things which are actually really good products for people was all innovated by banks.
Banks have actually been really innovative and I like your point about learning and partnering with others is the way forward. We’re not going to always beat everything else out there.
Whelan: We’re not, and sometimes we can be fast followers. At ANZ we’re just launching now an FX app which will compete with some online services.
That sector is a good example of us not recognising right away how customers wanted to be dealt with. Once we recognised that we’ve been quick to get something out. Now we’ll be the first of the majors to get something out on mobile.
If we’re good at learning new ideas, changing how we bring it to the bank, not being afraid of it and being pragmatic about the way we execute I think we win. That will come in different forms, be it in partnerships or as a fast follower.