Competition is real - ANZ

UK headquartered global payments platform Wise, which has 12.8 million customers globally moving $65 billion every quarter, and Revolut, a global neo-bank and fintech, also British based, are aiming to become successful players in New Zealand’s financial markets. 

Revolut, which recently became Europe's most valuable private tech company, has applied to become a registered New Zealand bank. If it is successful, Revolut will become the first global digital bank in the New Zealand market.

Speaking to Shared Lunch, ANZ Chief executive Shayne Elliott says the competition is real. “We need to be more agile. We have historically run the business on big computer systems, big branch networks that are fixed and efficient, but are slow and hard to change.”

It is not good enough to do just what has been done in the past. He says the challenge for the big banks is how to have a big stable diverse banking systems and innovative fast clever propositions.