National Australia Bank must harness the hunger of start-up companies if it is to fend off competition from technology-based rivals, chief executive Andrew Thorburn says.
Amid predictions the banking sector will face intense disruption from digital businesses, Mr Thorburn on Tuesday said fintech firms were attracting more and more funding in a world of ultra-low returns.
Big banks have a reputation for being bureaucratic institutions, and Mr Thorburn said NAB needed to emulate some of the traits of its smaller start-up rivals.
“I actually think we are a fintech company ourselves. We have to have the mindset of a fintech company, and I actually think we’ve got a lot of the assets of a fintech company,” he said in Sydney.
For more on this story visit the following link: NAB’s Andrew Thorburn: ‘We are a fintech company’
Source: Sydney Morning Herald