ANZ vows to take fight to fintech start-ups | The Australian

ANZ has hit back at suggestions that banks only innovate for short-term gains, declaring other industries should be worried about being put out of business by the banking sector.

Meanwhile, Westpac chief Brian Hartzer said it was actually important for banks to not get too “mesmerised” by innovation and “inventing cool new stuff”, remembering that customers were at the heart of banking.

Last week, Danny Gilligan, managing director of Reinventure Group, said banks and other financial services players would struggle to battle disruptive “fintech” start-ups because their pay packets and investment policies were short-term focused.

Source: ANZ vows to take fight to fintech start-ups | The Australian