The Sunday Times Business Section Cover Story today headline "Banks brace for DISRUPTION". The accompanying article, wrtten by Rob Stock, takes a look at the advent of "open banking", technology. This is technology that could spell the end of the massive profits the banking giants have been raking in,he writes. Embraced in Europe, with a former ASB banker leading the way, here in New Zealand the banks appear to have responded with a deafening silence.
Open banking is the term used for interface systems like Revolut, which offer payments, money management and banking services, without being a bank. Well worth a read . . .