Welcome to BCG Bytes, a collection of BCG’s current thinking about all things digital by our experts in Australia and New Zealand. In BCG’s most recent Digital Government Citizen Survey, the UK has the highest level of citizen satisfaction out of the thirty countries we looked at. This week we feature a blog about Fintechs in Australia and New Zealand. With the success of local unicorns like Afterpay, and the threat of newcomers like Up Bank, any traditional brick and mortar player must already be looking very carefully at the competition and adjusting their digital strategy.
This week Managing Director and Partner, Monica Wegner looks at how the landscape is changing and what incumbents should do to respond to the new competition.