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BCG Bytes

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.

Can it be business as usual with new-age fin techs at Australia’s door? Don’t bank on it

Australian banks are already seeing challenges from digital newcomers, Managing Director and Partner Monica Wegner tells us. With the likes of international players, like Revolut from the UK about to enter the Australian market, how can incumbent banks respond? She argues that rapid digitisation of services is really the only way to keep up. But there are efficiencies and repositioning of business models that also need to occur in order for banks to succeed. Just will it happen in time?

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Global Retail Banking 2019: The Race for Relevance and Scale

Around the world, the problems that we’re facing in Australia are echoed, and in some places, the threat is stronger. As our Global Retail Banking 2019 report says, “The new playing field requires new capabilities. These include the ability to continually create relevant solutions for customers, extract substantially greater value from data and analytics (the basis for personalization in banking), reach beyond traditional geographic borders, and integrate with partners and ecosystems—all while continuing to comply with tough requirements from customers and regulators for institutional security and good conduct.

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