Big tech threat stares down at banks

Australia News News

Big tech threat stares down at banks
Australia Latest News,Australia Headlines
  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 90%

‘Apple, Google, Amazon, Square, they’ve all got the same end game’, warns Up chief executive.

Australian banks are facing a huge threat from Silicon Valley challengers that are bringing together the best customer experiences and world-leading technology, the chief executive of neobank Up, Xavier Shay, says.financial software company and partner Ferocia,Up chief executive Xavier Shay says banks have every reason to be scared of losing business to tech giants.

“If you’re not afraid of Square, then you’re not paying attention,” he said. “It’s not just Square, it’s pretty much all of the big tech players in Apple, Google, Amazon, Square and I think they’ve all got the same end game.”Mr Shay said the big tech companies were more focused on the business banking market in Australia than retail banking, but the fact they were already working with customers doing processing work would help give them a leg up in customer acquisition.

Announcing its staggering investment, JP Morgan Chase said Silicon Valley “may dominate the headlines” but it considered itself a strong contender in “emerging” technology.“Being large and well established can be a burden for many companies, especially in industries swarming with nimble tech start-ups,” the US bank said in a statement.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

FinancialReview /  🏆 2. in AU

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ACCC appeals $1 million penalty in Google Ads caseThe consumer watchdog's long-running fight with an Australian company over six contentious Google Ads is set to rumble on. 9News
Read more »

Shoppers are having a crisis of confidence as Omicron fears biteShoppers are having a crisis of confidence as Omicron fears biteOur fears and anxieties have been captured in some recent bank data — data which points to something of a big risk for the economy, writes David Taylor.
Read more »

ASX to drop, Goldman misses, big tech hit by rising yieldsASX to drop, Goldman misses, big tech hit by rising yieldsAustralian shares are poised to fall at the open, following heavy, broad losses in New York. Benchmark oil tops $US87 a barrel. US 10-year at 1.86pc.
Read more »

Australian city emerges as frontrunner to host 2026 Commonwealth GamesAustralian city emerges as frontrunner to host 2026 Commonwealth GamesThe Commonwealth Games could be returning to Australia in just four years time. A desperate Commonwealth Games Federation has reportedly asked the Victorian Government to consider hosting the 2026 event in Melbourne. 7NEWS
Read more »

Australia offers visa fee refund to lure international workers and students as Morrison defends handling of pandemicAustralia offers visa fee refund to lure international workers and students as Morrison defends handling of pandemicPrime minister tells backpackers and students to ‘come on down’ as critical workforce shortages bite
Read more »

ABF says prior infection never been grounds for avoiding quarantineABF says prior infection never been grounds for avoiding quarantineIts doubling down comes the political fallout of Novak Djokovic’s sensational deportation continues.
Read more »



Render Time: 2025-02-07 20:57:04