While the collapse of neobank Volt has given the impression that big banks are winning the battle against start-up insurgency, those in the industry beg to differ.
“The big banks have enjoyed a concentrated market for a very long time, and breaking through the incumbents requires a lot of commitment,” Mr Baxby said.
“Like all new and disruptive models, the fabled first mover advantage is often a disadvantage. It’s better to let systems, regulators and the competition digest the disruption,” Mr Gupta said. “The players that have failed raised oodles of monies and focused on both marketing and technology. The technology is advanced, but if you market to capture a customer at a high cost, generating a profitable consumer can be a battle that you will not win.Advertisement
Mr Cameron said that, while Volt’s shutdown had been tough for its staff and the Australian fintech community, it was not reflective of the broader outlook for fintech.
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