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Financial technology crucial for Australian banks

The next 20 years will see Australian banks turn towards innovative financial technology to offer support for customers embracing mobile banking and new payment methods.

Commonwealth Bank has already spent billions upgrading its legacy systems and it is already beginning to pay dividends for the firm.

The company launched five million "contactless" cards into the market and provided merchants with "tap and go" terminals that allow customers to make use of the payment technology.

Mark Joiner, the former chief financial officer of the National Australia Bank, told The Australian Financial Review that banks need to continue to evolve to provide customers with the services they need and want at their fingertips.

He said: "In the last 20 years the way you won was to grow faster than everyone else, but in the next 20 years you are going to win by optimising better than everybody else."

The understanding of customers' needs and the implementation of new financial technology is vital for banks looking to carve out a niche in the market.

By Gary Cooper