Fintech start-ups are now more ready to work with banks, says ANZ COO


Signage for the Australia & New Zealand Banking Group Ltd. (ANZ Bank) at a branch in Sydney, Australia on June 17, 2018.

Lisa Maree | Bloomberg | Getty Images

There are now more “adequately mature” financial technology start-ups that can help banks with corporate clients, according to an executive from Australian banking group ANZ.

Fintech firms have for years changed some of the ways that banks operate, particularly in serving consumers. But recently, those start-ups have made some headway into the corporate banking space too.

“A few years ago, when I started dealing with fintechs, it was quite hard to find adequately mature fintechs who have business options for corporate banking and institutional banking business which I’m a part of,” Sreeram Iyer, chief operating officer for institutional business at ANZ, told CNBC’s Matthew Taylor on Thursday.

“But now I see increasing maturity in their capability to scale up to work with big institutions like ours,” he said at a technology event in Singapore, Innovfest Unbound.

Banks, too, have to adapt “old ways of working” when collaborating with start-ups, said Iyer. He explained that certain processes may not be suitable when working with start-ups, such as the excessive use of hard-copy documents.

Iyer said ANZ has partnered with fintech start-ups to improve its businesses, and there are opportunities to do more using technology such as artificial intelligence and blockchain tech.

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