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
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.