ANZ’s Elliott foresees demise of universal banking

Banks should do a few things well and partner with others to round out service offering. Complacency is not an option says the Australian bank’s CEO.

Universal banking is past its sell-by date. That's according to one of Australia's biggest banks.

In the digital age banks should hive off services others can do better, said Shayne Elliott, chief executive officer of Australia and New Zealand Banking Group Limited ANZ.

The universal banking model, which brings together a wide variety of financial services under one brand, including both commercial and investment banking services, has been widely adopted and thrived for decades. Notable examples include HSBC, Bank of America and JP Morgan.

However, it's a complicated business and becoming increasingly so, making for increased costs as resources become stretched...

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