Innovate, use data smartly or die, ANZ's CEO tells banks

Shayne Elliott says banks that can’t work with Big Tech will ultimately fail. Not using data in creepy ways helps too.

“Made in Australia” means safe for many Asians worried by food scandals in their own countries but how to prove the provenance of goods in a region where counterfeiting is rife

ANZ has partnered with US technology firm Cisco to help farmers in Australia sell their grain to wary merchants in Asia. Using cutting edge distributed ledger technology, the Australian bank is documenting and guaranteeing every step in the grain supply chain.

By partnering, sharing data, and technology in this manner, ANZ is able to keep abreast of the revolution in financial technology, which otherwise threatens to engulf banks. 

“The battleground between Big...

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