Commonwealth Bank boss Ian Narev has outlined four key areas of technological change he’s keeping an eye on, speaking at an event fresh from a trip to the United States where he visited innovation hubs like Palo Alto and Seattle.
Narev spent some time with tech companies in these areas on the back-end of a trip to the US to see investors, and according to Fairfax, told the audience Australian banks need to admit they don’t know where technological innovation is headed.
“I am absolutely convinced that by the time my one-and-a-half year old daughter can explain to me what she is doing on [our iPad] that device will be defunct,” he said.
“We really can’t tell where all this is going.”
Just like tech companies, Narev said banks needed to predict trends and be ready to innovate, rather than put rigid plans in place. He outlined his four key areas to keep an eye on:
- Increased access to fast mobile broadband
- Innovation in devices connected to the internet
- Fast changes in the apps available
- The cost of storing massive amounts of data becoming cheaper
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