Australian banks will continue to face an ever-increasing range of, non-bank competitors, according to Westpac. Global tech companies are emerging as some of the most significant disrupters of the financial system, and that the level of competition should be judged by the significant number of providers and range of products available to customers. The bank notes a recent survey of 18 to 30-year-old professionals by KPMG that found more than 80 per cent would consider banking with a tech giant if the offer was right.
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