For some of our partners, value lies in learning how to truly take advantage of open and existing technology. For example, with Australia’s New Payments Platform, the key for customers is what 24/7 access to payments can unlock for their businesses.
Does that mean you can now release the goods to a customer on a Saturday? Yes - without having to wait to see cleared funds in your account. Can you pay supplier midday and have it clear seconds later? Yes. What does that mean for an entire network - suppliers, customers and the like, if exchanging funds is the key to the next step? Whole supply chain begins to move a lot more quickly.
Indeed, the technology on its own is often not particularly exciting. Where it gets interesting is how partners can work together to apply technology in order to solve problems or drive efficiencies.
Interestingly, the survey showed over 40 per cent of both technology and broader industry executives are willing to work with competitors in order to achieve a mutually beneficial outcome. ANZ participates in partnerships like this on projects such as Lygon, a blockchain-based solution aimed at simplifying the process around bank guarantees.
We know for certain businesses the future will be technology driven. We know they will be more connected through advancing technologies such as API’s and host-to-host connectivity, creating an environment where companies will be increasingly co-dependent.
But it’s unknown what new technologies will emerge to assist businesses in the future and how that will change the landscape. Indeed, the only thing for certain is we don’t know.
Twelve years ago we used the iPhone to send text messages; now it’s the platform for some of the world’s biggest businesses, all facilitated by technology.
For businesses, the question they need to ask is how they can take new technology and adapt it to improve their business process or create new revenue lines. One answer, at least, is to get help from a trusted partner.
Philippa Campbell is Head of Transaction Banking Market Management at ANZ Institutional