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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-06-01 07:20:48" ["slug"]=> string(117) "16857:are-property-prices-set-to-crash-should-you-jump-on-board-the-fintok-craze-and-how-to-prepare-for-this-tax-time" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(130) "/resources/podcast/are-property-prices-set-to-crash-should-you-jump-on-board-the-fintok-craze-and-how-to-prepare-for-this-tax-time" ["image"]=> string(65) "images/podcasts/230321_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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Banks risk ‘becoming footnotes to history’

By Cameron Micallef

October 23 2019
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Borrow

Banks risk ‘becoming footnotes to history’

By Cameron Micallef
October 23 2019

The world’s largest banks appear unprepared for an economic downturn, lagging on both technology and scale, according to new research.

Banks risk ‘becoming footnotes to history’

By Cameron Micallef

October 23 2019
Share

The world’s largest banks appear unprepared for an economic downturn, lagging on both technology and scale, according to new research.

A new report from global consultancy firm McKinsey and Co said banks have been warned that they risk “becoming footnotes to history” if they do not scale up and embrace technology.

“About 35 per cent of banks globally are both subscale and suffer from operating in unfavourable markets,” the report stated.

“Their business models are flawed – needing a radical rethink – and the sense of urgency is particularly acute given their weak earnings and capital position,” it further outlined.

The consultancy firm said banks need to merge with more companies or acquire them, and forge new partnerships in order to build scale and weather the potential of financial storms.

“To that end, exploring opportunities to merge with banks in a similar position would be the shortest path to achieving that goal.”

The report also considered that banks need to be prepared for an “arms race on technology”.

“Both banks and fintechs today spend approximately 7 per cent of their revenues on IT, but while fintechs devote more than 70 percent of their budget to launching and scaling up innovative solutions, banks end up spending just 35 percent of their budget on innovation, with the rest spent on legacy architecture,” it outlined.

Noting the decade since the global financial crisis has brought with it a wave of innovation in financial services – bringing new competition from tech giants including Apple and Alphabet – the report highlighted how the banks are still pondering whether they should compete with, partner or acquire some of the newcomers.

Finally, the consultancy warned of the potential impact of a downturn on public perception of the banks.

“Because of the special role they play in society, they, perhaps more than other industries, benefit from society in areas such as deposit protection and regulation as a means of constraining supply.”

In return, the report indicated banks as “particularly accountable in an era of rising inequality and falling faith in historically trusted institutions, beyond shareholders to society and the sustainability of the environment in which they and their clients operate”.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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