There seems to be a big push from startups to move into this space but I feel the real opportunity is not in disrupting them. They are big, and although many continue to be slow to move, many such as NAB, are starting to shift quickly digital with a customer-led innovation focus. It’s not going to take them anywhere near as long as you might think to start making traction. Sure, some might stagger but very few will fall.

Which brings me to my conclusion. There are so many more opportunities for startups to partner and build strategic alliances with banks as opposed to only focusing on disrupting them. Disrupting head on is not the only option when building a fintech startup. A number of banks, superannuation companies and credit unions are willing and very open to looking outside their organisations for innovation.

Moula has done exactly that.

At Bugwolf we have been working with some of the largest banks for a number of years. From day one, we addressed a challenge inside their organisation by providing accelerated services and products which enable them to deliver customer-led innovation so much more efficiently than in the past. We realised that partnering, as opposed to disrupting, makes heaps more sense - from ours, theirs and the end user’s perspective.