Ian Pollari is a partner at KPMG and the Global Co-Lead for KPMG’s Fintech practice. He is also the Head of KPMG’s Banking Sector in Australia and on the Board of Stone & Chalk and Finsia. Ian has over 17 years' experience servicing clients in the banking and finance industry and brings knowledge and insights into the experiences of local and international banks, payment providers and fintech companies in areas such as strategy development, market entry and digital innovation and operating models. He has also advised Government and regulatory agencies in relation to fintech and digital developments.
Pollari opened saying he thought a lot of the regime complexity that generates profit for these banks will go away. They’ll have to give a better customer experience and lower their fees.
Bouris replied if you’re a non-bank lender you’re looking at a big premium on the borrowing side meaning the banks can underprice you. Yellow Brick Road, the company he started, could not do what it did today. The only model that works at the moment is being a broker.
Schenkel added that having a better product doesn’t mean you’ll be a successful fintech. And fintech lenders have been forced into the margins offering sub-prime unsecured small business loans which are small and risky.