Mark Bouris has established a successful career from building disruptive businesses to challenge the market and provide smarter solutions for consumers. Mark’s current positions include Executive Chairman of Yellow Brick Road Group (ASX:YBR), Non-Executive Director of TZ Limited (ASX:TZL) and Director of The Sydney Roosters Football Club. In 2015, Mark was appointed a Member of the Order of Australia for significant service to the finance industry and tertiary education and has most recently acted as Chairman of the Taskforce into Digitisation of Small Businesses in Australia for the Australian Treasury. Mark has created a new TV show with Channel 7 called The Mentor which has just completed production and is due to air in the first half of 2018.
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.