Big tech firms like Apple and Google are encroaching on New Zealand banks, causing industry concern.

Big tech companies like Apple and Google are increasingly competing with New Zealand banks, causing concern among banking leaders. ASB Bank's chair, Therese Walsh, worries these tech giants might only target profitable markets, leaving gaps in service. Meanwhile, the Financial Services Federation chief argues that specialized finance companies are better suited to adapt to new trends. The government is considering responses to these changes, including the future of Kiwibank, as the banking landscape shifts.

November 13, 2024
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