Stuart Stoyan

• Simon Dennis opened by saying that data tells us that 80% of SMEs can’t get money from a bank. Run those numbers of 1.2m SME customers there’s a lot of people commercially that’s a huge problem.

• Matt Leeburn said that conflicts of investment partnerships often happen. Most partnerships don’t work out in the end as a good article in the Harvard Business Revie points out. You must be truly aligned for it to work otherwise it won’t work.

• James Boyle said a top difficulty with partnership is how they play out if a partner wants to team up with a competitor? He said the best solve was if you get the partnership right the co-dependency should become so deep that they come to us anyway.

• Richard Williamson, on another note, said that China showed the way forward on fintech with Ant Financial having 400m clients and the largest credit bureau in China. Now the banks are coming to Ant to use the bureau. It’s a business they’re doing a fundraise. It’s leapfrogged the banks in so many ways.

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• Stoyan noted that 63% of Australian’s cannot raise $3,000 in an emergency. More than 50% of Aussies spend all they earn. Many are going backwards and into more debt. So what do we do?

• We should use open banking. The Royal Commission has shown there is no trust in banks.

• Fintechs make up one fifth of all startups and the median revenue has increased 3x.

• Banks are deliberately delaying to reduce competition on open banking. Guys like Macquarie and NAB are already doing it. So it’s possible and achievable.

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