finder fintech roundup: The banks are dealing with fintech

Elizabeth Barry 24 March 2017 NEWS

banks technology

Banks were prominent in this week's fintech headlines.

Both Westpac and ING made announcements this week that they promised to innovate personal finance, while the Australian Securities and Investments Commission (ASIC) chairman said banks were running scared because of foreign platforms such as WeChat and Amazon.

Westpac to launch innovative wearable payments device

Westpac has taken a step further away from Apple Pay and released its own wearable device. The bank has also released an innovative new keyboard to allow for easy payments in apps.

The chat service striking fear "into the hearts of banks"

ASIC chairman Greg Medcraft has said that services such as China's WeChat and the US's Amazon are scaring banks as they become the go-to websites for Gen Ys. "Amazon might buy one of the banks... who knows?" he said.

ING prepares to launch its first credit card

ING is set to disrupt the credit card market with the launch of its first credit card, the Orange One. While few details have emerged, the bank has confirmed that the card's features are aimed at pleasing the discontented among its competitor’s customers.

The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Friday to catch up.

Picture: Shutterstock

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