Westpac, ANZ launch first-ever ‘banking reserve pitch’ event

Westpac and ANZ Banking Group have launched a first-ever ‘banking reserve pitch' event aimed at delivering innovative tech-based solutions, in collaboration with FinTech Australia.

The peak advocacy body for Australian fintech announced the initiative on Wednesday and is working with ANZ’s external innovation partner, 1835i, and Westpac.

The fintech and broader technology business community are invited to attend the reverse pitch event to hear directly from the major banks issues they would like to solve.

Both national and global fintechs plus startups can put forward innovative solutions targeted towards helping boost the Australian finance and banking sector.

The event is also backed by the NSW Government via Investment NSW, an agency designed to develop the state into a hub for business and innovation.

ANZ and Westpac shared nominated problem statements across important banking-related matters such as sustainability, payments, fraud and scams.

ANZ is looking for solutions around topics such as transitioning customers away from cheques, cybersecurity risks in international payments and climate change adaptation.

Westpac seeking ideas for reducing fraud and scams, supporting businesses in delivering sustainable outcomes and helping homeowners to improve their home's sustainability.

Rehan D’Almeida, general manager at FinTech Australia said, “Fintech has always been built on the back of partnerships and collaboration with major companies in the financial services sector. This event exemplifies these points.”

“It is pleasing to see major banks ANZ and Westpac collaborating with the fintech sector which speaks to the confidence they have in the industry to solve real-world issues faced today.

“I have no doubt that our local fintechs and other innovative companies globally will rise to the occasion.

"The event showcases the vibrancy and collaborative nature of our fintech ecosystem, and provides an opportunity for global fintechs looking to get a foothold in Sydney,” D’Almeida said.

Philippa Campbell, head of transaction banking for Australia and PNG at ANZ said, “We’re looking forward to partnering with fintechs to pioneer solutions that not only enhance the resilience of our systems but also empower our institutional customers to thrive sustainably amidst the evolving challenges of today.”

David Walker, group chief technology officer at Westpac said, “Westpac is proud to partner with many fintechs and these relationships are particularly important as we accelerate our technology transformation.”

D’Almeida told Digital Nation through discussions over a few years between FinTech Australia, Investment NSW, ANZ and Westpac, “We've been able to create the opportunity for local and global fintechs and emerging startups to support the local banking and finance sector through creative thinking and innovative solutions.”

“The fintechs and emerging companies also now have the best pathway for connecting with the right decision makers at the banks,” D’Almeida said.

D’Almeida said the reverse pitch process “should be very informative both for the banks and the global fintech and startup ecosystem.”

“Given it’s the first time we are running this event, we’re excited to see what learnings come from it.”

“With regards to what those learnings may be, I think its key to note that we’re casting the net widely for this initiative.

“While we will be promoting this event to the fintech community, we’d also invite the broader startup ecosystem to look at the problems statements from the banks and participate if they feel they can address them,” D’Almeida concluded.

The event is set to be held on 21 February 2024.