A senior Reserve Bank official has taken aim at the big banks and accused them of stifling innovation and competition by underinvesting in technology.

Addressing delegates at a Payments NZ conference on Tuesday, the banking regulator’s director of money and cash, Ian Woolford, claimed there was a role for better regulation to push banks to keep up with their peers overseas.

But the banks have pushed back - with Westpac head Catherine McGrath saying regulations were holding the banks back.

NZ Herald Wellington business editor Jenee Tibshraeny unpacks the regulations impacting the banks.

LISTEN ABOVE

A senior Reserve Bank official has taken aim at the big banks and accused them of stifling innovation and competition by underinvesting in technology.
Addressing delegates at a Payments NZ conference on Tuesday, the banking regulator’s director of money and cash, Ian Woolford, claimed there was a role for better regulation to push banks to keep up with their peers overseas.
But the banks have pushed back - with Westpac head Catherine McGrath saying regulations were holding the banks back.
NZ Herald Wellington business editor Jenee Tibshraeny unpacks the regulations impacting the banks.
LISTEN ABOVE

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Looking for actionable business insights all in one place? BNZ is here to help you find a way with a curation of the ‘best bits’ from top business podcasts. Save time searching; subscribe to the SME Stream where you can listen to relevant, timely, business-related content today. 
 The SME Stream is a curated playlist of business podcasts brought to you by Bank of New Zealand (BNZ). The podcasts contain general information only, not financial or other professional advice. For help, please contact your bank or professional adviser. Any opinions expressed in the podcasts are not necessarily shared by BNZ, or its related entities. BNZ is not liable for any losses resulting from the content of the podcasts.

The SME Stream

Jenee Tibshraeny: NZ Herald Wellington business editor on the latest feud between the Reserve Bank and the banks

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/ffd23704-0272-4ef0-a1f4-b22e0145e537/transcript

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