Published on March 4, 2014
The banking industry has a key role in helping business reach its new potential in a technology driven world, writes David Green. One of the greatest benefits of technology is that it is making the world smaller. Geographical distance need no longer be the disadvantage it once was, for individuals or businesses - or indeed countries. This technology-driven revolution opens up opportunities for a nation like NZ, which has historically faced challenges that arise from our distance from key markets. Many of these opportunities have been further heightened by the reweighting of New Zealand's trading relationships towards the growing economies in the Asia Pacific region. Eight of New Zealand's top 10 trading partners are now within this region, which has reduced the physical distance to our key markets. Geography is now increasingly on New Zealand's side. As enablers of business, which increasingly operates without borders, modern banks have a key part to play in helping New Zealand reach this new potential, by bringing the country, its businesses and people closer to the world. They need to challenge the industry's reputation for conservatism and become leaders in new technology and innovation that connects customers and provides new ways for them to do business seamlessly around the world, around the clock. To be effective, this innovation needs to reflect the new ways companies in the 21st century are electing to do business. Growing numbers of business leaders are adopting mobile technology based tools and solutions in many aspects of their lives, and many are looking to use the same technologies in their business dealings. They want to be able to conduct business and make payments wherever they are and from the device of their choice.