This is the age of technology startups pioneered by the responsible young generation. Seeing the potential, Westpac bank of Australia has invited young non-bankers aged between 18 to 35 years to present their ideas on digital disruption as part of the China Australia Millennial Project (CAMP).
The Westpac-sponsored exercise involves a group of 200 young participants. These young participants from China and Australia will be presenting business proposals on digital disruption in finance. The project involves universities and governments, and brings together young people from both the countries to think about common challenges, including disruptive innovation, trade and infrastructure.
The participants have split into smaller groups to tackle a particular area each. Next week they will present their ideas and business proposals to Westpac executives and venture capitalists in Sydney.
Westpac General Manager of Premium Banking Damien MacRae stated, “We want them to be bold, we want them to be challenging, and we want them to question how we do things today." He is encouraging young minds to come up with left-field ideas the bank can invest in. He will also help judge the proposals on digital disruption. He also posed a question, “How do we get these guys to come up with the next Uber?”
Apart from the technology, the bank also intends to draw insights from the project to inform its response to the ethnic diversity concerns, such as lack of people of Asian background in senior management.
Sydney Morning Herald (SMH) reports that the bank earlier admitted that it needs to be more astute towards the growing competition from the technology-based firms. As more and more technology firms are taking over the financial services space which often has low costs, fewer regulations and adaptability to new situations, banks are grappling to respond to the situations.