Deloitte is claiming Australia will be hit by a technology “big bang” in the next three years, which will radically shake up how industries, including finance, will operate.
It said the finance sector would experience a 35% change in areas such as revenue or cost structures due to a digital “revolution.”
"As we saw in the recent company reporting season, digital innovations are transforming the economic landscape far more profoundly than other big shifts in our economic history such as deregulation, oil shocks or mining booms,” said director Ric Simes.
The report, released yesterday, found the real estate industry would also be affected.
Coincidently, aggregator LoanKit announced today it saw an increase in its broker productivity due to a new online system.
Its new system allows brokers’ clients to commence loan applications online, with their details immediately populating a new CRM database.
“This is a great new development for our brokers. The system upgrade improves broker productivity, accuracy of data and speeds up loan approval times,” said CEO Simon Dehne.