The finance market is evolving at a rapid pace and banks must look toward future innovation to stay relevant, says Ubank General Manager Alex Twigg.

Twigg says even the humble bank website may lose favour with users in the future. He proposes bank offer services on a series of ‘micro-platforms’, after spending decades tailoring themselves for increased footfalls traffic and more ATM locations.

Ubank is a subsidiary of National Australia Bank, the country’s fourth-biggest lender. GM Alex Twigg says not even he frequents the Ubank website these days, Commonwealth Bank exec. Niki Epstein says “we as financial services and bankers need to really deliver banking because it is that activity that no one really wants to do and they’re doing it whilst doing other things. We’re seeing people doing their banking on the commute, on the ferry or while watching MasterChef.”

With even ‘traditional’ digital communications such as email and text now gathering dust, the major lenders all agree they need to find a new place in people’s financial and social lives.