1 00:00:00,480 --> 00:00:03,600 Speaker 1: Heller Dupla hither the original Jag badge gives the car 2 00:00:03,640 --> 00:00:06,000 Speaker 1: at least fifty percent of its cool factor. So it's 3 00:00:06,000 --> 00:00:07,560 Speaker 1: a big no from me, not that I could ever 4 00:00:07,600 --> 00:00:10,159 Speaker 1: afford one anyway. Simon makes a great point like if 5 00:00:10,200 --> 00:00:11,560 Speaker 1: you look at the new Jags, I mean, gone are 6 00:00:11,600 --> 00:00:14,440 Speaker 1: the old s types and those ones that were very distinctive. 7 00:00:14,480 --> 00:00:15,440 Speaker 1: You know what I mean. If you look at a 8 00:00:15,440 --> 00:00:20,000 Speaker 1: modern Jag sedan, like what, it just looks like a 9 00:00:20,040 --> 00:00:22,720 Speaker 1: Mazda or something. You know, you take the take the 10 00:00:22,760 --> 00:00:25,279 Speaker 1: take the growley cat off, You're just driving any old 11 00:00:25,400 --> 00:00:26,200 Speaker 1: Japanese car. 12 00:00:26,600 --> 00:00:28,560 Speaker 2: He does raise a good point though, where like, you 13 00:00:28,560 --> 00:00:30,640 Speaker 2: know the three of us here in this in this studio, 14 00:00:30,680 --> 00:00:32,360 Speaker 2: Evel said, oh right, yeah, now it looks rubbish. And 15 00:00:32,360 --> 00:00:34,560 Speaker 2: I know the people back Jack you are like, oh no, 16 00:00:34,840 --> 00:00:37,640 Speaker 2: modern suber and its not our three best customers are 17 00:00:37,680 --> 00:00:40,280 Speaker 2: They're not going to buy a Jack now this is 18 00:00:40,280 --> 00:00:40,879 Speaker 2: a problem. 19 00:00:41,200 --> 00:00:43,800 Speaker 1: Well you make a very good point. Well we'll see 20 00:00:43,800 --> 00:00:46,000 Speaker 1: how the old blokes who like to wear the little 21 00:00:46,040 --> 00:00:49,040 Speaker 1: tartan caps and driving gloves feel about the old upside 22 00:00:49,040 --> 00:00:51,440 Speaker 1: down Jay and the standing up jakes just love a 23 00:00:51,479 --> 00:00:53,720 Speaker 1: capital jet. Oh I bet yeah, And I bet they 24 00:00:53,840 --> 00:00:56,360 Speaker 1: just love the middle of the words suddenly being capitalized 25 00:00:56,400 --> 00:01:00,760 Speaker 1: like Trump had a spaz. Anyway, seventeen pass six onto 26 00:01:00,760 --> 00:01:03,920 Speaker 1: more serious things. We've got another face off between the 27 00:01:03,960 --> 00:01:06,640 Speaker 1: retail banks and the Reserve Bank. A senior Reserve Bank 28 00:01:06,680 --> 00:01:09,320 Speaker 1: official has accused the banks of not investing enough in innovation, 29 00:01:09,400 --> 00:01:10,959 Speaker 1: but the banks have pushed back and said, well, we 30 00:01:11,040 --> 00:01:13,720 Speaker 1: would if we weren't so bogged down in regulation. Janet 31 00:01:13,720 --> 00:01:16,680 Speaker 1: Tibschraney is The Herald's Wellington Business editor and with us 32 00:01:16,680 --> 00:01:20,160 Speaker 1: Hey today, Hey, Heather, what kind of innovation are we 33 00:01:20,200 --> 00:01:21,000 Speaker 1: talking about here? 34 00:01:22,400 --> 00:01:25,320 Speaker 3: Well, I think the thing that the Reserve Bank and 35 00:01:25,360 --> 00:01:28,640 Speaker 3: the Commerce Commission want banks to forge ahead with much 36 00:01:28,680 --> 00:01:32,600 Speaker 3: more quickly, and the Minister actually comments and Consumer Affairs 37 00:01:32,600 --> 00:01:35,840 Speaker 3: Minister Andrew Bailey, they want the banks to get on 38 00:01:35,920 --> 00:01:42,600 Speaker 3: with open banking, so that means allowing financial technology firms 39 00:01:42,959 --> 00:01:47,480 Speaker 3: to offer banking services, enabling them to plug into banks 40 00:01:47,520 --> 00:01:51,960 Speaker 3: infrastructure so that they can leverage off our customer data. 41 00:01:51,960 --> 00:01:54,560 Speaker 3: If you know, if I approve, I can let a 42 00:01:54,600 --> 00:01:57,640 Speaker 3: financial technology firm leverage off the bank which has all 43 00:01:57,680 --> 00:02:01,080 Speaker 3: my information about harm, spending money and so on, and 44 00:02:01,440 --> 00:02:05,120 Speaker 3: allow innovation that way. This is something that's happening in 45 00:02:05,200 --> 00:02:09,280 Speaker 3: other parts of the world, the UK, Australia, to varying degrees. 46 00:02:10,560 --> 00:02:13,200 Speaker 3: This is meant to be something that can help you 47 00:02:13,440 --> 00:02:18,920 Speaker 3: create innovation and that can help for competition the pushes there. 48 00:02:19,240 --> 00:02:23,280 Speaker 3: But banks for some years have been dragging their feet 49 00:02:23,800 --> 00:02:26,360 Speaker 3: for a number of reasons, some of which might be 50 00:02:26,400 --> 00:02:30,600 Speaker 3: quite compelling, in some of which might be, you know, 51 00:02:30,960 --> 00:02:34,799 Speaker 3: due to them trying to protect themselves and potentially prevent 52 00:02:35,360 --> 00:02:36,480 Speaker 3: competitors coming in. 53 00:02:36,680 --> 00:02:36,880 Speaker 2: Yeah. 54 00:02:36,880 --> 00:02:39,400 Speaker 1: And it was the Westpact boss CAAs McGrath who was 55 00:02:39,440 --> 00:02:42,000 Speaker 1: before the parliamentary inquiry today who said no, no, no, it's 56 00:02:42,040 --> 00:02:44,400 Speaker 1: the regulation that's the problem. Did she say what regulation 57 00:02:44,760 --> 00:02:45,519 Speaker 1: was problematic? 58 00:02:46,720 --> 00:02:47,120 Speaker 2: Yeah? No. 59 00:02:47,200 --> 00:02:50,000 Speaker 3: Look, actually I was at a Payments in New Zealand conference. 60 00:02:50,000 --> 00:02:52,600 Speaker 3: I've been there for two days where I've been with 61 00:02:52,680 --> 00:02:56,200 Speaker 3: bankers and financial technology people and regulators and they've all 62 00:02:56,200 --> 00:02:57,880 Speaker 3: been trying to nut out. You know, there's a bit 63 00:02:57,880 --> 00:02:59,560 Speaker 3: of tension there between all of them, but there's also 64 00:02:59,639 --> 00:03:02,880 Speaker 3: quite a bit of opportunity. Katherine McGrath said it was 65 00:03:02,919 --> 00:03:07,680 Speaker 3: actually the combination of regulation that was bogging banks down 66 00:03:07,760 --> 00:03:11,760 Speaker 3: and preventing them tying up the resources and preventing them 67 00:03:11,840 --> 00:03:16,680 Speaker 3: from investing in the cool stuff basically, and she said, 68 00:03:17,120 --> 00:03:18,920 Speaker 3: she said, we just want a bit of freedom to 69 00:03:18,919 --> 00:03:22,520 Speaker 3: get on with it now. Though that comment wasn't necessarily 70 00:03:22,720 --> 00:03:25,200 Speaker 3: received that well by the other people at the conference, 71 00:03:25,440 --> 00:03:28,120 Speaker 3: some of them are these financial technology firms trying to 72 00:03:28,200 --> 00:03:32,000 Speaker 3: do cool things. Actually, interestingly it was quite good. We 73 00:03:32,320 --> 00:03:35,920 Speaker 3: heard from someone from Australia, a financial technology guy who 74 00:03:35,960 --> 00:03:40,160 Speaker 3: founded up Bank, which is this innovative bank in Australia, 75 00:03:40,240 --> 00:03:43,840 Speaker 3: which partnered with Bendigo, which is one of the traditional banks, 76 00:03:44,240 --> 00:03:48,640 Speaker 3: and to provide banking services that are targeted at young people. 77 00:03:48,920 --> 00:03:53,040 Speaker 3: And apparently this thing is just taken off. And the 78 00:03:53,120 --> 00:03:55,200 Speaker 3: person from up Bank was saying, this is the sort 79 00:03:55,200 --> 00:03:57,600 Speaker 3: of thing we should get going in New Zealand where 80 00:03:57,640 --> 00:04:01,960 Speaker 3: you have FinTechs working alongside banks. If they can't do 81 00:04:02,000 --> 00:04:04,440 Speaker 3: it by themselves, get on board with banks. But banks 82 00:04:04,480 --> 00:04:07,520 Speaker 3: need to open up and you know that can allow 83 00:04:07,560 --> 00:04:10,720 Speaker 3: for a bit of innovation and the types of products 84 00:04:10,720 --> 00:04:13,920 Speaker 3: and services that we don't receive here in New Zealand. 85 00:04:14,360 --> 00:04:15,840 Speaker 3: Now for some of you know, for some of us, 86 00:04:15,880 --> 00:04:18,640 Speaker 3: we're like, well, what do we need sort of you know, banks, 87 00:04:18,720 --> 00:04:21,760 Speaker 3: banks are fine, but it sounds like there's a lot 88 00:04:21,800 --> 00:04:24,960 Speaker 3: happening around the world that we're not benefiting from here. 89 00:04:26,240 --> 00:04:27,520 Speaker 3: Quite quite a good debate. 90 00:04:27,240 --> 00:04:28,800 Speaker 1: There, Yah all right, thank you Jane, and also thanks 91 00:04:28,800 --> 00:04:30,359 Speaker 1: for putting it right. It wasn't that the inquiry. It 92 00:04:30,400 --> 00:04:33,040 Speaker 1: was at the conference that she said, Jane to trainee 93 00:04:33,040 --> 00:04:35,039 Speaker 1: the Heralds Wellington Business Centers. I assumes it was at 94 00:04:35,080 --> 00:04:37,359 Speaker 1: the inquiry because she was at the inquiry today and 95 00:04:37,400 --> 00:04:39,480 Speaker 1: I need to actually, this is Castroe McGrath. I need 96 00:04:39,520 --> 00:04:40,880 Speaker 1: to get your cross that so we'd get it done 97 00:04:40,880 --> 00:04:42,760 Speaker 1: before this hour is out. You can hear what you 98 00:04:42,800 --> 00:04:45,599 Speaker 1: had to say about the climate focus that the banks 99 00:04:45,600 --> 00:04:47,680 Speaker 1: are forcing on our dairy farmers, so you will get 100 00:04:47,720 --> 00:04:50,880 Speaker 1: you to that. For more from Heather Duplessy, Allen Drive, 101 00:04:51,040 --> 00:04:54,440 Speaker 1: listen live to news Talks. It'd be from four pm weekdays, 102 00:04:54,560 --> 00:04:56,760 Speaker 1: or follow the podcast on iHeartRadio.