Australia's big four banks may still rate highly in international
terms, but they are also grappling with a multitude of changes that look
set to transform the industry. With the new Basel 111 requirements
posing onerous demands and a cyclical slowdown, the traditional lenders
can forget about super profits and the old-style banking model. The game
is over, insist industry insiders. Instead they are moving on to modes
of peer-to-peer lending, the value of "big data" and learning how to
schmooze customers via a digital interface. IT investment, offshore
expansion, pricing and brand positioning are all in sharp focus as the
banks line up for a major makeover.