While Australia’s big four banks grapple with decades-old IT systems, new specialist service providers are quietly laying claim to small slices of the market.

Commonwealth Bank, Westpac, ANZ and NAB have long dominated Australian banking, but many say the sector failed to innovate for years and has left the door open to tech-heavy competitors.

Last year, after a trip to Silicon Valley on a study tour, ANZ chief executive Mike Smith described the wave of disruption coming for established banks as “terrifying”.

A number of alternative payments platforms are operating in Australia. Here’s who to look out for and why:

Now read: The Rise Of Cashless Payments Is Killing Tips And Crushing Earnings In Australia’s Once-Lucrative Taxi Business

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