Here’s what you need to know from today’s banking summit // Motley Fool Australia

The Australian Financial Review hosted its annual Banking and Wealth Summit today, which brings together a forum of banking and wealth leaders, regulators, and policymakers to debate the future of Australia’s financial services. Today’s summit was hosted digitally. 

Here are some takeaway highlights.

Buy now, pay later industry ‘a potential threat’

Commonwealth Bank of Australia (ASX: CBA) chief executive Matt Comyn says that the buy now, pay later (BNPL) industry, especially its leading player Afterpay Ltd (ASX: APT), is a potential threat to the banking sector over time. The comment comes after data released on Monday showed that the BNPL sector had almost doubled in just two years. The data showed that transaction…