In the mortgage war era, evidence of banking competition has mostly focused on loan pricing. But the Australian Competition Tribunal seized on a different type of warcraft: lenders are embroiled in a technology arms race.

As it waved through ANZ’s $4.9 billion takeover of Suncorp Bank, the tribunal recognised banks are aggressively pursuing more nimble, digital-only strategies centred on their apps, hoping to entice customers and keep a lid on costs. Allowing the deal would provide ANZ with more scale to invest in technology, creating a more competitive sector overall.