Last year a number of the banks launched mobile wallet technology with ANZ going with Apple Pay and BNZ doing Android pay.
The technology means people can wave their phone or Apple watch over a paywave terminal to pay.
But the number of people using paywave in New Zealand is still small and some retailers won't let people use it because it costs them versus eftpos which is free.
She says that is one of the risks of going with new technology.
"Yes you can have very good technology but it may not be picked up."
She says banks may need to looking at launching their own fin-tech start-ups in the future or have a small division able to do that.
"They will have to evolve."
She says it may also mean banks end up buying out fin-tech businesses to keep up.
She also believes it is also unwise for the banks to be cutting branches because that is one of the advantages they do have over other fin-techs.
"There is still a big co-hort of the population that want that face to face communication."