FinTech is the term coined to describe a whole new industry composed of companies that use technology to make financial services more efficient. It’s big, it’s growing and it’s disruptive.
The Australian FinTech sector is poised to take $10 billion in aggregated revenues away from the big Australian banks, while contributing $3 billion of new revenue to the Australian financial services sector, by 2020 (Fintech in Australia – Trends, Forecasts and Analysis 2015–2020).
The massive growth in funding for Australia’s FinTech sector is also demonstrated by 2018 figures released by Techboard, showing the last quarter of 2018 injecting another $1.066 billion in funding for Australian start-ups and young tech companies, with venture capital investment in Australian FinTech swelling to $343 million last year.
The traditional model of payments, investments, credit, super and banking is dead. Innovation in the FinTech space is not only changing how we do these things, but it’s also changing the very nature of what they mean. Technology is pushing the financial world to be fairer, more ethical and more transparent. And that’s never been more important as now, with forecasters suggesting consumers and businesses are set to make 841 billion non-cash transactions in 2023, a 46% increase from current levels.
One of the great changes poised to enable FinTechs to develop products and services that better benefit consumers are the progression of Australia’s Consumer Data Right bill which gives people control over the use of their data and enables them to direct data to be shared, laying the foundations for open banking.
To speak with one of our FinTech consultants, please call:
|Radé Radinovich||+61 450 576 774|
|Ella Johnston||+61 402 599 920|
|Kristen Barling ||+61 413 004 600|