A renewed commitment to innovation is a key component of Australia’s shift to a multi-engine economy, and financial technology – or “fintech” – is playing a major role in that process.
Adam Penny, Managing Director and Head of Financial Institutions Australia; Aadesh Thakkar, Director, Financial Institutions Group; and Kevin Wilson, Vice President, Australia Head of Technology Origination, Australia explain the role fintech is playing in Australia’s transition to a multi-engine economy. Click here to learn more. English / Simplified Chinese (简体中文)
FINTECH ON THE RISE
As the world becomes increasingly interconnected, the number of fintech players has exploded globally. Australia is no exception. Backed by seed and venture capital, equipped with top talent and build on highly scalable technologies, fintech companies will become a significant growth engine for Australia’s financial services industry.
Adapt or Lose
Established financial services providers in Australia are having to adapt to new competitive threats or risk losing market share. Fintech solutions bridge the large gap that often exists between evolving customer expectations and legacy financial services and systems.
New fintech innovation hubs, improved access to early stage capital, and an evolving legal and regulatory framework will turbocharge the sector's development in Australia. Given the rapid rate of technological innovation, falling technology costs and changing consumer behavior, fintech will inevitably underpin Australian financial services going forward.
Corporate Banking, Australia
SEIZING THE OPPORTUNITY
Seizing Australia’s fintech opportunities will put investors at the forefront of the new, nimble and flexible financial services sector. The fintech opportunity Down Under is significant, given the importance and size of Australian financial institutions and the financial services sector relative to the broader market.
- Fintech entrants will accelerate their attempts to either complement or dislodge incumbents as Australia aims to become a hub of innovation.
- Fintech is disrupting traditional revenue streams through mobile and online enabled ecosystems, as well as emerging technologies like blockchain and artificial intelligence.
- Improved access to capital, new innovation hubs and an evolving regulatory environment mean the fintech sector is growing rapidly and attracting top talent.
- Investors in the sector will benefit from various established protections and start-ups are offered a highly consolidated market with various areas ripe for innovation.