A new dawn in Australian FinTech

FinTech Expo showcases the scope of innovative solutions, including RateSetter, who are seeking to bring new alternatives to Australian consumers.

Yesterday, we were pleased to be invited to speak on a panel at the Sydney FinTech Expo, hosted by AWI Ventures and the ASX.

It was clear at this event that FinTech in Australia has moved up a number of gears in 2014, and that a new dawn for financial services is upon us. We are moving into an era where consumers will demand, and have, much greater control over their finances. With the arrival of FinTech, we have an opportunity for finance to revert back to providing a lubricant to our economy, not the friction that it has become.

Reducing reliance on ‘too big to fail’ institutions

Globally FinTech is experiencing a groundswell of interest, driven from the bottom-up, and we see Australia as being no different. While the number and maturity of FinTech businesses in Australia are some years behind other markets there is a real opportunity here to catch up. We believe that FinTech can bring greater diversity in financial services, reduce our reliance on ‘too big to fail’ institutions and to give consumers a better deal through the provision of more honest and fair financial services.

We can’t sit on our laurels

More needs to be done to strengthen Australia’s position in this important growth industry. We can’t sit on our laurels and let this opportunity pass. We need to work together to promote and adopt new and innovative ways of engaging with finance, be it how you use your smartphone to make payments or currency transfers, or how you choose to invest your money or take out a personal loan through peer-to-peer platforms. We won’t enjoy the benefits unless people dare to try something new.

Strong ties to government

FinTech also needs firm support from the government to thrive in Australia. When we look overseas we can see that the governments of a number of large economies are starting to provide enormous support to the industry. Hopefully, this is recognised by the Financial System Inquiry report which is being released next week. Let’s see.

This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.