From open banking and NPP to blockchain and NFTs, the financial sector is in the midst of the greatest change in its history.
With everything up for grabs, can new entrants succeed in building new models and markets? Or can traditional banking incumbents add features and services to maintain their hold on customers? We explore the challenges and opportunities in the future of financial services, their importance to the wider economic recovery, and how issues of data, privacy, security, automation and more will play a role in building a new Fintech future. We are joined by two of Australia’s fintech industry leaders to discuss the challenges and opportunities for the local sector.
Guests:
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May Lam – Oceania Fintech Leader and Asia-Pacific Payments Leader, EY
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Michael Bromley – Group CEO, Stone & Chalk
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Anandh Maistry – Managing Partner, Banking and Insurance AU/NZ, Kyndryl
Show notes:
The financial sector is in the midst of one of the greatest transformations since ATMs emerged 50 years ago. Money now flows most freely as numbers swapped seamlessly between digital ledgers, cash fading fast during a pandemic where physicality was to be avoided as often as possible.
New standards for the finance industry have been slowly emerging at the same time. From open banking and NPP to blockchain and NFT, the conditions are ripe for new FinTech challengers to rise up to take on the traditional institutions. EY’s Fintech Australia Census in 2021 found 82% of Australian fintechs met or exceeded their capital raising goals last year.
We explore the ups and downs of the past few years, how fintech startups can find their path to success, and why these challengers can be at an advantage over the incumbent financial institutions. Plus, with many startups on a path to being bought out by the bigger players, how do we ensure innovation leads to real change for better consumer experiences? And what is the right way for fintech startups and big institutions to cooperate?
Links:
Credits:
The Tech Pulse Podcast is produced by Guardian Labs Australia
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Host: Seamus Byrne
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Guardian Labs producers: Alison Tanudisastro and Joady Weatherup
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Executive producer and Guardian Labs head of content: Justine O’Donnell
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Sound editor: Mellany Chun
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