PARTNERSHIPS DRIVING THE LOCAL FINTECH SECTOR

Financial technology startups are growing in Australia, from less than 100 in 2014 to approximately 579 companies today. Many financial businesses see this as a direct threat, but if our country is to have any hope of building a world-class financial services technology industry, the future lies not in competition, but in collaboration. We are already seeing the local attitude change, with a recent PwC report finding that over 82% of financial institutions expect to increase fintech partnerships in the next three to five years.

By partnering and collaborating with smaller fintech startups, established companies can accelerate industry growth and push the capabilities of both parties forward. Australia has a unique fintech ecosystem, with impressive talent and the much-needed capital. By embracing the fintech partnership model, we can solidify our position as a leader in the global fintech space.

Fast moving and technology-oriented, fintech startups have the ability to innovate on a level that larger institutions could only ever wish for. Specific fintech solutions require an element of agility and flexibility, that are more easily provided by smaller and focused companies.

Working as part of a small team gives startups the flexibility and ability to pivot, something that larger companies lack. They are faster to react and ultimately, are able to provide superior solutions when compared with more traditional institutions. Read more

Michael Rom - Dynamic Business - 20 Oct 2017