Future of finance

Technology innovators are helping to reshape the financial services industry, a study conducted by the Australasian Wealth Investments (AWI), KPMG Australia and the Financial Services Council (FSC) has found.

The report, entitled “50 Best Fintech Innovators”, identified those companies most likely to succeed due to innovative use of technology. It found that the fintech industry is the most successful, with financing having more than trebled in the past three years to an estimated AUD$3.7 billion annually.

This is driving the unprecedented levels of innovation seen in the financial services sector over the past 12 months, the report stated. It added that this level of spend and intensity of focus will, and already has, led to the development and release of products and solutions that will change the way customers view and interact with their financial services providers forever.

“The financial services industry is poised at the brink of changes that will forever alter the way customers view us, what they expect from us and how they interact with us. And Fintech is the driver of that change,” said Ben Heap, CEO and managing director of AWI.

“We have crossed the precipice with Fintech. Disruption is underway in the financial services market in Australia and globally,” Heap said.

To read the full study, click here.