Going deeper into the FinTech meaning
By Isabela Vital, Aug 14th 2020
Probably you have heard this word at some point but you may be unsure about the meaning. “FinTech” means Financial Technology, a mix of two industries that once unified, it focuses on the application of digital technologies to the provision of financial services.
There is currently a booming tech industry in Australia as well as overseas. Moreover, according to EY FinTech Australia Census 2019, it brought more business opportunities, consumers are looking for alternatives to the incumbents, and the highest adoption rate in Australia was under “Money transfer and payments” category (78%), while in a Global aspect, 75% rate. Adding to EY research, there is an average of 89% of consumers aware of the existence of in-store mobile phone payment platforms. Also, 82% are aware of peer-to-peer payment systems and non-bank money transfers.
To illustrate the idea, some examples of FinTechs are Budgeting Apps together with Mobile Payments. If there is an app for your bank, which lets you make payments through it, then, it is FinTech.
Australian companies such as Afterpayas well as Zip Co also use technology aligned with financial services. Especially during COVID-19, people are spending much time at home instead of going to the bank or shopping, for example. So, it is a win-win for not only businesses but also customers as one keeps the service on the same page as the main scenario, while the other has quick options to finish tasks without needing to leave where they are.
Some Sydney-based FinTech companies are Spaceship, Valiant Finance, MoneyMe along with InDebted. They developed different platforms. However, all of them have the same direction, that is combining Financial with Technology services in an optimised way.
Now that you have an idea about it take a look at the 4 Career Prospects in Today’s FinTech Landscape to be informed about what is trending in terms of being successful working in this industry.
Do you want to learn even more about it? You can download our FREE course booklet!
Join us with our new IMC Micro Credential courses specialising in FinTech and related fields!