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How emerging tech is changing the financial services landscape

Credit: Swinburne University of Technology

Renowned FinTech leaders gathered together at Swinburne University of Technology’s Financial Technologies panel discussion.

As reported, they came together to discuss the trends, challenges and opportunities of FinTech in Australia.

The changing financial services landscape

The discussion highlighted that emerging technologies such as blockchain, data and artificial intelligence (AI) are disrupting the landscape of the financial services industry.

The panellists represented a diverse range of industries that include start-ups, traditional banks and regulatory bodies.

They all contributed to the conversation, sharing insights into how FinTech is disrupting or presenting opportunities for their organisations.

A Manager of Corporate Development at a bank shared that with customers moving away from coming to physical branches, having a strong digital strategy is important.

The rise of FinTech is the perfect opportunity to partner with people who are developing smart ways of engaging with customers in order to improve their experience and to create efficiencies in business models.

Many companies emerging as a result of these new technologies are changing the financial services sector.

A start-up, for instance, aims to be at the forefront of a technological revolution that spans the financial services sector and beyond through blockchain technology.

Their mission is to develop the world’s most cost-effective and developer-friendly consumer and enterprise blockchain platform.

There are nuances of blockchain that can really benefit how organisations operate today.

The biggest cultural challenge was to get everyone working on the project to actually understand what it is.

A data-driven economy

The Chief Commercial Officer of a start-up founded to help business owners access the funding they need said that data is at the core of how his company operates and differentiates itself from traditional lenders.

Data is used to assess loan application. Thousands of different data point to determine whether or not to lend to a business and how much.

Consumers, according to the Senior Adviser with the Australian Securities and Investments Commission’s Innovation Hub, are not always aware of how much data they share and what it is being used for.

Preparing for a future career in FinTech

According to the Manager of Financial Services Technology Advisory of a global management consulting and professional services firm, the FinTech professionals of the future will require a mix of skills so they can adapt to the ever-changing landscape of FinTech.

Technical ability and skills are needed to understand what is being built. However, it is also significant to have a good awareness of the business problem being solved as well as what consumers will want.

Budding FinTech entrepreneurs were reminded that there is a competitive advantage associated with being a FinTech start-up.

One of the key benefits in a start-up environment is that the chance to get close to the customers and really understand them and their needs.

Doing so will allow the company to identify opportunities that will create value and get to market quicker with solutions.

In large organisations, this process is slower because there are so many layers between customers and decision-makers.

Spearheading FinTech education at the University

The panel discussion was part of the Frontiers of FinTech unit and gave students real-world insight into how technology is challenging traditional financial service organisations and creating opportunities to innovate in the sector.

Delivered through the University’s Australian Graduate School of Entrepreneurship (AGSE), the Master of Financial Technologies provides graduates with an understanding of the major emerging technologies and how they affect products, services and business models across financial services industries.

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