Fintech adoption rising in Australia

The future is undoubtedly digital, and one of the technological areas in which Australia excels is financial technology. As fintech becomes a fixture in the country’s economy, it is transforming the way businesses work and driving a demand for tech savvy job candidates with the expertise to help organisations adapt and thrive.

Fintech adoption is changing the way Australian businesses work.Fintech adoption is changing the way Australian businesses work.

Fintech gaining traction in Australia

Financial technology is developing an increasingly large presence in the Australian business world, with innovations such as Bitcoin, digital payment and artificial intelligence becoming integrated into the country’s economic future. According to Cameron Dart, the Founder and Chief Executive of industry news source Australian FinTech, the number of fintech operators in Australia is rapidly growing and exceeding expectations.

“When we first started Australian FinTech back in 2015, we estimated there to be around 100 to 150 Australian fintech companies. We were very wrong. There were about 300 fintech companies back in 2015, which grew to around 450 in total during 2016 and now we have just tipped over 600,” he told the Sydney Morning Herald.

“So the growth rate is quite phenomenal and there’s more to come. We know of at least another 20 to 30 that are yet to launch.”

Australia has a consumer fintech adoption rate that is 4 per cent higher than the global average.

Australia competing on the global adoption landscape

The rate of Fintech adoption is impressive both locally, and on an international scale. The latest EY Fintech Adoption Index ranks Australia as fifth in the world, with a 4 per cent greater consumer adoption rate than the rest of the world. RateSetter Chief Executive Daniel Foggo explains that while it’s still early days, Australia is rapidly catching up with overseas fintech markets such as the US and UK. This is largely to due a number of new opportunities becoming available to local business, particularly in banking-related areas.

“We are starting to see companies gain traction across peer-to-peer lending, payments, wealth management, data and some additional niche areas, and we’re already starting to see some successfully build permanent alternatives to the old ways of doing things,” he said to the Sydney Morning Herald.

If Australian businesses are going to be ready to adapt to a Fintech-driven world, they will need suitably skilled professionals that enable them to take advantage of these innovations. To learn more about the recruitment services we provide in the education and business spaces, check out the Bridge Consulting website here.