Australians ready to embrace fintech for banking

Peter Terlato 19 September 2016

Online tech banking

Tech solutions will transform banking and finance in Australia by 2020.

New research has revealed Australia to be the most "fintech-ready" country, ahead of Germany and the United Kingdom amongst others.

The results come from TransferWise's latest report - The future of finance: how technology is democratising the financial services sector.

While more than half (51%) of all respondents claiming they've never used a technology provider for any financial service, almost the same amount (47%) expect to use financial technology (fintech) services for 50% or more of their financial needs in five years' time.

In comparison, just 31% of Germans and only 26% United Kingdom had the same expectations.

An even higher percentage (61%) of Aussies expect to use a tech provider for at least one service their bank would usually provide by 2020.

More than a quarter of Australians (26%) believe they'll use fintech for daily banking services such as transaction accounts, savings accounts and credit cards.

By 2026, 15% of Australians anticipate they'll be using fintech for all their banking and financial needs.

Affirming Australia's readiness to embrace financial technology, startup superannuation fund Spaceship raised $1.6 million in capital to bolster investments in technology stocks, with hopes of diversifying retirement savings for millennials.

Just last month, Australia was praised for its forward-thinking, cultivation of venture-capital (VC) backed fintech startups.

The Commonwealth Bank of Australia also made some noise in the fintech space in August, partnering with a consortium of global banks to test the efficiency of blockchain technology in trade financing, while in June, Australian Securities & Investments Commission (ASIC) began consultations to develop a regulatory sandbox – a limited licensing exemption allowing start-ups to test new financial services.

For more information, news and weekly roundups of Australia's burgeoning fintech industry, check out our comprehensive guide to Australia's innovation landscape.

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Picture: Shutterstock

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