Australians ready to embrace fintech for 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.
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.