finder fintech round-up: Blockchain testing, banks losing consumer trust and Australians embracing fintech

Elizabeth Barry 23 September 2016 NEWS

collaborating on fintech

Fintech was the topic of several surveys and reports that gave us further insights into Australia's opinions on emerging markets.

The global and Australian fintech space was awash with research this week, as EY, TransferWise and IDC gave us global and Australian fintech stats. A new homegrown startup is also looking into blockchain technology for the investment space and collaboration became the name of the game.

Banks are losing consumers' trust as alternative providers emerge

A Global Consumer Banking Survey from EY reveals that 40% of global consumers are losing dependence on their banks while also becoming excited about the offerings of alternative providers. However, the numbers show that we still have a need for bank branches.

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A fintech startup from Sydney is testing a new blockchain platform

Startup Othera is going to make use of Ethereum blockchain to offer companies in investment markets a transparent and sustainable way to trade and manage credit, risk and debt. Two of Othera's prototypes are currently being tested and will be released in the next 12 months in Australia, the US and the UK.

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Banks are focused on collaborating with fintechs

A worldwide banking survey by IDC found that banks are looking to collaborate with fintech companies rather than acquiring them. The survey drew on over 500 responses from 24 countries.

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Australians are ready to embrace fintech for banking

A report from TransferWise found that almost half of Australians expect to use fintech services for 50% or more of their financial needs in five years' time. This was considerably higher than other countries, including the UK where only 26% had the same expectation.

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The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Friday to catch up.

Image: Shutterstock

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