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What is fintech?
Fintech is the combination of finance and technology (FIN + TECH). While it was originally used to describe new companies used technology to compete with banks in financial services, it now applies to banks, startups and any company that uses technology to make finance faster, cheaper and more accessible.
How long has fintech been around?
Fintech has been around since technology has been used to improve financial services. This goes back to the introduction of the first ATM in the late 1960s. However, what we consider to be "fintech" today is the use of technology to completely rethink the way we interact with money and challenging incumbent players (banks) to keep up. For that reason, fintech is usually said to have started after the Global Financial Crisis (GFC).
What are some examples of fintech?
Fintech can apply to a number of different financial services and products. In banking, it's any bank that is offering tools to help you manage your money better through your app or automatically categorise your expenses. There is a new range of banks that are exclusively developing products like this called in Australia digital banks or neobanks.
Robo advisors that help you automate your investments are another example of fintech, as are insurance companies that are using technology to help you lower your premiums or customise your policy.
What has driven the development of fintech?
There were many drivers behind the development of modern fintech. This included a loss of faith in traditional banks, people losing money and property during the GFC and new financial regulations that were introduced because of it. All of these things and more saw the formation of startups trying to do finance differently and using technology to do it more quickly and cheaply. Fintech today has been extended beyond the realm of startups; it has been embraced by banks and companies worldwide and found its way into nearly every corner of finance.
Here you can find out the latest fintech news for Australia as well as product reviews and explainers.
Your credit report likely now includes more data and your credit score may have changed as a result. Read more…
Latest news in fintech
CEO Anthony Eisen waves off concerns that increased scrutiny by policymakers towards the BNPL model will impact company growth. Read more…
"We're wandering into these huge property assets with no idea about what's going on." Read more…
Digital bank Up says a credit product is on the horizon, but it won't be launching one any time soon. Read more…
Digital bank Up will link to TransferWise's API to allow customers to send money overseas in 52 currencies with the real exchange rate from within the Up app. Read more…
We take a look at what the analysts are saying about Latitude Financial's IPO. Read more…
Beyond avocado toast, finance expert Ted Richards takes a closer look at some of the big money lessons we can learn from millennials. Read more…
WATCH: Fintech reviews and explainers
- Afterpay CEO defends payment model as UBS report flags risks
- Fintech will give us more data about our properties and help us make better purchases
- Why Up bank hasn’t launched a credit card or mortgage, yet
- Up bank launches cheap international money transfers via TransferWise partnership
- Latitude’s $3 billion float – should you invest in this year’s biggest IPO?
- What can millennials teach us about money?
- How far are we from a cashless society?
- Today is the deadline for comprehensive credit reporting
- Banks are having their iPhone moment
- Citi calls on fellow banks at Sibos 2019: “It’s not about fancy apps”
- Entire Opal network now accepts contactless payments
- European central banks reject Facebook Libra, accelerate digital currency plans
- “Smartbank” 86 400 launches with a feature that’s a first in Australian banking
- Xinja receives full licence, launches bank accounts
- Revolut Australia hands-on review (after 1 month’s use)
- Australian fintech funding round-up: August 2019
- Vulnerable Bitcoin prices give way with abrupt plunge to $9,500
- Buy now pay later has come for small businesses
- Digital bank 86 400 reveals details of its transaction and savings account
- Real-time payments in the millions but not all Australians have access
- Citi customers can buy now pay later at Kogan.com
- Bitcoin plunges under $10,000 in worst drop in 30 days. What’s driving it?
- TransferWise launches Platinum Debit Mastercard in Australia
- China’s central bank digital currency is ready. Here’s how it works
- 7 tips for Australian import/export businesses