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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.
Buy now pay later is another huge market in fintech. Services such as Afterpay, Zip, Klarna bundll and Humm allow people to spend with merchants and then repay in installments. These platforms combine tech and finance to offer innovative solutions to consumers including digital receipts, budgeting tools and more.
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.
Latest news in fintech
From impulse saving to property credit, here are some of the new ways you can buy now pay later.Read more…
A lot more companies are going to take part in open banking.Read more…
The total interest rate on the Volt Save account will be cut by 20 basis points, from 1.45% p.a. down to 1.25% p.a.Read more…
The new partnership offers a number of benefits, including instant payments.Read more…
Digital banks are cutting the interest rates on their savings accounts and reducing the amount of money you're able to earn interest on.Read more…
The government wants to be a leading digital economy by 2030.Read more…
WATCH: Fintech reviews and explainers
- Beyond Afterpay: New ways to buy now pay later
- How Australian banking will change in 2021
- Volt joins fellow neobanks and announces a cut to its savings rate
- You can now use eftpos cards with Samsung Pay
- Xinja, Up, 86 400 cut savings rates: Are neobanks still competitive?
- Budget 2020: Millions of dollars to go towards the digital economy
- This “buy now pay later” for bills saw sign-ups surge during COVID-19
- Consent and the Consumer Data Right in Australia
- Why Afterpay, Zip and BNPL share prices are crashing
- You can now tap and pay at funerals
- Revolut launches in Australia: How does it compare to rival neobanks and fintechs?
- How COVID-19 changed how Australians think about cash
- 86 400 customers can now see Zip transactions in their banking app
- New COVID-19 lending scheme for SMEs selects fintechs Moula, Prospa
- Finder launches app to help you save up to $8,496 per year
- How will we be using buy now pay later one year from now?
- Xinja isn’t taking new savings account customers, where else can you look?
- New fintech Cheq lets Aussies access their pay instantly
- Neobank Volt announces industry-first partnership with Cotton On
- Hay: New fee-free travel card and app to launch in Australia
- You can now buy now pay later through Mastercard with bundll
- You can now open 3 savings accounts with digital bank 86 400
- Meet Klarna: Afterpay’s new rival that you can use everywhere
- Buy now pay later industry agrees to new standards
- Here’s why Australians are flocking to the new digital banks