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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
As Revolut announces it's open for business in Australia, we look at how it compares to the likes of Up bank, TransferWise and 86 400. Read more…
More of us are using mobile wallets and are comfortable with the idea of a cashless society. Read more…
Customers of Aussie neobank 86 400 will be able to see (BNPL) purchases within their own bank accounts thanks to a new partnership with Zip. Read more…
Xinja Stash has been a popular choice for savers due to its market-leading rate, but there are now several savings accounts offering a better deal. Read more…
The SME Guarantee Scheme will help businesses access new loans during the coronavirus crisis (COVID-19). Read more…
Finder's new app launched with the aim to help Australians save. Read more…
WATCH: Fintech reviews and explainers
- 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
- Xinja cuts savings rate: Where can you get the best interest rate now?
- New COVID-19 lending scheme for SMEs selects fintechs Moula, Prospa
- Finder launches app to help you save up to $8,496 per year
- Volt bank and 86 400 both cut savings account rates
- 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
- Understanding Australia’s proposed digital wallet regulations
- Australia’s biggest fintechs lift the lid on industry problems
- Raiz to introduce new fund with Bitcoin exposure
- Xinja Stash: The Xinja savings account is here
- 5 finance changes for 2020
- Fintechs sceptical of open banking rollout
- Open banking has been delayed again
- Apple Pay is finally available to St.George, BankSA and Bank of Melbourne customers