Fintech’s growth and market potential
Fintechs range from digital-only banks to any technology used to streamline, digitise or disrupt traditional financial services. As the fastest growing financial sector, fintechs are disruptors with huge market potential. They’ve been embraced by businesses and consumers alike, with increased demand for 24/7 access to finances. Fintechs now have the opportunity to drive change, expand into other industries – and sometimes even scale up and expand into new markets. Those that thrive will have robust growth plans and innovative strategies. They also need to stay on top of challenges such as attracting and retaining talent, accessing much-needed capital to support growth, and keeping up-to-date with regulatory change in an environment that is constantly changing.
Technology and innovation at your fingertips
Driven by regulatory changes, shifting consumer preferences and the fast pace of technology transformation, innovation is at the centre of financial services. This has allowed organisations to become more competitive, better manage their data and make more informed decisions. Ranging from artificial intelligence synthesising information to drive personalisation and streamline operations, to open banking, enabling financial institutions to better manage risk and create tailored products – there’s a raft of innovation at your fingertips.
However, recent data breaches bring into focus the importance of cyber security and operational resilience, as well as having a strong strategy in place to prevent, minimise and rectify impacts. You’ll need to stay on top of requirements including APRA’s Prudential Standards CPS 234: Information Security and Prudential Standard CPS 230: Operational Risk Management.
