FinTech is altering the landscape of Australian banking

0

CURRENT TRENDS IN THE OVERALL FINTECH INDUSTRY

According to a recent study by McKinsey, there are now over 2,000 FinTech firms compared with about 800 in April 2015. This proliferation of disruptors entering the FinTech space has altered the landscape substantially, and one of the most interesting outcomes has been the shift in perception of financial institutions considering FinTech firms as partners rather than competitors. This change has created many new opportunities and innovations in the banking sector.

Digital Banking branding trends are across all platforms and include customer onboarding as an added service that begins the brand identity at the very start of the customer journey. Internet and peer-to-peer lending are other competitive forces that continue to gain traction. Gaming is beginning to gain traction as a brand strategy and innovation that some firms are beginning to employ to differentiate themselves from the growing crowd in the FinTech market space.

COMPETITIVE SET

Avoka – this global brand with outposts in Australia, the UK and US is quite similar to DA in its offerings and depth of services. Their current brand movements and positioning include their efforts to lead the market in frictionless sales integration and interfaces and the speed at which they can take their clients to market. Avoka is a strong presence in the Cloud marketplace and is branding itself as a provider of solutions in that area.

Moroku – this Australian firm takes a unique approach to brand differentiation and carving a unique place in the marketplace through gaming. Their strategy is to offer innovation in a market segment where price is often the main differentiator. Moroku brands itself as an innovator that can help its clients to stand out and attract a younger client set through gaming innovation.

Sandstone Technology – very similar to DA, Sandstone Technology provides all manner of digital banking solutions to its 30+ global clients in the financial institution sector. Their firm HQ is in Australia with offices in the UK and the Philippines. Their current brand strategy includes offering a more engaged and seamless lending solution that includes innovative products that appeal to a broader range of customers.

They are also leaders in the LIXI Data Standardisation that allow their clients to conform to the changing and growing regulatory environments across the globe. This service allows Sandstone to create a competitive edge in the adherence to all global standards and regulations that affect their customer set.

New Payments Processing (NPP) is another feature that the firm is implementing. This process provides constant innovation and improvement to their clients' payment processing systems creating a more seamless and efficient tool on an ongoing basis. This allows banks to capture a larger market share and utilize receipts more efficiently.

TSWG – this Australian based firm has recently announced their partnership with the eWise digital platform that will allow TSWG to provide their clients with an entire suite of products that are consistently branded across all platforms. This allows end users to aggregate all of their financial accounts onto a single dashboard. The technology is being presented to credit unions, mutuals, and other financial institutions that want to offer their clients an omnichannel solution.

Share.

Leave A Reply

Comment moderation is enabled. Your comment may take some time to appear.