5th Annual FinTech Summit 2018: The Year of The Challenger and Neo-Banks!
5th Annual FinTech Summit 2018 – This is the Year of The Challenger and Neo-Banks!
This year will see the launch of a number of ‘challenger’ and ‘neo-banks’ in Australia who will take on the Big End of Town.
Remember – banks think they own the financial services sector because they have the customers and the distribution – the branch networks, and the (thousands of) financial advisors.
Here’s the problem – all the new customers, the millennials, don’t trust the banks, or their advisors, and we haven’t yet heard the final recommendations of the Hayne Royal Commission – will there be criminal prosecutions? (Free Tip: It’s very hard to own a banking license if you have a criminal record)
As for distribution – well that’s been replaced by the Apple App Store and Google Play. For the fintechs and the neo-banks, distribution is the smart phone.
Innovation is being led by new players – like Afterpay, who are now expanding globally.
There are massive changes coming like Open Banking (arriving in 2019); get ready for digital sovereignty, where consumers own the data about themselves, and can move their data upon request.
Reg-Tech will offer total transparency to financial services – there will be no hiding behind the ‘rogue employee’ or ‘I didn’t know this was happening’ excuses that we hear from some CEOs; the future of banking and financial services is radically open, in lots of ways. (Free Tip: Reg-Tech will make ASIC and APRA’s job really easy too – no excuses for anyone, anymore)
You know what happened to traditional media when the new media arrived. We are witnessing the beginning of a radical change in financial services – will it be like the media industry? Will it be Bank Armageddon? Will the banks partner with fintechs? Will they invest in fintechs? Or acquire the best fintechs?
All these issues, and much more, will be covered at the 5th Annual FinTech Summit 2018.
Register here: www.fintechsummit.com.au
Pricing: $250+gst for startups; $350+gst for others
5th Annual Fintech Summit 2018
Date: Tuesday, 16th October
Venue: Ashurst Ballroom, Level 9, 5 Martin Place, Sydney, NSW 2000
