“Have we actually delivered?” FinTech Australia chair calls out fintechs, banks

Stuart Stoyan stressed the crossroads the industry will face in 2018.

It’s been a good year for Australian fintech. The 2017 Startup Muster survey turned out a glowing report card of a maturing industry; monthly revenue growth for post-revenue fintechs was up 208% over a 12-month period and 24% of fintechs surveyed reported revenue growth of 700%. The EY FinTech Adoption Index ranked Australia fifth out of 20 global markets with an adoption rate of 37% – more than double that of our result in 2015 (13%).

FinTech Australia chair Stuart Stoyan discussed these figures in a keynote at this week’s AltFi Australasia Summit, but rather than using them as a veritable pat on the back to the fintechs and bankers that sat in the crowd, he questioned whether these figures actually demonstrated that the financial disruptors had delivered better outcomes for customers.

“If you look at the ME Bank Household Financial Comfort report that came out a month ago […] 63% of Australians could not easily raise $3,000 in an emergency. And equally, 59% of Australians spent all of their income or more.”

“What is it that we as an industry need to be able to do to be able to deal with this type of issue?”

The answer, and what FinTech Australia’s focus will be for 2018, is open banking.

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Source: “Have we actually delivered?” FinTech Australia chair calls out fintechs, banks | finder.com.au