Aus fintechs: riding the investment wave
Australia’s fintech industry is booming and shows no signs of slowing down.
Over the past year, four fintechs have been granted full banking licences, several fintechs have publicly listed on the ASX and a “unicorn neobank” arrived on Australian shores.
“Should the big four be concerned that their oligopoly may be ending?”
In recent decades, the Australian banking sector has consolidated around the four major banks as state banks were privatised and several regional banks were taken over.
However, following a turbulent time for established banks with increased scrutiny and lower levels of trust, the incumbents are increasingly taking notice of fintechs, who have their sights firmly on their customers.
Fintechs are not encumbered with legacy technology and established organisational structures, allowing them to be more nimble and focused on the customer. They also promise a new, digital first alternative to the banks.
Should the Big Four be concerned their oligopoly days may be numbered?
To read more, please click on the link below…
