Emerging technologies are changing the future of financial services

Emerging technologies such as blockchain, data and artificial intelligence (AI) are disrupting the landscape of the financial services industry, participants at Swinburne’s Financial Technologies (FinTech) panel discussion have heard.

Renowned FinTech leaders came together to discuss the trends, challenges and opportunities of FinTech in Australia. The event’s panel discussion was moderated by Director of the Master of Financial Technologies, Dr Dimitrios Salampasis.

Representing a diverse range of industries from start-ups such as WORBLI and Moula, to traditional banks and regulatory bodies, the panellists shared insights into how FinTech is disrupting or presenting opportunities for their organisations.

Manager of Corporate Development at Bendigo and Adelaide Bank, Cameron Stewart, said that as customers move away from coming to physical branches, these expectations must be met with a strong digital strategy.

“We see the rise of FinTech as a real opportunity for us to partner with people developing smart ways of engaging with customers, improving their experience and creating efficiencies in business models,” Mr Stewart said.

Many companies emerging as a result of these new technologies are changing the financial services sector.

Co-Founder and Executive Vice President Marketing and Product of WORBLI, Samuel Russell, said through blockchain technology, WORBLI aims to be at the forefront of a technological revolution that spans the financial services sector and beyond. The start-ups mission is to develop the world’s most cost-effective and developer-friendly consumer and enterprise blockchain platform.

“Our vision for WORBLI is one bank for every currency and also for all digital assets. There was no existing infrastructure for this, so we set out to build our own. There are nuances of blockchain that can really benefit how organisations operate today,” Mr Russell said.

“The biggest cultural challenge has been getting everyone working on the project to actually understand what it is. One of our focuses is executive education because there are so many intricacies of blockchain. Even at the grassroots, we’re still learning.”

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Source: FinTech and the future of financial services | Swinburne news