This is The Year for FinTech, says Frost
Whilst FinTechs are attacking every product line of the Banks, the closure of Xinja Bank, and the purchase of 86 400 by NAB/UBank sent some mixed signals to the fintech and banking sector, says Glen Frost, Founder of the FinTech Summit.
“It’s true that BNPL is wiping out the credit card sector; fintechs specialising in FX, payments, lending, home loans, business banking and wealth advice are really starting to attack banking revenue – and Open Banking will really kick in this year – meaning fintech customer and revenue growth will be unprecedented – and reflected in market cap/valuations – so 2021 will be a year of huge change,” predicts Frost.
“Will one of the ASX listed fintechs buy one of the Banks? Will the Banks buy more fintechs, like NAB/UBank buying 86 400? Will more Banks partner with FinTechs, like Afterpay and Westpac? The answer is yes to all of these,” added Frost.
“The past few weeks have seen a sad moment for the neo-bank sector; Xinja Bank closed; but there are a handful of ‘neo-banks in waiting’, looking to get RADI/APRA banking licenses – will these new players take on the traditional financial services brands – will these aspiring neo-banks get distribution before banks buy them out?
“One thing is sure – this is a year of huge change for fintechs – and given the impact of Covid, and the end of Government support payments, this will be the year for fintechs to prove themselves,” said Frost.
To learn more, we’re putting on a free conference to explore these changes. The conference is for Fintech and FSI leaders that want to learn about the latest innovations in fintech and hear from companies that are shaping the future of finance. The Fintech Summit is a free virtual conference, in partnership with Amazon Web Services.
Our Four Key Themes for This Year’s Event
- Fintech / FSI collaboration
- Neo-Banks: The Good, The Bad & The Ugly
- Open Banking and The Consumer Data Right
- Fintechs and the Venture investment Community
Join the 7th Annual Fintech Summit on 23rd – 25th March to hear from Fintech Founders, CEOs, Investors and Ecosystem Experts.
Attend the 7th Annual FinTech Summit 2021 – online and FREE
REGISTER HERE: www.fintechsummit.com.au