FinTech is a combination of technology and financial services that’s transforming the way financial businesses operate, collaborate and transact with their customers, their regulators and others in the industry. All types of companies, from startups to tech companies to established firms are now using FinTech.
RegTech (Regulatory Technology) are services and tools using Big Data and Cloud Computing to enhance a company’s ability to monitor, report, and comply with regulatory requirements. Startups in RegTech use AI and other predictive analytics to automate compliance tasks, reduce risk fraud, perfect authentication and identity management. As global banking regulations become ever complex, RegTechs help banks to increase transparency and consistency, while lowering the cost of compliance.
FinTech companies offer products and services in areas largely to include money transfers and payments, savings and investment, borrowing, and personal finance management. Other areas covered by FinTech include:
- Wealth and investment
- Data analytics and big data
- Payments, wallets and supply chain
- Business tools
- Marketplace-style or p2p solution
- Asset management and trading
- Insurance tech (InsurTech)
- Identity, security and privacy
- Crowdfunding investing
The three main type of FinTechs are:
- providing a direct service to customers which are effectively in competition or opposition to the incumbent banks
- providing a service directly to the bans; and
- facilitating the wider eco-system eg. intermediaries, general payment providers and providers of generic software platforms.
With FinTech innovations at the forefront of tech disruptions in recent years, the future of financial services is expected to continue to emerge with new technologies particularly in mobile, biometrics, open banking APIs, Artificial Intelligence (AI), Blockchain and Big data. Consumer adoption of FinTech is also growing fast throughout Australia. It is increasingly trusted by consumers owed to the speed, convenience and transparency given through these tech solutions enabling greater choice and control to make informed decisions.
This increased adoption of FinTech and RegTech services is likely to deliver considerable economic benefits including a potential next wave of economic growth. These are expected to cause job disruptions, creating new jobs, new titles involving analytics, AI and new technologies.
As emerging technologies in FinTech continue to increase the number of high-value jobs, so too does the demand for highly skilled individuals. With the Commonwealth government set to focus on science, research and innovation as long term drivers of economic prosperity, jobs and growth, continued and meaningful support will be given to FinTech companies to successfully develop their idea and bring it to market.
The Global Talent Independent program (GTI) launched by the Department of Home Affairs on 4 November 2019 is designed to attract skilled migrants at the top future focused fields to Australia. It also allows employers to sponsor overseas workers for highly-skilled niche positions that cannot be filled by Australian workers or through other standard visa programs.
Australian FinTech companies currently note the following as the top 3 talent shortages: engineering/software (69%), sales (41%) and marketing (33%).
If you believe you qualify for the GTI program, please get in touch with us today to learn how your application can be fast-tracked.