Financial Technology

What is Financial Technology? Fintech, a portmanteau of the words “financial” and “technology”, is a rapidly evolving industry that aims to utilise technological services and products to replace traditional methods of finance and banking. Fintech is growing in importance, as companies today innovate in almost every area of finance in order to stay ahead of their competitors and create increasingly efficient services for customers. Types of Financial Technology There are four main types of financial technologies which are widely utilised in Australia, although it should be noted that this list is not exhaustive. Peer-to-peer lending refers to bringing interested borrowers and lenders together through a third-party platform. SMEs can borrow small business finances without having to procure assets for security. Digital banks and digital wallets are especially prevalent in the age of COVID, allowing customers to easily access their banking services, make contactless payments and gain insight into their spending habits. Robo advice is an automated investment platform that leverages AI and machine learning to assist consumers in managing their investment profiles. Finally, cryptocurrencies are currencies that exist only in the digital space and can be transferred securely across a public network.

COMMON DUTIES

Fintech Analysts can work with organisations such as:

Citi, TapIt, Upstreet, Joust, MyPayNow and WeFund

Utilising a strong understanding of Blockchain technology to improve operations and services in FinTech industries such as cryptocurrencies, commercial payments, cash loans etc Working as a product manager in a scrum team, delivering enhancements to finance-sector apps

Developing analysis and business cases for vendor selection and partnering with new business Analyse competitive landscape, go-to market strategies and product roadmap prioritisation