Australian FinTech covers all the key areas of the fintech industry including peer to peer, investing, currency exchange, cryptocurrency, digital wallets, payments, loyalty, budgeting and of course robo advice.
Australian FinTech also carries a directory of Australian fintech products and services, an essential who’s who of the industry. Co-Founder Cameron Dart is a wealth of knowledge on the fintech world, he shares his thoughts and wise insights on the future of fintech, artificial intelligence and robo-advice.
Which areas of fintech are generating the biggest ‘buzz’ at the moment?
There are so many categories and sub-categories of financial technology (fintech) that it’s hard to pinpoint which is the most exciting segment. We recently went to a fintech event – NextBank Brisbane – where nine fintech businesses showcased their wares. All were completely different and all were amazing products and services that I would definitely use.
However if I had to pick one area, Bitcoin / Blockchain seems to attract the most amount of hype, probably because not many people understand the technology. However it is here, and it’s going to become more mainstream over the next few years.
What do you think about the rise of Artificial Intelligence (AI)? Do you believe it will have a major impact on the business environment?
I think it’s quite exciting and over the coming years it will be very interesting see what is produced in this field and its effect on fintech. I think it will certainly have a positive impact on businesses but on the other hand will see losses of jobs. For those who have seen Terminator too many times, ‘AI’ might be a little scary!
What do you believe is currently the most exciting area of fintech?
I think it would be payments. Everyone hates paying bills and transferring money and there are some really clever fintech companies out there making it easier and more user-friendly to carry out a boring task.
Do you think rise of robo / digital financial advice will transform the financial sector?
No it won’t completely transform the sector. I think robo-advice will play a big part, and it will be ever-increasing, but I think that a majority of people like human advice. Saying that, the younger generations will use robo-advice more than older generations.
Where do you think Ignition Wealth sits within the Australian fintech landscape?
I think Ignition Wealth has positioned itself extremely well and is being very active and proactive – certainly at the forefront of robo-advice.
What impact do you think fintech will have on accountants and accountancy practices?
I don’t think it will have too much of an effect in the short term and I see accountants – and others like banks and financial planners – embracing, utilising and even joint-venturing with fintech companies as these companies become more mainstream.
Do you think robo-advice has the ability to take off in Australia like it has in the US and the UK?
Absolutely. Fintech is a multi-billion dollar industry in the US and UK. We are a long way behind in size and acceptance, but not technology. We have ground-breaking technology here – we just need to educate the masses that fintech is here, it’s helpful and it’s here to stay.