Fintech also known as financial technology is a software that increases the financial services and processes. It aids the companies, business owners and consumer to manage their finances by utilising a computer or smartphone integrated with a specialised software and algorithms. Fintech utilises several technologies including artificial intelligence (AI), application programming interface (API), blockchain and data analytics. banking, financial services and insurance (BFSI) sector are the major users of fintech and utilises it for the transfer of funds, loans, insurance, personal finance etc.
According to SPER Market Research, ‘Australia Fintech Market Size- By Trends, By Revenue, By Share, By Size, By Growth Strategy, By Challenges, Opportunities Future Competition till 2033’ states that the Australia Fintech Market is estimated to reach USD 33.99 billion by 2033 with a CAGR of 28.5%.
The growth in the Australia fintech market can be attributed to the rise in the digitization across the BFSI sector. It aims for the smooth running of the large volumes of data in a timely manner. It further aims to minimize errors due to human. Fintech solutions integrated with ML offers wide range of advantages. By knowing the spending behaviour of borrower, ML can refine credit decision models, with the identification of patterns of risk with accuracy. Rapid technology advancement like AI and blockchain accelerate the growth of the fintech market in Australia. Continuous increasing demand of the customer for an easy and more personalized financial services created a need for providing user-friendly mobile apps, digital wallets.
Out of many risks, cybersecurity risk poses as one of the major risk factors. The risk to financial fraud, data breaching and theft to identity raises a concern for a more robust financial service system, to protect the sensitive details. Compliance to the regulatory environment of Australia challenge the market growth. This is due to the fact that complying with the evolving regulations could be complex and time consuming. The uncertain condition of the market and a significant shift in the sentiments of investors, challenges the economy and hinders the market growth. Rise in the capital still remains a major challenge.
Request For Free Sample Report @ https://www.sperresearch.com/report-store/australia-fintech-market.aspx?sample=1
Impact of COVID-19 on Australia Fintech Market
The outbreak of the COVID-19 pandemic recorded a sharp increase in consumers wanting more solutions of fintech like mobile banking apps, online lending platforms and digital payments, since consumers didn’t want to visit bank branches physically due to social isolation. An increase in the adoption of digital financial services was observed. Due to the pandemic the people realised the need for being financially stable and that led to an increase in the new fintech solutions to be made in areas like insurance and wealth management.
Australia Fintech Market Key Players:
New South Wales followed by Victoria accounts for the largest market share in terms of Australia fintech market. The region was dominant due to the strong regulatory environment, robust financial sector, innovation and technology adoption. Some of the major players in the Australia Fintech Market are Afterpay, Airwallex Pty Ltd, Athena Mortgage Pty Ltd, Divipay Pty Ltd, Judo Bank Pty Ltd, mx51 Pty Ltd, PTRN Pty Ltd, Stripe Inc., Wise Australia Pty Ltd, Zeller Australia Pty Ltd.
Australia Fintech Market Segmentation:
By Technology: Based on the Technology, Australia Fintech Market is segmented as; Application Programming Interface, Artificial Intelligence, Blockchain, Data Analytics, Robotic Process Automation, Others.
By Deployment Mode: Based on the Deployment Mode, Australia Fintech Market is segmented as; Cloud, On-Premises.
By Application: Based on the Application, Australia Fintech Market is segmented as; Insurance and Personal Finance, Loans, Payments and Fund Transfer, Wealth Management, Others.
By End User: Based on the End User, Australia Fintech Market is segmented as; Banking, Insurance, Securities, Others.
By Region: This report also provides the data for key regional segments of New South Wales, Queensland, South Australia, Tasmania, Victoria, Western Australia, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Australia Fintech Market Future Investment
Related Reports:
Follow Us –
LinkedIn | Instagram | Facebook | Twitter
Contact Us:
Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
+1-347-460-2899
