Five Fintechs On Friday September 23, 2022

The new edition of the five fintechs on Friday is here! but first…

#Intersekt2022 – Attended but missed sessions? All sessions are now available on the Intersekt website through a login page.
Did not attend? Sessions will be up on our Youtube channel and Podcast in the coming weeks. Here are also the pictures from the two days.

Also check out…
Our corporate Partner ProbeCX has put together insights on How fintechs can maintain quality CX during these tough times.
Keen to understand more about the most anticipated and complex upgrade to Ethereum in the blockchain’s history? – Read more about The Merge from our policy partner King & Wood Mallesons.

Below are five fintechs to know about this fortnight!

CMSPI

CMSPI is the advisory firm that finance, payments and fraud teams turn to when they want to boost performance, make data-driven decisions, and eliminate ambiguity in their payments arrangements. Businesses are caught in the middle of an overly complex payments landscape, with heightened consumer expectations, and rapidly shrinking margins. And in a payments ecosystem that is as complex and everchanging as it is opaque, understanding the nuances behind the infinite number of payments variables at play – let alone putting those variables in context – is a tremendous challenge. The CMSPI vision is to reshape the payments industry, and their mission is to equip businesses with industry expertise, data-driven technology, and unrivaled visibility into industry data to achieve best-in-market results through more legitimate transactions, with less fraud, all at a marketing leading cost for the solutions provided.


Fluenccy

Fluenccy helps international businesses grow smarter and manage risk with a unique AI-powered foreign exchange (FX) platform. Understand how foreign currency impacts your bottom line, easily see where you can mitigate risk, and implement an automated FX management plan to target significant savings on your foreign currency transactions. Designed and built in Australia, Fluenccy’s software finally brings transparent FX risk management to growing Australian businesses.


ExtrasJar

ExtrasJar launched in August 2022 with its inaugural products, health and pet extras. With health extras, customers can save to pay for health care. Savings are invested into the ExtrasJar Fund and customers can use their investments at the point of sale to pay for health care treatments with their ExtrasJar Mastercard®. The ExtrasJar App is available on the Apple Store and Google Play. ExtrasJar is now focusing on launching ExtrasJar pet and health insurance with a unique self-insurance deposit feature. ExtrasJar is currently raising capital via crowd-sourced funding on Birchal to scale and accelerate growth. Link to the capital raise.


Quant Property Solutions

Quant Property Solutions fills a universal service gap that intersects, banking, finance, and property.

Quant builds software for banks that helps them, and their clients sell distressed residential real estate for more.

With +30,000 foreclosures a week, globally, Quant’s built the banks a new data analytics tool, BestAgent™, the world’s first property specific desk top AVM of liquidators, brokers and real estate agents, to lessen loss given default during foreclosure sales.

The software builds out property specific, localized indexes of agents who out-perform their markets and other market participants based on their KPIs, ensuring more for those with less facing foreclosure.


Behave & Save

Behave & Save is Australia’s only subscription based vehicle telematics platform with all of the embedded capabilities that insurers need to seamlessly deliver usage and behavioural based car insurance solutions (UBI/BBI), efficiently and profitably, without the prohibitive complexity, risk and cost, as-a-Service.


Check out our previous issues here!

FeeSynergy and CCH iFirm now integrate to provide an end-to-end solution for accounting firms

MELBOURNE, 16th September 2022: Two Fintech Australia members, FeeSynergy and Wolters Kluwer CCH iFirm, are proud to announce their integration of the flagship FeeSynergy Collect platform with leading accounting practice management system CCH iFirm (part of Wolters Kluwer). This integration adds to FeeSynergy’s impressive library of accounting and legal practice management system integrations.

 FeeSynergy Founder and Managing Director Malcolm Ebb says: “This is an important integration for both FeeSynergy and Wolters Kluwer CCH iFirm. It brings together two proven, and powerful, cloud-based platforms that solve many of the day-to-day challenges faced by accounting firms in Australia and New Zealand”.

 Wolters Kluwer Tax and Accounting Asia Pacific Head of Product Rakesh Naidu says“Managing cashflow can be challenging in any economic climate, but within the backdrop of multiple economic headwinds in 2022, ensuring prompt invoice payment is more important than ever before. In addition to helping accounting firms improve practice management effectiveness and efficiency, CCH iFirm Practice Manager now goes a step further to help improve cash flow, reduce administrative burdens, and further support business growth.”

FeeSynergy Collect is used by hundreds of accounting and legal firms across Australia and New Zealand to automate debtor management, transact online payments and direct debits, and manage financial risk.

CCH iFirm is used by hundreds of accounting firms across Australia, New Zealand, South East Asia, and Canada to manage their practices and improve client outcomes.


For more information please visit FeeSynergy or CCH iFirm Practice Manager.

EXTRASJAR GOES PUBLIC WITH ITS CROWD-SOURCE FUNDING CAMPAIGN WITH A MISSION TO REVOLUTIONISE INSURANCE

SEPTEMBER 2022: ExtrasJar has launched its crowd-sourced funding campaign to the public on the Birchal platform. The company’s mission is to provide revolutionary peace of mind for the entire family by combining the best of banking, investments, and insurance into new and innovative financial products.

John Connor and Reece Frazier, the co-founders of ExtrasJar, set up the company after being frustrated by the lack of value for money Australians were getting from their insurance, particularly health insurance and health extras.

“I’ve worked as an insurance actuary for nearly 20 years for some of Australia’s biggest banks and insurance companies – so I know how much money is being taken from hardworking Australians. When you buy a health extras policy, that’s exactly what’s happening, you’re paying extra. 12.5 million Australians pay $12 billion towards ‘extras cover’ and only get $5.6 billion back in benefits*. That’s why we launched our revolutionary health extras product first in July 2022.” John said.

With ExtrasJar’s health extras product, customers can save to pay for health extras. Savings are invested into the ExtrasJar Managed Investment Scheme. Customers can access their investment units at the point of sale to pay for treatments using their ExtrasJar Mastercard®. The business model, which the pair believe to be a world-first, rewards people who are healthy with a nest egg they can draw upon when they need it most.

“Extras is just the beginning, and we are now focusing on launching a private health insurance product as well as pet insurance, so our furry friends are also protected. Our insurance products will feature a self-insurance deposit feature which can be used to lower premiums. Think of it like a bond you’d pay a landlord upfront if you rent a property, if you don’t claim you get your bond back.” Reece said.

“We are excited that our customers also want to be shareholders and they are passionate about what we are doing. During the private round of the raise, the company hit its minimum raise target in two hours.” John said. ExtrasJar, which has been granted its own Australia Financial Services Licence, will use the funds from the raise to scale and accelerate growth and roll out a suite of new products.

Earlier this year, ExtrasJar completed a seed round with Sydney Angels as the lead investor, giving the company access to a network of advisors to help support the company through its build phase. Adrian Bunter, management committee member Sydney Angels and executive director, Venture Advisory, said ExtrasJar is shaking up the insurance industry. “Over the last two years I have had access to over 2,000 early-stage investment opportunities, and out of all those, ExtrasJar stood out as one of the best companies I’ve seen. We are expecting big things” Bunter said.

THE DIFFERENCE BETWEEN ONSHORE AND OFFSHORE RMB (CNY & CNH) – AND WHY IT MATTERS

China is the world’s second largest economy, and the world’s largest trader in goods. It’s a country with huge opportunities for businesses large and small. Although it has opened up trading its currency, the Chinese yuan, knowing the differences between the domestic renminbi and the offshore renminbi will be a financial benefit for businesses of all sizes.

One of the world’s top five most-used currencies, the renminbi (RMB) is the official name of China’s currency. The Chinese yuan (CNY) is another name for China’s currency, and is the principal unit of RMB. The two names, renminbi and yuan, are interchangeable.

OPENING THE DOOR

In 2009, Chinese authorities lifted restrictions on RMB trade settlements between China and Hong Kong –  the first time that RMB settlements were allowed outside mainland China. This was marked by the creation of the CNH, with the ‘H’ standing for Hong Kong.

Since then, these regulations have been gradually eased, leading to the development of RMB markets in Hong Kong and other offshore RMB markets like Australia, the US, Singapore and the UK as China gradually internationalized the renminbi. These exist alongside the RMB onshore market in mainland China, where buying and selling restrictions still apply. As a result, there are now two RMB markets: offshore and onshore.

Due to China’s cross-border currency controls, the Chinese yuan is allowed to trade for a different price in an offshore market like Hong Kong. In order to distinguish between these two prices, the unofficial abbreviation CNH is used to refer to the offshore price of the Chinese yuan (CNY).  READ MORE

Jacobi secures QIC funding to scale multi-asset investment technology

  • Brisbane founded investment technology firm Jacobi Inc. has secured USD $10m Series A Funding led by QIC
  • Funding will support the development of the Jacobi platform and the continued growth of its investment management clientele globally

Brisbane, Australia September 15, 2022 – Investment technology firm Jacobi Inc. has announced it has raised $10m USD in Series A Funding, led by Queensland Investment Corporation (QIC)

Jacobi Inc. (Jacobi) will use funding to further accelerate the development of the Jacobi platform and expand its team and clientele globally.

QIC joins Jacobi’s existing investors; Silicon Valley venture capital firms, Illuminate Venture Partners, 8VC and Western Technology Investment (WTI).

Joining the board of Jacobi Inc will be Crystal Russell (QIC) and Bill Miller (Makena Capital)

Founded in 2014, Jacobi provides its technology to some of the world’s largest asset management firms including T.Rowe Price, MFS, LGIM and WTW. Its global client base now represents assets under management over US $7trillion.

Jacobi CEO and Co- Founder, Tony Mackenzie said: “We are proud to be backed by the highly respected global investor QIC as we continue to grow our global business. Our valued client base spans some of the world’s leading global asset managers, RIAs, asset owners, investment consultants and family offices. Each of these firms have looked to Jacobi for flexible technology that is purpose built for the multi-asset investor”.

Mackenzie added: “Our open-architecture means we can configure our solution to each firm’s own investment strategy including their capital market assumptions, data, risk engines and optimisation techniques – and combine that with dynamic visualisation tools for better end-client engagement.”

QIC Principal, Crystal Russell said: “We are delighted to be investing in Jacobi on behalf of the Queensland Business Investment Fund. Jacobi is a home-grown success with an exceptional team, world-class product and a global blue chip client base. The asset management industry is undergoing a widespread digitalisation with software driven tools enabling more in-depth portfolio analysis and increased client engagement. Jacobi’s product is proving to be a critical tool for some of the world’s most sophisticated asset managers.”

Jacobi’s technology transforms front office-to-end-client investment processes enabling portfolio design, analytics, and client engagement. The cloud-based platform provides a powerful and highly customizable suite of tools for designing, managing and visualizing multi-asset portfolios.

For more information, visit www.jacobistrategies.com.


About Jacobi

Jacobi Strategies (Jacobi) provides cloud-based technology to support the design and management of multi-asset portfolios at scale, streamlining investment workflows and enabling dynamic client engagement. Jacobi’s open architecture means the platform is highly flexible with users able to integrate their own models, data, analytics and code. Jacobi provides its technology to top-tier global investment firms including asset owners, asset managers, wealth managers and investment consultants.

Tanggram app Recognised in Australia’s International Good Design Awards for Design Excellence

The winners of Australia’s peak international design awards were announced on Friday 16th September at the 2022 Australian Good Design Awards. The Good Design Awards are the highest honour for design and innovation in the country and reward projects across 11 design disciplines covering more than 30 categories and sub-categories.  

Tanggram app received a prestigious Good Design Award Winner Accolade in the Digital Design category in recognition for outstanding design and innovation.

The Australian Good Design Awards is the country’s oldest and most prestigious international awards for design and innovation with a proud history dating back to 1958. Each year, the Awards celebrate the best new products and services on the Australian and international market, excellence in architectural design, engineering, fashion, digital and communication design, and reward new and emerging areas of design including design strategy, social impact design, design research and up-and-coming design talent in the next-gen category.

The 2022 Good Design Awards attracted high-quality design projects from Australia and around the world. These innovative projects were evaluated by more than 70 Australian and international Jurors, including designers, engineers, architects and thought leaders. Each entry was evaluated according to a strict set of design evaluation criteria which includes Good Design, Design Innovation and Design Impact. 

Projects recognised with an Australian Good Design Award demonstrate excellence in professional design and highlight the impact a design-led approach has on business success and social and environmental outcomes. 

The Good Design Awards Jury commented: “The Tanggram app tackles the current problem of inaccessibility to low-initial-captial wealth creation solutions for younger people really well. It wraps a set of financially innovative products in a fresh – and very ‘non-financy’ – look and feel. This makes both the products and investment decision-making much more approachable. We especially liked how the design was driven by an intelligent set of well-researched design principles. Well done.”

Dr. Brandon Gien, CEO of Good Design Australia and Chair of the Australian Good Design Awards said: “To be recognised with an Australian Good Design Award is a significant achievement, given the incredibly high standard of projects submitted in this year’s Awards. The Good Design Award is a valuable independent endorsement of professional design quality. It tells the world this project not only represents design excellence, but it also surpasses the criteria for design innovation and design impact.”

 “We know that good design, when used effectively, can improve our quality of life and make the world around us better, safer, more efficient and more beautiful. It is clear from this year’s winning projects that investment in professional design delivers real impact – be it at a commercial, environmental or societal level. As our world transitions to a less-carbon intensive future, a design-led approach to solving problems and delivering meaningful impact is going to become more critical, Dr. Gien went on to say.  

 “The Good Design Awards recognise and celebrate the transformative power of design thinking to find innovative, customer-centric solutions to local and global challenges and this year’s Award-winning projects reflect just that. My sincere congratulations to all the designers, engineers, architects and innovators recognised in this year’s Awards – you deserve to be celebrated at the highest level,” Dr. Gien concluded. 


About Good Design Australia and the Australian Good Design Awards

Good Design Australia is an international design promotion organisation responsible for managing the annual Australian Good Design Awards and other signature design events. With a proud history that dates back to 1958, Good Design Australia remains committed to promoting the importance of design to business, industry, government and the general public and the critical role it plays in creating a better, safer and more prosperous world. 

www.good-design.org

Fundsquire reaches $110 million AUD in SME lending

Melbourne, Australia (September 2022): Fundsquire, a global fintech and alternative lender, today announced they have reached an SME lending milestone, delivering over $110 million AUD in funding to Australian, UK and Canadian SMEs and startups.

“This is a landmark achievement for Fundsquire, and it’s proof that our tech-enabled, relationship-driven business adds value to early stage founders and companies”. –  Damien Petty, Founder and CEO at Fundsquire.

While Fundsquire continues to focus on R&D financing, its new products, including Grant Advance funding and Revenue Based financing, have seen stellar growth. Fundsquire has now funded over 250 businesses across their operating countries through its multi-product portfolio.

“Grant Advance is a completely new funding solution in Australia, and we’re one of only a handful of companies to do it in Canada and the UK. We offer companies up to 90% of their future grant payments up front, and we’re seeing founders and CEOs jump at the opportunity to fund their grant projects without impacting their operating cash flow.”  –  Damien Petty, Founder and CEO at Fundsquire.

Fundsquire clients are already seeing the value a long term partnership with a multi-product capital lender can provide as they grow.

“Fundsquire was a great way for us to continue funding ourselves and a super easy process away from slower, clunkier banks and lenders. We have had a great experience with the guys at Fundsquire and have just applied for their new product which supports fast growth recurring revenue businesses with marketing costs.”  – Tim Demetriou, CEO of the Australia-based Pencil.

For Damien, the combination of new products and technology has Fundsquire primed for scale in 2022/23. Fundsquire continues to build its core technology, partnering with Railz and Xero, and will soon roll out a new version of its customer platform.

“Our technology allows us to scale multiple products, regardless of geographic region, and really put the power into our clients’ hands. As one of the few global fintechs with a multi-product funding offer, we can truly fulfill our goal of being long-term partners for innovative businesses rather than a short-term lender only.” –  Damien Petty, Founder and CEO at Fundsquire.


About Fundsquire

Fundsquire is a global source of capital that invests in innovative businesses in Australiathe UK and Canada. We work closely with our clients to provide straightforward non-dilutive capital to grow, accelerate and strengthen the value of their business. Visit fundsquire.com.au for more information.

Fundsquire reaches $110 million in SME lending

Hello,

We have some big news today! Fundsquire has reached a SME lending milestone – delivering over $110 million AUD in funding to our 250+ clients in Australia, the UK and Canada.

Read the full announcement here

This landmark achievement is made possible by the trust of our clients, the ongoing collaboration of our partners, and the relentless dedication of the growing Fundsquire team. It is proof that our tech-enabled, relationship-driven business adds value to early stage founders and companies, and we remain committed to delivering that value to our clients, partners and people.

On the feedback of our clients, we’ve expanded our product range to include R&D financingGrant Advance funding, and Revenue Based financing, and have built a new client platform to simplify the application and funding process.

Thank you for being a part of our journey, and trusting us to be a part of yours!

Thank you,

Damien Petty
Founder & CEO, Fundsquire

FinTech Voice September 15, 2022

Intersekt 2022 was a resounding success. Thank you to all who participated. Highlights, videos, recordings, and more information will be shared in a few days. Until then, here are the pictures from the two days.

One of the biggest value drivers this year was the roundtables we held with key regulators. Roundtable participants were some of the first to engage directly with Treasury and regulators on the Government’s recent policy announcements, including:

  • Crypto asset token mapping;
  • A strategic plan for the payments ecosystem;
  • CDR action initiation legislation;
  • The RBA’s central bank digital currency use cases project; and
  • The Board of Tax’s consultation on the tax treatment of crypto assets and transactions.

We had a record number of policy-makers and regulators lead sessions this year, including the ACCC, ASIC, APRA, AUSTRAC, DISR, RBA, Treasury and the Board of Tax. Every session was at capacity and packed with free-flowing discussion and tough questions.

Minister Stephen Jones, Federal Assistant Treasurer and Minister for Financial Services, also gave a video address to the conference where he emphasised the importance of the ongoing rollout of the Consumer Data Right and the benefits it will bring for consumers and small businesses.

FinTech Australia looks forward to continuing the conversation with policy-makers, regulators and the Minister on these important policy issues for the fintech community. Please reach out if you wish to participate in future conversations with regulators and if you have any specific challenges where we can support.

The EY Census has closed and we aim to present our findings in late October. Thank you to all fintechs who participated. We will share more details with you soon.

Some big announcements this week. Congratulations to MYOB on the recent acquisition of FlareCBA’s Payto rollout is the beginning of an exciting phase for Payto.

In partnership with the other key industry bodies, we are organising the next Tech Industry Collective meetup in Sydney on Tuesday October 25Register here.

As a global fintech that invests growth capital in innovative businesses in Australia, Canada, and the UK, Fundsquire is excited to be a part of Intersekt as a sponsor and panel speaker. Fundsquire aims to continue empowering the Australian startup ecosystem by helping game-changing businesses accelerate through funding and resources.

For any queries and support, please reach out to us.

Regards,

Rehan D’Almeida,
General Manager,
FinTech Australia


Government Progresses Digital & Tech Tax Incentives

The Government has released legislation that will implement the Technology Investment Boost and the Skills and Training Boost tax incentives that were included in the March 2022 Budget.

The Technology Investment Boost will support digital adoption by small businesses (with aggregated annual turnover less than $50 million) by providing a bonus 20 per cent tax deduction for eligible expenditure incurred on expenses and depreciating assets that support digital operations.

The incentives will be backdated to apply from 29 March 2022, with an annual cap applying so that expenditure up to $100,000 will be eligible for the Technology Investment Boost, with the bonus deduction capped at $20,000 per year.

Treasury consults on proposals to improve quality of financial advice

Treasury has released a consultation paper on proposals for reform to improve the quality of financial advice.

Most relevant to FinTech Australia members is the inclusion of proposals to make it easier for digital advice providers to provide advice to consumers.

Notably, the proposals include:

  • Replacing the best interests duty, the appropriate advice duty, the duty to warn the client and the duty of priority in Chapter 7 of the Corporations Act with a new duty to provide ‘good advice’ (i.e. advice that would be reasonably likely to benefit the client);
  • Simplifying disclosure document requirements to make it easier to provide digital advice; and
  • Removing existing obligations applying to the provision of ‘general advice’ and broadening the current definition of ‘personal advice’ so that it is clear it applies whenever a recommendation or opinion is provided to a client about a financial product.

The proposals paper is the latest stage in an iterative review process which started with the setting of Terms of Reference in March by the previous Government. A final report will be provided to Government by the end of this year.

Current Consultations

FinTech Australia is currently developing submissions to consultations on:

We will be working with our members to draft these submissions.


📇King & Wood Mallesons CRYPTO ASSET CONSULTATION ON AUSTRALIA’S HORIZON. Australia’s Treasury Ministers announced consultation on a framework for regulation of the crypto asset sector for industry and regulators. For more, visit here

💭Think & Grow are working on the most in-demand nationwide research project – the fourth iteration of the Australian Startup Salary Guide 2022/2023. Click here to participate in the survey.

💁🏻Lift Women are funding women and girls who are passionate about their business dreams, want to make a difference and be a CHANGEMAKER! The Female Founder Grant Challenge 2022 is NOW OPEN. You can win 1 of 3 business funding grants, valued at over $15,000 EACH. To apply, simply start a project on Lift Women to be part of the challenge. Or book your free consultation call.


🔍 AusIndustry is hosting a a free information session to learn more about the Research and Development Tax Incentive (R&DTI). This hour long session will introduce you to the R&DTI and guide you through key eligibility requirements. Oct-Nov 2022. For more info, click here

🇭🇰 Hong Kong Fintech Week 2022 is here – one of the largest conferences on the calendar, attracting more than 12,000 senior executives and featuring over 250 of the world’s top speakers including FinTech founders, investors, regulators, and academics. 31 Oct – 4 NovBook your pass now

Tech Collective- Registration Link and Collateral The Tech Industry and Collective event has a registration limit of 210. Each association will be able to register 30 attendees including staff members. Here is the link, don’t forget to use the code CollectiveFTA to be added to book. 25 Oct, 5pm.

Singapore FinTech Festival (SFF) 2022 Singapore welcomes you in-person to the 7th edition of the Singapore FinTech Festival (SFF). Brings together the global FinTech community. 2-4, Nov, Singapore EXPORegister now

Forward Festival 2022 Silicon Coast is incredibly excited to have FinTech Australia and FinTech QLD as a partner. 26-30, Sept. 50% Community discounted tickets here


Don’t miss all the news and insights from our members and corporate partners from our newsroom.

  • Bridgit Non-bank lender Bridgit this week announced that it hit $1 billion in loan applications and is looking to grow its broker offering and network
  • Shift launches equipment line revolving credit facility
  • Blossom partners with Azupay to bring real-time account-to-account payments via PayID to a new generation of investors.
  • Australian Payment Plus major milestone for the Australian industry’s adoption of digital identity
  • Airwallex Australian business growth index continue growing globally
  • Joust new build stall
  • Weel rebrands to become “Weel” to drive bigger clients and international expansion
  • Terrapay Zai and Terrapay partner to accelerate cross-border payments globally
  • Adatree launches Open X use case report
  • Fluency has put together a helpful eBook to assist SMEs in reducing FX impact on their bottom line during these tough times.

 

How to maintain quality CX in tough times

Few sectors have experienced a greater boom in recent years than the FinTech industry. From a time when the banking and financial services market was dominated by a handful of traditional brick-and-mortar banks, today’s consumers are increasingly attracted to the convenience of real-time, 24/7 solutions offered by a range of neobanks, payment apps and other FinTech innovators. So rapid has been the rise that it is no surprise PWC has reported that 88% of incumbent financial institutions believe part of their business will be lost to standalone FinTech companies in the next five years.

For all the good news though, the FinTech industry is not immune to two issues creating headaches for the corporate world – budget pressures and access to talent. Amid soaring inflation, supply chain issues and the lingering impact of the COVID-19 pandemic, many businesses are looking to reduce costs in preparation for the likelihood of rocky roads ahead. Simultaneously, a global labour shortage is making it increasingly difficult for firms to attract and retain talent. Given such pressures, FinTech companies need to think outside the square to ensure they maintain the strong foothold they have gained in the market.

One of the areas most at risk of slipping when budgets are cut and staff turnover increases is customer experience, which is bad news as it is also among the most pivotal reasons for attracting the modern consumer. Research has found that 86% of people are willing to pay more for great customer service, just as 69% of customers who plan to leave their financial institution say it is due to poor service rather than poor products.

Amid all the talk of cost-cutting and labour shortages though, all hope is not lost and that is because there are various ways for FinTech companies to approach operations differently without sacrificing customer experience – and, in many cases, even improve it. This includes tapping into the benefits of outsourcing to revolutionise contact centres, enhance back-office efficiencies or handle the often emotive field of credit and collections.

Along with allowing in-house staff to concentrate on what they do best through outsourcing non-core business functions, the innovative workforce strategy can deliver labour cost savings of up to 70% due to the lower cost of living in offshore hubs such as the Philippines. Alternatively, many organisations prefer onshore solutions that provide similar access to many benefits of outsourcing and keep operations closer to home.

Digital transformation is also rewriting the customer experience script, with many FinTech firms using technology to deliver productivity gains while offsetting workforce and budget pressures. From artificial intelligence and robotic process automation to interactive voice response and virtual agents, there are an increasing number of tools and solutions available to create more seamless and enjoyable customer journeys and, in turn, boost profits. In a world where people not only expect but demand 24/7 support and faster interactions, technology is the key to ensuring they receive it.

As disruptors by nature, FinTech companies have used innovation and enterprise to not only break into the banking and finance sector but shake it up. For the same reason, they should view the current economic and labour climate as an opportunity rather than a threat. There are smarter ways to do customer experience and combining the power of outsourcing, strategy and technology is a sure-fire way to navigate a better path through the current landscape.

To learn more, visit www.probegroup.com.au/industries/banking-finance

Videos

Ep 2: Fintechs Acceleration of Growth Since COVID

Ep 1: The Evolution of Payments

Scaling Product Globally

Podcasts

Lee Hatton – Afterpay: FinTech Australia Podcast

Anthony Jones – Visa AUS/NZ

Tim Cameron – TransferWise