How Australian FinTechs are shaking up Financial Services
Fintech, where financial services and technology solutions cross over, is a fast growing industry not only in Australia, but around the world. Large companies, fintech startups and governments all over the globe are racing to try and make the most of upcoming financial technologies, which include innovative apps and web portals that allow consumers and businesses more streamlined access to financial processes, products, payments and borrowing.
Selfmade is part of this movement, with a focus on driving innovation and engagement in the superannuation sector.
What constitutes a FinTech?
A fintech company is one that uses technology to improve processes and systems in the financial services space. Fintech solutions range from simpler concepts such as mobile banking and investing apps to more complex needs like blockchain solutions, artificial intelligence and machine learning. These types of technology solutions exist to make financial services more accessible and ideally cheaper for the general public, and this is exactly what many Australian fintechs – including Selfmade – set out to do.
You’ll see a whole host of financial service providers calling themselves ‘fintechs’, from large banks that offer mobile solutions, to startups that provide services like online lending through to robo-advice. In any case, the ‘goal’ of the fintech space is to replace the traditional system of delivering financial services, which largely relied on paper documentation and reaching financial services through a complex web of intermediaries and middlemen. Until now, financial services has largely involved consumers not having access to financial products directly. Fintech is closing the gap to drive added benefits to consumers.
How the Australian FinTech industry has evolved
The word ‘fintech’ was coined in late 2014 after a peer-to-peer lending platform landed on the New York Stock Exchange. Australia jumped on the bandwagon soon after, with the Australian fintech community rallying in late 2015 to push the government to prioritise fintech. Shortly afterwards, in December of the same year, the Government launched the National Innovation and Science Agenda to ensure that policies are in place to assist the business and funding environment in Australia for promising fintech opportunities. A Fintech Advisory Group was created in February 2016 to provide policy advice to Treasury and government regulatory bodies.
Today, there are over 400 fintech businesses across Australia and the industry is growing rapidly as more and more passionate financial services professionals look to solve problems and make things easier. In fact, fintech accounts for one fifth of the Australian startup industry, while about a quarter of Australian fintechs reported a revenue increase of 700% between June 2016 and June 2017.
Selfmade in the FinTech market
Along with many of our fintech peers, Selfmade is focused on providing a compelling alternative to the traditional method of delivering financial solutions, starting with self managed super funds. We exist because we think SMSFs should easily give you direct access to meaningful super investments, while keeping fees and friction to a minimum. That’s why we’ve worked with SMSF technology to give self managed super funds a better user experience at a more affordable price.
Here are a few ways we’re shaking up the way Australians invest using SMSFs.
Removing the use of paper documentation
We’re stripping away as many of the processes and documents for establishing an SMSF as possible. Selfmade aims to avoid paper documentation where possible, instead offering smooth and simple online administration. Easy to keep track of, and saving some trees!
Bringing automation to the customer
So far, the introduction of automation has mainly helped SMSF professionals – that is, accountants and financial advisers. Our system brings automation to you, so you can manage your own super with ease.
A tech-enabled platform
You can log into your Selfmade account and see your super balance, in as close to real time as we can get. Our system shows as much information as possible about the status of your SMSF, so you always know where your money’s at.
Direct links with financial and tech leaders
We’ve included as many direct links, feeds and automations with financial and tech leaders as we can arrange, so you’re directly connected with the best industry providers.
If you’re ready to take control of your own super money, and take part in the exciting future of financial services, register for a Selfmade account today.