SEARCH
Aussie wealth management attracts international tech firms
Aussie wealth management attracts international tech firms
The size and structure of Australia's wealth management industry will make it an attractive prospect for foreign fintech firms in the coming years, a new report from Microsoft has said.
The Moving Past Prosperity report, which the tech giant conducted in conjunction with Harvard Business Review, said that while payments and lending dominate the Australian fintech landscape, wealth management technology is growing rapidly, according to KPMG data.
"Australia hosts the world's sixth largest pool of funds under management, substantially filled by its compulsory superannuation scheme," the report said.
"With its potential for scale and cost savings through robo-advice, wealth management is expected to attract many international entrants."
Added to this is Government's 2017 budget commitment to "encourage the growth of fintech and digital shape-shifting in financial services", including a commitment to an open banking regime.
"'Open banking' and the movement of data into the cloud is also expected to lure global tech giants into Australia's financial services sector," the report said.
"The base of power seems ready to shift to platform providers and end customers, particularly with the bar of customer expectation being set by digital consumer experiences."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Center
- Investor Daily
- Lawyers Weekly
- Money Management
- Mortgage Business
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- Which Investment Property
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- Mortgage Business Awards
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- The Adviser Podcast Network
- Australian Aviation Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- Mortgage Business Podcast Network
- REB Podcast Network
- Relative Return
- The Smart Property Investment Show
- Space Connect Podcast
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
