A fintech conference will be held in February
Jason Roberts, FinTechNZ executive director, said new opportunities will stimulate financial technology (fintech) in New Zealand in the coming years and that fintech will play a critical role in refining financial services, payments, and online security.
Read more: NZ insurance sector’s fintech engagement lacking
In 2021, more than 26,000 fintech companies operated globally and worldwide investment reached US$210 billion.
It is expected that as the fintech sector further matures and evolves from a disruptive to established technology, the trends outlined here will shape the sector in 2023 and beyond.
Global e-commerce recorded a decade’s growth during three months of the pandemic alone and transformed the context of customer behaviour.
“Digital banking is already used by most Kiwis; with mobile devices replacing in-branch/store interaction, customers are demanding innovative fintechs who can make transactions so easily,” Roberts said.
Read next: Advisers need quality, affordable tech - can NZ provide it?
Data in the cloud will continue to empower banks to roll out new features, use machine learning to combat fraud, and replace cash and physical cards with virtual cards secured with robust biometric technology.
“It’s not just big banks focusing on fintech but big techs such as Amazon, Apple, Google, and Facebook are exploring opportunities for creating their own digital currencies, or refining their banking and lending capabilities,” Roberts said. “The finance market is accelerating drive for innovation, low fees, and payment platforms such as Dosh, Dolla, and the likes of Blinkpay. We are also seeing new products such as Sugar Wallet help saving management. Then there are the likes of Kernel, Flint Wealth, and others moving into the KiwiSaver sector.”
All these fast-moving changes, Roberts said, will be discussed at the FintechNZ hui conference in Auckland on Feb. 28.
