Tech

What are the top fintech trends for 2023?

Published

5 months ago

January 2, 2023

Costa Haritos

In the ever-changing financial technology sector, companies are bracing themselves for a bumper year

Financial technology, or fintech, exploded last year with a record level of investment.

In 2021, around $130 billion was invested into the fintech sector.

Nigel Green is the chief executive officer and founder at the deVere Group, which is one of the world’s largest independent financial advisory firms.

“Against a backdrop of slowing economic growth around the world, supply chain issues, red-hot inflation and the subsequent interest rate hikes, the environment has been more challenging,” he said.

Fintech companies have redefined how financial services are delivered.

Mr Green has several key tips for investors to keep an eye on in 2023.

Traditional banks will shift across

Traditional banks are set to play catch up this year as regulatory requirements and technology pushes them into a new era.

“Two reasons: first, millennials as they are the fastest-growing cohort of clients; and second, because they are becoming the beneficiaries of the Greatest Transfer of Wealth in history,” Mr Green said.

Around $68 trillion in wealth is expected be passed down from baby boomer generation, who are among the wealthiest ever.

Millennials have grown up on technology and are typically influenced by the surge new developments.

“Against this backdrop, they seemingly became comfortable using fintech to help them access, manage and use their money rather than using a traditional bank,” Mr Green said.

In addition, 92 per cent of millennials distrust banks and view them as an unreliable source of information.

Brace for greater regulatory scrutiny

Global watchdogs are preparing to push for increased consumer protection.

“This will come about as fintech services are increasingly embedded within non-regulated entities,” Mr Green said.

He said there will be a specific focus on accountability and transparency.

Data become even more important

2023 will be the year of data, with a key focus on modern methods to collect, analyse and use the data in real-time.

These opportunities will seek to differentiate client-based propositions.

Asia is where it’s at

It is hardly a surprise, but Mr Green believes Asia will continue to be at the forefront of innovation in the fintech sector.

“We attribute this to several key factors. These include a proactive approach to innovation by regulators; the plethora of virtual banks; the development of the wider tech ecosystem, especially application programming interfaces (API); and the influx of Chinese financial and tech giants into the sector,” he said.

2023 welcomes a world of opportunity, and fintech companies are on the forefront of revolutionising consumer experience and demands.

Even as the world nears the brink of recession, Green said “we expect fintech investment will continue to build momentum in 2023.”

Business

Can new tech hires be sustained?

Published

6 hours ago

June 9, 2023

ticker NEWS

As technology companies continue to lay off staff, Australian research shows the future may be brighter

Australia has a target of delivering 1.2 million critical tech workers by 2030.

However, the sector has been battered by changes and layoffs since the pandemic came to light.

Kate Pounder is the CEO of the Tech Council of Australia, who said the pandemic changed the playbook for many companies across the sector.

“There is some evidence that there was a boom in job creation and company formation during the pandemic.”

The Tech Council of Australia recently revealed an 8 per cent increase in tech jobs last year.

It means Australia’s tech workforce is around 935,000.

“When there’s change in the labour market, you see people using that to start a business,” Ms Pounder said.

Despite the rapid layoffs across many major technology companies, Ms Pounder said for every job lost over the past quarter, 20 have been created.

“We are finding that the ease of people moving into jobs is getting a little better.

“It’s still challenging to find people in Australia, particularly for people in specialised roles,” she said.

Business

Tech layoffs reach their highest point in over 20 years

Published

1 day ago

June 8, 2023

ticker NEWS

There have been over 130,000 layoffs across the technology sector in the last five months

The technology sector was billed as the most exciting industry to work in.

Big offices, big dreams, big money were all part of the parcel for many companies attracting staff.

As many organisations caught onto the momentum of the pandemic, the same energy has not been particularly met on the other side.

Thousands of workers have since been laid off as the good times stopped rolling.

In fact, the technology sector’s layoffs are the highest since the dotcom bubble burst 22 years ago.

The BT Group is one of the latest companies cutting staff.

Fifty-five thousand have lost their jobs as part of a corporate restructure.

CEO Philip Jansen will freeze his £1.1 million salary until he retires, according to reports from Sky News.

The ground is also shifting as artificial intelligence takes hold and the economy worsens.

BT Group said it is laying off 11,000 staff because of the increased capacity for artificial intelligence in the workplace.

At the same time, companies like Apple and Goldman Sachs are among those restricting or banning the use of tools like ChatGPT amid privacy or data concerns.