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It is easy to see how Fintech applications could quickly become valuable, because there is usually money already involved.
There are some well-known inefficiencies in many financial products. Michael Aaron IBM Australia and New Zealand Blockchain Business Development Leader, talked about the number of companies and people it takes to manage a superannuation fund “and they all live in Vaucluse…”. His presentation was fantastic, by the way.
The tech-part of the equation gets a leg up from the fact that financial firms already have technology to which a motivated start-up may be able to connect. Ben Lynch from Jude has found an opportunity like that with a cool interface, Jude, to your current online banking system.
Also, Fintech is growing so fast because anything to do with money seems to be fabulously complex. As Ben Heap, CEO of H2 ventures said ‘tech start-ups thrive on managing complexity’. Thinking of that, complexity is also something the insurance industry has in plentiful supply.
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