Recently we held an Evening Forum with the French-Australian Chamber of Commerce in the Tyro Fintech Hub. The purpose of the Forum was to discuss how banking is ripe for disruption in Australia and we showcased three fintech start-ups based in our Hub who are taking big strides to disrupt various areas of the banking world. Its an exciting time to be a digital bank!
There are three main models of banking disruption happening in Australia. There is the growing fintech ecosystem (Tyro and the Tyro Fintech Hub); there are the incumbent banks who are trying to reinvent themselves (the Big Four) and then there are the data aggregators whose obsession with data and algorithms that identify customer’s behaviors make them a force to be reckoned with (Alibaba and ANT Financial Services). In today’s day and age, information is power and those that are slow to realise this will end up losing out in the digital disruption race.
At Tyro, we are especially proud of the fintech start-ups who are finding solutions to problems within banking, including Neu.Capital, Blackhall & Pearl and FlashFX who presented at the Forum. Neu.Capital connects mid-market companies with investors in an online, transparent marketplace. Blackhall & Pearl are reinventing how organisations manage their risk, governance and board outcomes and FlashFX is providing innovative solutions for customers to manage their cross-border payments efficiently.
For fintechs to have a chance in ruffling the feathers of the established oligopoly, collaboration within the ecoystem is key. Using Tyro as an example, we support dozens of start-ups based in the Fintech Hub and we have partnered with many software and POS providers to improve the technology by which transactions are made. We have also collaborated with other innovators, such as AfterPay, to offer further financial solutions at the point of sale to our business customers. It takes a village to disrupt the banking sector.
The more that tech DNA can be married with banking DNA, we will continue to see dramatic improvements in the customer experience of banking. And the advantage that fintechs have over the larger, more established banks, is that they are creative and agile and use technology to find solutions that are cost effective, user friendly and time efficient.
Hopefully, in years to come, there will be many more Tyros that hit the marketplace that will continue to build upon the legacy that Tyro has created – which is to make banking open, fair and transparent, free of frictions and seamless.