6 Aussie fintechs disrupting how we transact

Fintech companies are leading the digital revolution. From splitting the bill with friends to buying your first home, fintechs are disrupting traditional models to bring customers a better user experience. Here are six local disruptors to look out for.

The Fourth Industrial Revolution has arrived and it’s transforming every aspect of our lives. Fintech is leading the charge by revolutionising how we transact, protect and save money. Forget complex products and long bank lines; financial services are now about convenience, simplicity and lifestyle.

While traditional businesses scramble to keep up, fintechs are setting consumer expectations – 64% of fintech users prefer to use digital channels to manage all aspects of their life, the 2017 EY fintech Adoption Index shows.

According to the EY fintech Australia Census 2017 report, fintech adoption in Australia has jumped from 13% in 2015 to 37% in 2017.

“And it’s expected to reach 43% in the coming year,” says Meredith Angwin, partner at Ernst & Young. “Australia is fifth in terms of user adoption, with developing nations like China and India leading the way globally,” she adds.

Angwin believes Australian fintech businesses are coming of age. One way they’re doing this is by taking a step back and listening to their customers – something that is easier to do as an early stage business.

“Without legacy constraints, start-ups can listen to customers and reimagine how things are done,” Angwin says.

Indeed, feedback from customers has guided the service model that UNO consultants and advisers have adopted. Customer insights also influence their performance just as much as UNO’s digital platform.

“It’s a combination of better technology and superior human support that we need to scale accordingly,” says founder Vincent Turner.

Aside from UNO, there is a swathe of new businesses with their digital fingers firmly on the customer pulse. Here are six more local fintechs shaking up the industry:

Raiz

Listed on the Australian Stock Exchange a few months ago, Raiz is a micro-investment app. It encourages users to invest small change by rounding-up their purchases. If you spend $4.50 on a coffee, for example, Raiz will round it up to $5.00 and invest the 50c for you in one of its six diversified portfolios. It does this for a small maintenance and account-keeping fee.

The app is also like a personal finance assistant. You can make larger lump sum deposits into managed funds or other financial products. Targeting the youth market, it now has more than 160,000 customers, 80% of whom invest at least once a month.

Beem It

It’s difficult to imagine larger institutions embracing this type of convenience, but they’re quickly catching up. Three of the big four banks (NAB, Westpac and CBA) launched Beem It this year, a payments and mobile wallet product targeted at small business. Beem It enables companies to receive payments instantly via a smartphone, eliminating the need for costly POS terminals. Consumers can also use Beem It to split restaurant bills instantaneously, meaning no more awkward moments among friends.

Cover Genius

Recognised as Australia’s fastest growing company in 2017, Cover Genius is helping online businesses provide insurance cover to their customers. Their end-to-end solution enables ecommerce businesses, from car rental companies to share accommodation, to offer insurance and increase their revenue. This world-first product has already written gross insurance premiums valued at more than $1 billion. Available in more than 60 countries and 20 languages, Cover Genius uses data science and technology to customise insurance policies to local markets and different business models.

PEXA

One of the hallmarks of a good fintech solution is a seamless interface that makes it easy for customers to transact. Take buying and selling property, for example. Traditionally, this has been a complex and paper-intensive process. Thanks to PEXA, the entire transaction can now be completed online, from lodging property transfer documents to exchanging funds and settling purchase agreements. Customers, financial institutions, conveyancers and the Land Registry office all win. Funds are received faster, there’s less paperwork, and settlement delays are reduced. To date, more than $208 billion worth of property has been successfully sold or refinanced with PEXA.

zipMoney

zipMoney lets you pay for things without needing the cash upfront. Funded by Westpac, customers sign up and receive a line of credit that they can use at more than 3000 stores across Australia. When they’re ready to buy, they just select zipMoney during the checkout process and their balance is used to pay for the products. zipMoney gives consumers the flexibility to pay back the borrowed amount in weekly, fortnightly, monthly or one-off payments over three, six or 12 months.

Stockspot

Five-year-old Stockspot is Australia’s first digital investment adviser offering what is known as robo-advice – financial advice delivered online via computer, tablet or smartphone. The company relies on algorithms to help Australians access expert investment advice and portfolio management that is matched to their personal goals and capacity for risk. It will even update its advice if circumstances change.

It’s important to note that the information we give here is general in nature – no matter how helpful or relatable you find our articles. Even if it seems like we’re writing about you, it’s not personal or financial advice. That’s why you should always ask a professional before making any life-changing decisions.



Book Call Now

UNO home loans

Need help with your home loan?

UNO Brokers are available night and day for a quick review or your situation and bring expertise that will support better decision making that will save you time and money. Book in a quick call when it suits your busy schedule

Get Started

Related Articles

TESTIMONIALS

What our customers are saying

Sam Rezai
October 2, 2024
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
Read more
S Wilko
September 23, 2024
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
Read more
Shan Liao
September 3, 2024
I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
Read more
Nathanael Chin
September 3, 2024
Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
Read more
Patrick Winters
August 14, 2024
For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
Read more
Lee Robibaro
August 6, 2024
I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
Read more
Steve Mav
August 6, 2024
Scott and the whole team at uno have been amazing. Super responsive and helped us achieve a result that we couldn’t have possibly achieved on our own.
Read more
Thien Pham
August 5, 2024
Scott, Dalby and Jena were awesome to work with for my recent Home Loan, they are responsive and knowledgeable - which helped ensure a smooth purchase from pre-approvals to settlement. This is the second property I've purchased with UNO as my mortgage broker and would definitely recommend their services. Thanks again to the UNO Team for the awesome support.
Read more
Scott Hutchinson
August 5, 2024
I am writing this summary in support of recommending Mike Parsons as a Mortgage Broker. At the time of writing this, I have known Mike for 4 years and he has executed 4 mortgages deals for me (including 2 refinances) over that time. Mike has provided me incredible service as a mortgage broker as follows : - Works painstakingly on getting the scenarios together to provide you options that optimize your position. - Works inordinate hours on the detail necessary to support the scenarios. - Mike keeps you updated on the status and progress of the applications and also helps you work through answering questions and any complexities that may arise. -In my cases, given the complexities and timings of my situations , these application processes would take many weeks to finalize . Mike never gave anything other than utter commitment and focus to getting the job done. Mike acts as a true business partner throughout this whole broker /mortgage journey. I simply would only go to Mike for any future dealings on getting a loan from a bank (and as will my kids in the future !) . There is no way a bank (I have seen anyway) would provide this kind of time nor service to a customer. You can rest assured that once Mike has done the deal, you have ended up with the most optimized position taking into account all the variables/scenarios in play. Scott Hutchinson
Read more
Jason Seam
August 5, 2024
I've worked with Scott Wilkinson for my last 2 properties and he's been excellent. He sourced multiple options and didn't push a specific bank, tailoring his recommendations to me based on my requirements. I was specifically requesting a "medico loan" and Scott could navigate that extra requirement with expertise. When I was initially working with Scott, I was also trialling 2 other brokers and neither of those 2 had the same breadth of lenders, or could provide the same deals. I've referred multiple buyers to Scott and his team; one of them said to me after working with him, "how'd you find this guy, he's so good compared to all the other broker's I've worked with!" I'm going into my next purchase with Scott as my broker partner again. I recommend him to everyone
Read more
Tina Anderson
July 29, 2024
My experience with Mortgage Broker - Scott Wilkinson, and his team - exceeded my expectations! I couldn’t be happier after settlement - in this current financial climate. He listened to what my requirements were in a loan and then devised a suitable plan for me moving forward. Which was something I didn’t think was possible to achieve. I strongly believe that Scott’s qualifications and previous experience in the Finance Sector - sets him apart from other Mortgage Brokers as he has more insight into the industry and the needs of the customer. Scott was professional, provided solid options, was timely with communication and gave great advice. I will definitely be using Scott’s services in the future and I highly recommend him to anyone as a Mortgage Broker.
Read more
Marlon Baena
July 22, 2024
Karis dedication to assisting with our home loan, even while I was on holidays, truly exemplifies a commitment to excellent service. It's the small things that often make a big difference, and it seems Karis attention to detail and clear communication were key to our smooth home purchase. I highly recommend using UNO and Karis for your home loan needs.
Read more