Australia Fintech Market Size, Share 2022-2027 | Industry trends, growth and forecast report

The latest research study “Australia Fintech Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the size of the Australian fintech market is expected to show a CAGR of 30% during 2022-2027.

Fintech, also referred to as financial technology, represents specialized software and technological solutions that improve or automate financial services and processes. They can be categorized into application programming interface (API), blockchain, data analytics, artificial intelligence (AI), robotic process automation (RPA), etc. Fintech services use these customized technologies and algorithms to help business owners and companies manage their finances from their smartphones or computer their and ensure efficient automation of business processes. Consequently, they find extensive applications in the banking, insurance and securities segment in Australia.

Covid-19 impact:

We regularly track the direct impact of COVID-19 on the market, along with the indirect impact from related industries. These observations will be integrated into the report.

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Australia Fintech Market Trends and Drivers:

The new trend of digitization in the banking, finance and insurance (BFSI) sector and the growing need for advanced solutions to increase operational efficiency, process large amounts of data within a short time and reduce the chances of human error is the primary driving force. the Australian fintech market. In addition to this, the introduction of a number of innovative financial solutions including mobile wallets, buy now, pay later, digital money, paperless lending, etc. is further boosting the market across the country. Moreover, the launch of various policies and initiatives by government bodies, such as Blockchain Pilot Grants aimed at reducing business compliance costs and offering tax credits to fintech start-ups, acts as another significant growth-inducing factor. In addition, the escalating integration of machine learning (ML) to monitor borrower spending behavior and credit decision models to identify risk patterns is expected to drive the Australian fintech market in the coming years.

Challenging landscape:

The market’s competitive landscape has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Postpayment
• Airwallex Pty Ltd
• Athena Mortgage Pty Ltd
• Divipay Pty Ltd
• Judo Bank Pty Ltd (Judo Capital Holdings)
• mx51 Pty Ltd
• PTRN Pty Ltd
• Stripe Inc.
• Wise Australia Pty Ltd
• Zeller Australia Pty Ltd

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