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Tuesday 21 March 2023
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Latest News

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Labor delivers budget underweight in tech focused measures

Reporter 31 Oct

Fintech needs basic support from policy-makers, an industry figurehead has said. ... Read more

Labor delivers budget underweight in tech focused measures

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Written by Reporter
Last Updated: 31 October 2022
Published: 31 October 2022
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Hurdles emerge for Aussie fintechs after period of record investments

Jon Bragg 31 Oct

Changing macroeconomic conditions and evolving investor demands could pose challenges to the local fintech industry, acc... Read more

Hurdles emerge for Aussie fintechs after period of record investments

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Written by Jon Bragg
Last Updated: 31 October 2022
Published: 31 October 2022
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CFS launches new adviser people and culture platform

Reporter 24 Oct

CFS has launched a new platform to support its adviser community. ... Read more

CFS launches new adviser people and culture platform

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Written by Reporter
Last Updated: 24 October 2022
Published: 24 October 2022
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AMP launches ‘innovative’ new retirement solution

Reporter 24 Oct

AMP is launching a retirement solutions product that is the first of its kind. ... Read more

AMP launches ‘innovative’ new retirement solution

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Written by Reporter
Last Updated: 24 October 2022
Published: 24 October 2022
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Finfluencers are often ‘extravagant, misleading and unlicensed’, says ASIC chair

Maja Garaca Djurdjevic 17 Oct

The corporate regulator has made a number of blunt statements regarding finfluencers. ... Read more

Finfluencers are often ‘extravagant, misleading and unlicensed’, says ASIC chair

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Written by Maja Garaca Djurdjevic
Last Updated: 17 October 2022
Published: 17 October 2022
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Advice practices lack ‘deliberate’ tech stack

Malavika Santhebennur 17 Oct

Well-integrated tech is no longer “nice to have” for practices but many have not made conscious decisions on the sol... Read more

Advice practices lack ‘deliberate’ tech stack

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Written by Malavika Santhebennur
Last Updated: 17 October 2022
Published: 17 October 2022
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Likely Privacy Act changes to impact advisers

Maja Garaca Djurdjevic 10 Oct

The peak body for innovation technology has asked for the inclusion of small businesses under the Privacy Act, a request... Read more

Likely Privacy Act changes to impact advisers

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Written by Maja Garaca Djurdjevic
Last Updated: 10 October 2022
Published: 10 October 2022
View all news

Latest Posts

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A future without SOAs

Vincent Holland

A future without SOAs

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Written by Vincent Holland
Last Updated: 24 October 2022
Published: 24 October 2022
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Can technology finally make goals-based advice a reality?

Andrew Zietara

Can technology finally make goals-based advice a reality?

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Written by Andrew Zietara
Last Updated: 10 October 2022
Published: 30 September 2022
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Is Google’s LaMDA chatbot sentient?

Mary Manning

Is Google’s LaMDA chatbot sentient?

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Written by Mary Manning
Last Updated: 16 September 2022
Published: 19 September 2022
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Protecting Australians against fraud in an increasingly digital world

Jeremy Paton

Protecting Australians against fraud in an increasingly digital world

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Written by Jeremy Paton
Last Updated: 09 September 2022
Published: 12 September 2022
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Aussie fintech hub flooded with applicants

255   SHARES

Aussie fintech hub flooded with applicants

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Written by Tim Stewart
Last Updated: 25 May 2015
Published: 15 May 2015
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Turnbull pledges to support start-ups

185   SHARES

Turnbull pledges to support start-ups

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Written by Tim Stewart
Last Updated: 21 September 2015
Published: 21 September 2015
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The rise of the robo-advisers

161   SHARES

The rise of the robo-advisers

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Written by Giovanni Ravone
Last Updated: 17 June 2020
Published: 10 June 2015
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Fintech lessons from London

126   SHARES

Fintech lessons from London

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Written by Ben Bucknell
Last Updated: 28 September 2015
Published: 28 September 2015
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Level39 ambassador backs Australian fintech

94   SHARES

Level39 ambassador backs Australian fintech

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Written by Tim Stewart
Last Updated: 11 June 2015
Published: 10 June 2015

Recent Funding

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Fintech regulators galvanised by Facebook’s Libra

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The impending launch of Facebook-backed cryptocurrency Libra in 2020 has pushed regulators across the world to put forwa... Read more

Fintech regulators galvanised by Facebook’s Libra

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Written by Adrian Flores
Last Updated: 18 November 2019
Published: 18 November 2019
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IOOF partners with Moneysoft on new budgeting app

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Wealth manager IOOF has launched a goal-based budgeting app that gives users a complete view of their net worth and cas... Read more

IOOF partners with Moneysoft on new budgeting app

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Written by Reporter
Last Updated: 14 October 2019
Published: 09 October 2019
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Neobanks face ‘significant risks’

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Morningstar has low hopes for new banks like Volt, Xinja, 86 400 and Judo, which it says are at high risk of taking on l... Read more

Neobanks face ‘significant risks’

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Written by James Mitchell
Last Updated: 30 September 2019
Published: 30 September 2019
View all funding

Top Global News

Labor delivers budget underweight in tech focused measures

Fintech needs basic support from policy-makers, an indus... Read more

Labor delivers budget underweight in tech focused measures

Regtech-intro-fintech.jpg
Written by Reporter
Last Updated: 31 October 2022
Published: 31 October 2022

CFS launches new adviser people and culture platform

CFS has launched a new platform to support its adviser c... Read more

CFS launches new adviser people and culture platform

article-computers-people.jpg
Written by Reporter
Last Updated: 24 October 2022
Published: 24 October 2022

AMP launches ‘innovative’ new retirement solution

AMP is launching a retirement solutions product that is ... Read more

AMP launches ‘innovative’ new retirement solution

AMP-building-intro-fintech.jpg
Written by Reporter
Last Updated: 24 October 2022
Published: 24 October 2022

Finfluencers are often ‘extravagant, misleading and unlicensed’, says ASIC chair

The corporate regulator has made a number of blunt sta... Read more

Finfluencers are often ‘extravagant, misleading and unlicensed’, says ASIC chair

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Written by Maja Garaca Djurdjevic
Last Updated: 17 October 2022
Published: 17 October 2022
View all global news

Hot Topics

  • Aussie fintech hub flooded with applicants

Start-ups are no match for existing technology-forward services firms

Tech savvy start-ups are no match for existing technology-forward services firms, an expert has said.

0 comments
news | 07 January 2022 | Maja Garaca Djurdjevic <
news
|
07 January 2022
By: Maja Garaca Djurdjevic — 1 minute read

— 1 minute read

According to Taimur Hyat, the chief operating officer for PGIM, technology is set to reshape the services sector, but the incumbents will prevail.

Mr Hyat explained that while disruptive new entrants are expected to be found in parts of the service sector, “the Goliaths will overpower the Davids”.

“Disruption in services will actually increase the dominance of an elite group of existing technology-forward incumbents – a quite different path than the obsolescence and pain seen in other sectors,” Mr Hyat said.

This, he noted, is for three primary reasons.

“First, large swathes of the services sector suffer from ‘tech inertia’, particularly areas that are highly regulated like financial services and health care. New technologies present immense legal and regulatory challenges that may take many years to resolve,” Mr Hyat explained.

“At a minimum, heavy regulation makes it difficult for start-ups to enter key parts of the service sector and truly challenge incumbents,” he noted.

Second, sticky client bases in services makes customer acquisition costs for new entrants prohibitively high.

“It turns out, people are more willing to change their online grocery store than their broker, doctor or local hospital,” Mr Hyat pointed out.

Third, existing service sector firms are aware of the high price of complacency. 

“Savvy incumbents are already ditching legacy stems, making scaled investments in new technologies, and supplementing in-house development with strategic technology acquisitions,” Mr Hyat explained.

“This cannibalises their heavy investment in legacy systems but sets them up for future success,” he added.

As such, Mr Hyat concluded that “to a far greater extent than in manufacturing and retail, a select group of existing technology-forward services firms will not just survive but actually thrive during the process of creative destruction ahead of us”.

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Midwinter announces new head of advice sales
The mainstream adoption of crypto to continue in 2022
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Written by Maja Garaca Djurdjevic
Last Updated: 10 January 2022
Published: 07 January 2022

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