At the heart of any start-up or new venture is the ability to identify a gap in the market - a latent need that can be met by delivering a compelling offering. However the gaps aren’t always obvious and the solution needs to be seen as genuine and positively differentiated in the market.

The key insights from the Census and some broader global research conducted by EY are...

  • Fintech Adoption continues to grow... EY recently conducted a large scale consumer study across 20 countries exploring the level of fintech adoption. China dominates the global landscape, with adoption still comparatively high in Australia (37%) and it has tripled over the past two years (13% adoption in Australia in 2015).
  • A more diverse profile... The fintech industry in Australia is maturing and broadening. There is now greater collaboration into other sectors (e.g. Agtech) and an improving working relationship with the incumbent/traditional players in the financial services industry.
  • Solution-centric... The majority of fintechs believe that the key reason that consumers or businesses access their products/services revolves around offering ‘more effective solutions’ to their customers. Having a “seamless user experience” is also fundamental, coming in second on the list of areas to focus.
  • Cost of customer acquisition and retention... While EY’s research shows the rapidly growing usage of fintechs, one of the core external challenges for organisations operating in Australia is the ‘cost of customer acquisition’. This was cited as a challenge by one in two fintechs surveyed.


FinTech Australia membership
Company maturity
Number of employees
Company stage
Company funding

Appeal of fintech solutions

Q26B. Which of the following are key reasons for consumers and businesses to access your fintech product/service offerings?
Base: All respondents (n=)

Main competitors

Q38. Which of the following are your biggest competitors?
Base: All respondents (n=)