Commercial success is the holy grail for fintech organisations, with all aspiring to have a major impact in the specific segment of the financial services market in which they operate. Alongside profiling the fintech sector in Australia, a key area of focus for our research over the past two years has been in identifying the main factors that underpin success for a fintech and the challenges potentially confronting fintech leaders.
The topic was explored from a number of angles, including ranking the main internal and external challenges. What emerged underlines the complexity inherent in launching a successful fintech, with a range of forces potentially conspiring against ambitions being realised. It also throws the spotlight on where those working to support the sector can focus to set in place the right infrastructure and conditions to maximise success.
Consistent with last year, five key drivers of success were isolated. Importantly, these also build on the extensive analysis conducted by EY on the international fintech scene. These drivers of success collectively create an ecosystem that will help the Australian fintech industry flourish.
For each driver of success there are a number of variables that can impact on fintechs – either at an industry-wide level, or from an individual firm perspective. We have isolated these factors in the tabs on this site and interactive data is available.