Funding in Australia’s fintech sector surpassed 2019 document, leaping as much as USD 2.9 bln, in accordance with KPMG information. The KPMG information revealed a major contribution to this determine got here from the funding in neobank Judo. KPMG has predicted crossover between monetary companies and non-financial companies teams in 2020, with “massive techs” like Google to search for methods to combine monetary companies into their choices to their prospects.
As such, there’s a probability the “unbundling of monetary companies” seen over the previous few years could begin to reverse as fintechs and conventional monetary establishments attempt to present extra worth and a seamless experiences to their prospects.
KPMG has additionally predicted fintechs and challenger banks will develop the breadth of their service choices past their preliminary area of interest focus areas, in addition to make “strategic strikes throughout” worldwide borders.