New Zealand can lead the world in financial technology, or fintech, which will totally transform the financial services industry economy, Xero small business director Nicole Buisson says.
Buisson is a key speaker at a major fintech summit in Auckland on November 29 which will bring Kiwi fintech innovators together to strengthen the whole sector which will in turn accelerate growth of our national economy.
She says New Zealand’s fintech market is small globally and needs to band together to get to scale.
“The world of fintech at the moment is all about collaboration. The world and technology development are moving at an acceleratingly faster pace and we can’t focus on everything.
“By partnering, we can make new technology available to customers without having to build everything ourselves. Another business might fill an important part of the jigsaw puzzle and partnering provides an excellent way to access that niche capability.
“We are stronger and better together. I am incredibly excited to see the range of fintech businesses attending the summit and also pitching in the competition. Fintech is an area New Zealand can lead the world in.
“We are increasingly connected, and customers expect financial services to be delivered digitally and quickly. With increased connectivity comes lots of new innovation also, and new ways of doing things.
“We focus on small businesses at Xero, and for them, this means being able to have an accurate view of their financials digitally, making payments easily, and also the ability to access capital quickly.
“There is a saying - the future is already here, it's just not evenly distributed - and this applies to Fintech - we see a lot happening around the world right now, particularly driven out of the UK with new open banking regulation, and bank and fintech partnerships offering new services to customers.
“We have the benefit in New Zealand of being able to look to what's going on in the UK and Australia and picking the best bits to implement into the Kiwi market, particularly as regards open banking.
“The next three to five years will see an increased focus on the customer, understanding their needs, and providing digital services.
“We will see an increasing number of uber moments meaning customers that are willing to get into the car with someone they don't know if they can save them time. What small businesses want most is their time back, and any tools that can give them this will be valued.
“And while we face the tyranny of distance in New Zealand, it doesn't stop us from having a wonderful weightless economy from a few rocks at the bottom of the world,” Buisson says.
FintechNZ general manager James Brown says New Zealand has a diverse financial services industry and a thriving ecosystem for innovation and the summit next week is crucial for New Zealand future growth.
“Our biggest and smartest financial businesses have joined forces to become key contributors in shaping and driving the fintech revolution.
“Fintech is the fastest growing segment of the New Zealand tech sector with growth of over 33 percent last year bringing an additional $220 million of exports into the New Zealand economy.”
The growing number of firms engaged in the fintech sector was recently captured in a new infographic showing the vibrancy of the New Zealand fintech sector, Brown says.
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