September 26th, 2018
KPMG Best of Fintech innovation revealed in inaugural report
KPMG Australia | December 2014
Drivers of disruption the ‘most likely to succeed’ in financial servicesA global report launched [today] calls out the world’s ‘50 Best’ financial technology innovators. The report, ‘50 Best Fintech Innovators’ is the result of a collaboration between AWI, KPMG Australia and the Financial Services Council (FSC) to identify those companies most likely to succeed due to innovative use of technology and driving of disruption within the financial services industry.
“The launch of the ‘50 Best’ list could not be more timely,” explained Ben Heap, CEO and Managing Director of AWI. “The financial services industry is poised at the brink of changes that will forever alter the way customers view us, what they expect from us and how they interact with us. And Fintech is the driver of that change.”
Mr Heap said that the genesis of the report was the desire of AWI, FSC and KPMG Australia to recognise and celebrate the vital role that up-and-coming Fintech companies are playing in reshaping the financial services industry.
He cited massive increases in Fintech funding globally, which has more than trebled over the past 5 years and is now at an estimated US$3 billion annually along with unprecedented levels of innovation in the financial services industry over the past year as further evidence of big changes ahead.
“We have crossed the precipice with Fintech. Disruption is underway in the financial services market in Australia and globally,” Mr Heap said.
“And we’re not just looking at improved customer experience and the advent of new products, services and solutions within the industry itself. We’re also looking at a flow-on effect to some of the world’s major financial centres. London and New York are recognised as centres of Fintech innovation, and Sydney is a major contender for similar status as activity here ramps up.”
The inaugural ‘50 Best’ innovators were selected following extensive global research and analysis based on data relating to four factors:
- total capital raised
- rate of capital raising
- degree of sub industry disruption
- degree of product, service, customer experience and business model innovation (a subjective ranking from each member of the judging panel).
“These assessment criteria reflects the fact that venture capital invested is a relevant measure of innovation – which in turn fuels enduring competitive advantage. Venture capitalists seek this enduring competitive advantage over and above anything else,” explained Mr Heap.
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