Financial services incumbents must lean on and learn from fintechs to carry industry innovation toward future consumer demands or risk being left behind.
Speaking ahead of the AltFi Australasia Summit on 16 April, Credible founder and chief executive Stephen Dash said there is already separation between the firms adapting to latest consumer demands and those which maintain the status quo.
"Consumers are driving many of the changes in financial services. They expect simplicity, transparency and immediate value - similar to what they demand from companies like Amazon and Kayak," Dash said.
"To me it's the consumer rather than the fintech that's changing the way things work."
Credible is a student and personal loan comparison website which became the largest technology IPO on the ASX in 2017. Dash said if the firm didn't innovate in its six-year history it too would be left behind.
One of the comparison website's features is an ability to toggle between different loan co-signers so that students can see what they'll receive from various lenders.
"That was something which was a serious undertaking because it took quite a lot of engineering and you needed to integrate with various credit bureaus and create second profiles etc.," Dash said.
"But that was really a function of understanding a pain point from the customer and then going and delivering on it. It helps everyone in the ecosystem, from the consumer through to the lender."
The AltFi Australasia Summit 2018 will be held at Doltone House Jones Bay Wharf on Monday, 16 April 2018. It will host speakers from across the region's financial services sector including alternative lending firms, digital banks, industry influencers and regulatory representatives.
Event owner Glenn Hodgeman said uniting at the summit will be an opportunity to "educate and learn from our peers" and will be "integral to ensuring we maintain strong momentum in this billion dollar industry in 2018 and well beyond."
Speakers will discuss the structural shift in the traditional manner that money is borrowed and lent, with financial intermediation becoming increasingly digitised and no longer the sole domain of banks.
Financial Standard is the media partner for the 2018 AltFi Australasia Summit. You can book tickets here.