Every field has its hallmark events, and fintech is no exception. This year, our team had the honour of wrapping up the 10th annual Fintech Summit 2023. Here’s a snapshot of what I learned from a day of dynamic conversations and insights.
1. If you’re on stage, you have the power to inspire
This year at the Fintech Summit, an influential interaction struck a chord. Dom Pym of Up Bank shared a story that sparked the creation of Alex Bank. The lesson? Never underestimate the ripple effect of shared insights. Your stage presence could be the catalyst for revolutionary industry ideas.
Key Insight: Share experiences and ideas generously; you never know who you might inspire to take the next big step in the fintech world.
2. Partnerships are your unfair advantage
Every business wants an edge. If you invest in the right strategic partnerships, you don’t need to do it all yourself. Working closely with super, there’s a migration of funds either bringing services in-house or transitioning to external parties, fighting to deliver faster, better products. So how could a partnership deliver success for you?
- Balance Sheet: Collaborating on financial resources
- API: Using external platforms to boost functionality
- Distribution: Partnering to enhance product reach
- Technology: Integrating superior tech for better outcomes
- AI: Leveraging artificial intelligence for smarter solutions
- RegTech: Joining forces to deliver regulatory compliance
Partnerships are all-encompassing. The rise of Banking as a Service (BaaS) is a classic example of modern businesses integrating into third parties to deliver core needs. Meaning in-house, they can nominate where they play and only focus on the areas they believe will accelerate their successes.
3. Pace eats first mover advantages for breakfast
What struck me was how quickly the fintech industry moves. There’s countless examples of being first, but not fast. First mover advantage, is yes, an advantage, but you need to embrace change faster than anyone else to win in modern society. I know we can all think of a few brands that struggled to innovate during their time, which is why it’s important to remember:
- Innovation is continuous. Staying current with emerging trends is crucial to avoid fading into the history books.
- Resting on laurels? Bad call. Always be on the lookout for the next big wave in your industry.
- Consumer needs should direct the plot of your business strategy.
- Know your strengths and play to them. Trying to be something you’re not can disconnect you from your audience.
4. Employee insights = gold
Metrics can guide you, but the real treasure might be with your frontline staff. These teams often hold invaluable customer insights. They are your customer’s spokespeople and won’t be tied into corporate politics. Interview your front line staff, and listen. They’ll give you the playbook to delivering a product your customers love and cant’ live without.
Key Insight: Regularly engage with customer-facing teams. They’re on-the-ground and their perspectives are transformative.
5. The superapp won’t come from Fintech
The superapp concept is reshaping digital ecosystems. It’s like a swiss army knife of apps — Think iPhone, which redefined communication by fusing music, internet, and telecommunications.
We believe Australia’s first superapp is the merging of employment, banking, superannuation and rewards all together to create an employment passport that every working individual carries with them throughout their career.
Key Insight: Look beyond traditional industry boundaries. Explore converging diverse functionalities into a unified, powerful application that enhances user experience.
6. Talk to everyone
Regardless of role, be it crunching numbers in accounting, helping customers directly, or brokering big partnerships, here’s some gold advice: Chat to everyone! Inside, outside, around you– just dive into those conversations.
Back in my financial advisor days, the best gems came from shooting the breeze with other advisors from different businesses. We’d swap stories, trade “you won’t believe this” moments, and – guess what – we’d figure out our shared hiccups together. So, be that curious cat. Ask the big Qs, the silly Qs, the “just popped into my head” Qs. Who knows where it might lead?
My advice? Make networking a daily habit. Embrace curiosity and open-mindedness, allowing a flow of diverse insights and opportunities to elevate both personal growth and industry standards.
A big thank you to Glen and the team for inviting us to participate. We can’t wait to see you all at the next one.
If you’d like to learn more about Employment Hero embedded super, reach out to Ray and the partnerships team at embeddedsuper@employmenthero.com.
Alternately, you can learn more about embedded super here or download our whitepaper.
About Employment Hero
Employment Hero manages the employment of more than 1 million employees, roughly 15% of Australia’s private sector workforce and is forecast to continue growing exponentially.
Our mission is to make employment easier and more valuable, for everyone.
Employment Hero offers a suite of digital super services to help employees engage with and manage their super selection, all while making employment simpler and more automated for small-medium business owners.
The information provided on this page has been prepared by Employment Hero Pty Ltd (ABN 11 160 047 709) and its related bodies corporate (Employment Hero). The content provided on this page is only general information about Employment Hero’s products and services, and is provided in good faith without taking into account your personal circumstances, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for you and Employment Hero recommends that you seek independent financial, legal and taxation advice. Certain information given is based on data supplied by third parties. While such data is believed to be accurate, it has not been independently verified and no warranties are given that it is complete, accurate, up to date or fit for the purpose for which it is required. Employment Hero does not accept responsibility for any inaccuracy in such data and is not liable for any loss or damages arising either directly or indirectly as a result of reliance on, use of, or inability to use any information provided on this page.
