New Zealand: FinTechs on the rise in NZ

The general manager of the New Zealand Financial Innovation and Technology Associate, James Brown, believes that FinTech’s in New Zealand is ideally positioned with a 14.5% growth rate and believes the immediate future holds more collaboration between fintechs and larger corporations.

There's a lot of opportunity in that space to develop more products and services for our customers — FinTechs are coming up with great things around app-driven experiences and AI-driven experiences, and there's potentially a lot that can be done with blockchain

A major hurdle for any emerging fintechs is gaining trust from consumers; with the current focus on data breaches and privacy likely to make them less likely to embrace fintech innovations.

RFi Group data from November 2017 supports this notion, with 1 in 2 consumers having a low level of trust on new digital-only banks/Fintechs.

While FinTechs have the potential to drive innovation and improve the customer experience, Westpac New Zealand’s Chief Digital Office Rhiannon White believes a “stringent approach to partnership, and third parties we collaborate with …very strict standards around data and privacy” is of paramount importance going forward.

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