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Hotwire : Future Of Banking Event, Sydney
December 17 @ 8:00 am – 5:00 pm
On the 25th of November, Hotwire hosted a Future of Banking event in Sydney and EPA Asia participated in the Open Banking Panel alongside HashChing, Wildcard and Frollo. 130 people had gathered to discuss the findings from their on-the-day release of a survey’s results analysing consumers’ attitude and sentiment around Open Banking in Australia.
Using Sebastien Meunier, Program Director at Hotwire’s words, it is worrying that just months away from Open Banking’s official launch, 77% of Australians have never heard of it.
Even though studies show that Australia has been leading the way in terms of contactless payments, the country has been lagging behind in the broader adoption of other financial services offered by emerging FinTech players.
The results of the study confirm that trend, with 77% of respondents saying they have never heard of FinTech or businesses from the industry before, despite emerging players ramping up their communications efforts within the last couple of years.
Open Banking seems to be following the same path, and as with most things in the communications world, the messaging may just be in the medium. While this looks like a grim outlook there is hope for FinTech marketers — interestingly, in spite of their lack of awareness, almost half of Australians surveyed were left unsure by the end of the survey about whether or not they would adopt Open Banking in the next 12 months..
The untold opportunity for FinTech marketers
What does all this mean? Simple – in spite of their doubts, Australians remain open to the idea of Open Banking. They may just need the right message, in the right medium, to tip them from that fine line between complacency and adoption.
Discussed on the evening were some ways FinTechs can properly gear up to February 2020:
Choose the channels that will really resonate. In the survey, 80% of Australians said they haven’t seen any promotions from FinTech businesses in the last six months.
Appreciate content’s role in personal finance education, and have the right partner on board to help you circumvent the various compliance challenges that come with creating financially-focused content. Hotwire’s report showed that the number one reason that would prevent Australians from taking advantage of Open Banking is the security of their banking data, which they are not willing to share with other financial organisations.