Swinburne & Bendigo Bank: Educating the next generation of fintech leaders

The financial sector is undergoing a much-needed reinvention and the driving force behind that shift is the growing number of social enterprises that are using Fintech to open new markets and serve new customers.

Fintech is the intersection of finance and technology that seeks to “improve and automate the delivery and use of financial services.” It is the future of finance and is, indeed, already making a significant mark on this stable industry. Mobile banking apps like Venmo and Zelle, robo-advisors and peer-to-peer lending services, crowdfunding campaigns and cryptocurrencies – these are all Fintech innovations.

If fintech is the future, this generation needs to be prepared to meet the challenges and opportunities this new technology presents. Heeding the call and leading the charge into the fintech revolution is Australia’s Swinburne University of Technology and Bendigo Bank who have collaborated on the country’s first Master of Financial Technologies, to be delivered through Swinburne’s Australian Graduate School of Entrepreneurship (AGSE).

The pair launched the partnership at an event in early July, that included a discussion with some of Australia’s leading fintech experts. The discussion focused on the rapidly transforming financial services sector and what fintech companies need to do to remain agile in the ever-evolving industry.

“Two years ago, 13 percent of the population said they had been exposed to a couple of fintech services, which at that time would have likely been a payment app. Now, 58 percent of consumers say they have used fintech services and 96 percent have heard of it,” said Partner and Fintech Advisor for EY Oceania, Meredith Angwin.

“The challenge this rapid adoption creates is it sets expectations for consumers. Their last best experience with fintech is now the norm and we’re going to have to continue to meet their expectations.”

The new programme hopes to plug the gap in the fintech industry that needs people with the right talents and skills to control and monitor this rapidly growing sector.

Customers’ expectations are becoming steadily greater as their mobile phone increasingly offers them all the services they need in their back pocket. Fintech is no different, says Dominic Pym, the Co-Founder of Up, a next-generation Australian digital bank designed in collaboration with Bendigo Bank.

“Fifty percent of our customers are aged between 16 and 24. They’re used to using AirBnB, Deliveroo, Uber Eats, Google and social networks. Those services are awesome, so why isn’t banking or getting a loan awesome?”