Australia has one of the most dynamic FinTech industries with over 800 FinTech companies based in the country. In 2014, it was estimated that the Australian FinTech industry would experience a steep growth from $250 million to $4 billion in 2020.
In order to give interested students the opportunity to be a part of this growing industry in Australia and worldwide, a number of top Australian education institutions have developed programs tailored towards the FinTech industry.
Down below, explore what the FinTech industry is all about and everything you need to know before you take your first step into a career in the FinTech industry.
What is FinTech?
Financial Technology or FinTech refers to the use of digital technologies to offer financial services and products. The introduction of technologies such as the internet, mobile and cloud computing has dramatically changed several sectors over the past few years.
Therefore, it can be said that the FinTech industry is all about using the advancements of technology for improved delivery of existing products and services.
How Does FinTech Work?
We have all been familiar with some degree of technology in our financial activities in the recent decade, including mobile payments, electronic trading floors, and personal finance apps.
The way FinTech works differ depending on the project or application. Some of the latest advancements in FinTech are utilizing the application of machine learning algorithms, blockchain and data science to do basically everything, ranging from processing credit risks to running hedge funds.
Traditionally FinTech was only associated with the financial sector, however, it has moved beyond just a feature offered by financial institutions and is now present in a broader range of sectors with the application of cloud-based technologies that is a combination of open source software and blockchain technologies.
Technologies that contribute to FinTech
- Artificial Intelligence (AI) and Machine Learning (ML) – used in credit storing, fraud detection, regulatory compliance, wealth management etc.
- Big Data and Data Analytics – Used to develop predictive analytics such as consumer behaviour.
- Robotic Process Automation (RPA) – used in statistics and data collection, regulatory compliance management, communication and marketing through chatbots, transaction management.
- Blockchain Technology – used to securely store sensitive data and transactions, to reduce cyberattacks. Blockchain is also the backbone of many cryptocurrencies.
Examples & Uses of Fintech
Fintech is used in a wide range of areas around the world. The most common areas include:
- Crowdfunding Platforms
Crowdfunding platforms such as KickStarter and GoFundMe allow entrepreneurs and start-up businesses to raise funds from all parts of the world and reach investors and markets all around the world without having to be geographically constrained.
2. Mobile Payments
One of the most common uses of FinTech that we all use in our everyday life is mobile payment gateways and applications. Such services allow customers to do financial activities without having to visit the bank physically, all thanks to FinTech.
3. Robo Advisors
Robo Advisors refer to online investment management services that use algorithms to allow users to engage in investment activities with minimal manual effort at low fees.
4. Insuretech
Insurtech refers to the use of technology in the insurance sector to allow companies to provide insurance services and data security. It helps streamline the insurance process with the use of online claims filing and policy management.
5. Regtech
Regtech or Regulatory technology, refers to the automation of compliance processes for financial institutions. It provides efficient methods of data management, such as transaction records, and compliance documents.
Examples of Some of the Largest FinTech Companies in the World
- Paypal
- Transferwise
- Kraken
- N26
- Compass
Examples of Top FinTech Companies in Australia
- Airwallex
- Judo Bank
- Afterpay Touch Group Limited
Why Study FinTech?
- A broad range of career opportunities
The Fintech industry offers an intensive range of career opportunities, from Retail Banking, Online Payment & Transfer, Loaning & Financing, Wealth Management, to Insurance, all of which connect all financial activities we are involved in.
- Drastic changes in traditional finance industries
The traditional business skills are now going obsolete and replaceable with the new technologies that have emerged over the recent years. Moreover, International Financial sectors are adopting FinTech approaches and hiring more FinTech talents around the globe.
- Boost your creative thinking skills and decision making skills
These days, when making financial decisions, for perhaps, investments, it is very common to get the help of Artificial Intelligence to make more “rational” decisions for us. This could not be possible without the backup for Financial Technologies and of course, FinTech professionals.
- The growth of the FinTech industry worldwide
The FinTech industry is undoubtedly growing exponentially all over the world, including Australia. The Fintech adoption in Australia has nearly quadrupled in the last four years, from 16 percent to 60 percent between 2015 and 2020. Hence, this highlights the relevance and need for FinTech talents all over the world.
What Do You Study in a Fintech Course/ Degree?
Blockchain economics
Digital Currencies and Blockchain Technologies
Crowdfunding and Alternative Lending
Investigations in Financial Technology
Python programming language
R Studio and Tableau – evaluate and assess different investment decisions across various market conditions.
Financial Technology Project
FinTech Governance, Risk Management & Compliance
Career Opportunities for FinTech Graduates
Financial Technology graduates can pursue a wide range of exciting career opportunities in sectors such as;
- Payments and Transactions
- Insurance & Healthcare
- Security Technology
- Investments and Capital Markets
- Digital Lending
- eCommerce and Marketing Tech
- Financial Media and Data Solutions
General Entry Requirements for FinTech Course/ Degree in Australia
Undergraduate Level
GCE A Levels | • Aggregate scores of 12 in minimum 2 subjects, where A*=6, A=5, B=4, C=3, D=2 and E=1 |
Malaysian Matriculation | Point average 3.1 |
International Baccalaureate Diploma Program (IBDP) | • 32 |
ATAR | • lowest ATAR 81.05 |
UEC | •Grade average 2 |
*The requirements may vary among universities, for inquiries on other entry requirements, contact Excel Education.
Postgraduate Level
Bachelor’s Degree |
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To Enter Program with Advanced Standing:
| |
*The requirements may vary among universities, for inquiries on other entry requirements, contact Excel Education.
General English Language Requirements for FinTech Course/ Degree in Australia
IELTS | Overall 7, with no individual bands less than 6.0 |
TOEFL (Internet Based Test) | Overall 94 |
TOEFL (Paper Based Test) | 589 |
Pearson Test of English: | 65 |
*The requirements may vary among universities, for inquiries on other entry requirements, contact Excel Education.
Top Universities To Study FinTech Courses/ Degrees in Australia
Below, we have provided a list of universities with FinTech programs ranging from undergraduate level to postgraduate level, that you can explore.
#1 University of New South Wales (UNSW)
Course Details
Program | Bachelor of Commerce (FinTech) |
Intake | February | May | September |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
#2 RMIT University
Course Details
Program | Bachelor of Blockchain Business (Enabled Business) |
Intake | February | July |
Duration | 3 Years (Full time) |
Indicative Fees | Contact Excel Education |
#3 Griffith University
Course Details
Program | Master of Financial Technology |
Intake | March | July |
Duration | 1.5 to 2 Years (Full time) |
Indicative Fees | Contact Excel Education |
#4 Swinburne University
Course Details
Program | Master of Financial Technologies |
Intake | February | August |
Duration | 1.5 to 2 Years (Full time) |
Indicative Fees | Contact Excel Education |
#5 Macquarie University
Course Details
Program | Master of Banking and Finance with a Specialization in FinTech |
Intake | February | July |
Duration | 1.5 to 2 Years (Full time) |
Indicative Fees | Contact Excel Education |
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