In a statement, the digital investor and venture capital arm of ASX-listed AWI said "fintech" start-ups in Australia and New Zealand are using technology to “redefine the future” of the industry.
Managing director of AWI Ventures Toby Heap said new start-ups are responding to consumer calls for greater power over investments.
“The bottom line is that demand has been driven by consumers looking to take control of their own finances and investments, rather than using a third party,” he said.
“And that’s exactly what many of these fintech start-ups are helping them do – use technology to cut out the middle man and really take charge.”
Mr Heap said financial services had been reluctant to embrace digital innovations but fintech had gained momentum in the past 12 months.
“The fintech sector is booming, and rightly so,” he said.
“Innovation is crucial if financial services are to keep pace with technology-driven advances in other industries.”
AWI Ventures has been active in promoting fintech innovation in Australia, including partnering with ASX to put on a fintech expo and running an accelerator program for fledgling businesses, according to the statement.
Mr Heap pointed to two start-ups presenting at the expo which he believes exemplify the trend towards consumer empowerment.
“Sharesight, which provides a central online repository for portfolio data, and Simply Wall Street, which uses data visualisation and infographics to make investing more natural for both novice and experienced investors,” he said.
The expo, held on Thursday, aimed to demonstrate new product ideas to investors and introduce fintech start-ups to the financial services industry, the statement said.
