Financial services

Australia’s FinTech sector is characterized by a dynamic interplay of innovation and customer-centricity, experiencing a tremendous growth rate in payments market poised to see atleast 80% of B2B payments go digital by 2025. Firms like Airwallex are at the forefront, capitalizing on this trend with their expertise in cross-border payments and aligning their offerings with evolving market dynamics and consumer expectations. This strategic approach to digital service design, which places the customer’s needs at the core, is proving beneficial for both businesses and their clientele. For example, Up Bank’s automatic money management system, which attracted over 50,000 sign-ups in its inaugural month, delivering a digital budgeting and billing solution in its banking app showing market-fit and convenience.
The positive impacts of well-built, customer-centric digital services lead to increased customer engagement, improved service accessibility, and a better understanding of customer needs through data analytics resulting in in higher customer retention rates and growth in revenue and unlocking future opportunities. Such as, Mastercard, which was approved as an unrestricted Accredited Data Recipient by the Australian Competition and Consumer Commission (ACCC), under the Consumer Data Right (CDR). The accreditation unlocks the potential of open banking for more Australian businesses and consumers, as it has overseas.
However, these advancements come with challenges, particularly in terms of data security and privacy. Additionally, there’s a need to ensure that these digital solutions are inclusive and accessible to all segments of the population.
Propel has worked with industry leaders delivering innovative digital solutions with customer-centric design while balancing robust data protection measures to ensure sustainable growth and consumer trust. Committed to excellence, we guide you through this transition, ensuring challenges are addressed innovatively.