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AI will shape finance but pose challenges in choice, compliance

According to Moneytech Founder and Director Hugh Evans and CEO Nick McGrath, they are confident that the technological trends of the past two decades will experience an even more rapid expansion due to the increasing integration of Artificial Intelligence (AI) processes. 

The duo envisions a future where AI’s influence in the finance sector continues to grow exponentially. As of now, there are already numerous AI-enabled tools available in the market, and the prospects for AI in finance are boundless, with thousands more innovations anticipated. This undeniable surge in AI’s presence indicates a significant role for the technology in shaping the finance sector’s future.

However, with this vast array of AI solutions comes a considerable challenge for the industry. Financial institutions will need to navigate through a multitude of options, carefully selecting AI tools that not only enhance efficiency but also ensure compliance and security. Striking the right balance between innovation and risk management will be paramount to deliver a seamless and secure customer experience.

“Since Moneytech commenced in September 2003, the finance sector has been undeniably changed by technology. Responsive decision-making tools assist with real-time approvals, and quicker application to settlement timelines are now considered standard,” said Moneytech Founder Hugh Evans. “In this same time period, customers have become savvier, increasing their knowledge of how finance can help them grow their business. This is a good thing for the industry as it drives us all forward.”

Increasing exposure to AI-driven technology will accelerate change in the finance sector according to Moneytech CEO Nick McGrath. “The challenge for the industry will be to embrace AI to deliver greater value. With customers attuned to immediate, responsive engagement through their personal banking channels, non-bank business finance providers risk becoming redundant very quickly if they don’t meet customer expectations.”

Along with AI and digital transformation rapidly changing the landscape, Hugh and Nick identify Open Banking and APIs, Cybersecurity and privacy, and Alternative Lending and Microfinance as trends which will shape finance for the next decade. Limited access to credit for small businesses is acknowledged by Nick as an industry-wide inefficiency which could be addressed more appropriately. “Microfinance for small business presents as an opportunity in the finance sector, and can potentially play a significant role in  improving this segment of the economy.”

Hugh and Nick have pinpointed specific tech-driven sectors that will increasingly require financial support for their expansion over the next five to ten years. These sectors, including Green Energy, Health and Biotechnology, Fintech and Digital Finance, Supply Chain and Logistics, and Agriculture and Foodtech, are expected to become more prominent clients for Moneytech. Currently, these tech-driven businesses already constitute 40% of Moneytech’s clientele, and this proportion is projected to grow significantly in the coming half-decade.

A recent report underscores the substantial economic impact of the tech sector in Australia, with a total contribution of 167 billion Australian dollars in 2020. This figure is anticipated to surge to 250 billion Australian dollars by 2030. What’s noteworthy is that a significant portion of this contribution stems from businesses in other sectors adopting technology. As industries such as energy, health, finance, and food continue to embrace technology-driven innovations, the need for financial backing to support their growth becomes increasingly apparent.

Looking beyond these specific sectors, the Australian Bureau of Statistics’ Innovation in Business Report highlights a common obstacle faced by businesses across the board — a “lack of access to additional funds.” This underscores the critical role that access to finance plays in driving innovation and growth in businesses of all sizes. Moneytech remains committed to aiding Australian SMEs in overcoming this barrier and facilitating their growth in an ever-evolving tech-driven landscape.

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