The Australian fintech industry needs a broad range of standardised data solutions, without which the sector will continue to be challenged, according to a financial data services company.
InvestmentLink says the difficulty associated with accessing institutional and client data is a major “limiting factor” for fintech companies.
“The fintech sector as a whole needs better access to a broad range of financial data,” the company’s chief technology officer, Wayne Robinson, said.
Mr Robinson has called for the development of standardised data solutions that cover institutional data and allow clients to authorise third-party access to personal transactional data.
“This would be a major boost for the emerging fintech data,” he said.
Mr Robinson said the standardisation of data access is crucial, particularly in the context of superannuation.
“New fintech products promise to revolutionise how all Australian engage with their most important financial asset – their superannuation,” he said.
“Better access to superannuation data will open up a whole new category of financial product – improving engagement, improving risk management and ensuring that Australian workers are receiving the most appropriate financial services for their specific circumstances.”
Mr Robinson said that while the government has acknowledged the data challenges faced by fintechs, it needs to expand its focus beyond credit data.
“There is a wider emerging financial services sector that also needs access to sufficient data to prove its value,” he said.