This year will see the first failed fintech company as more start-ups must begin to prove their worth, according to share portfolio management software provider Sharesight chief executive Doug Morris.
Speaking to ifa, Mr Morris said the "hype" surrounding the fintech sector will move to a different stage in 2016.
"Now we'll see the rubber meeting the road, with fintechs having to prove they really can generate a return," he said.
"I think this year we will see the first fintech to fall over from not having enough customers or being able to generate enough revenue."
Mr Morris also predicted more and more fintechs will partner up with large instos.
"A lot of the disruption talk in Australia is really overplayed," he said.
"Realistically, this year you will see more and more fintechs partnering with the big institutions. The ones that rattle the sabre, claiming they'll take down the banks will be rarer. If taking down the banks didn't work post-GFC, it won't work now."
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 21 Jun 2018Henderson Maxwell to merge with AZ NGA firmBy Aleks Vickovich
- 21 Jun 2018Aon caught lying about Dover licensing offerBy Aleks Vickovich
- 20 Jun 2018FASEA names new chief executiveBy Reporter
- 20 Jun 2018Sexual harassment debate sparked in advice industryBy Aleks Vickovich
- 20 Jun 2018Clear KPIs a key adviser motivator: reportBy Reporter
- 20 Jun 2018Dealer group to appear before royal commission’s fourth roundBy Aleks Vickovich
- view all
