.jpg)
Old established markets like insurance are open for disruption this year, says one expert.
The insurance sector will continue to be under scrutiny with the government taking a hard stance around sales technique and commission-based products being eliminated, according to FintechNZ general manager James Brown.
As such, he suggested consumers will experience more unprecedented changes in financial technology. This includes financial unbundling which will drive more competition and more transparency, just as New Zealand has witnessed in the life insurance sector.
“It’s all happening this year,” Brown said. “New investment platforms will emerge like Sharesies and now Hatch, which now offers customers the opportunity to buy shares in the US Wall St stock market.
“Regtech will help speed up the anti-money laundering / know your customer process which will lead to more partnering between the large incumbents and fintechs.
“Using machine learning and better technology will not only speed up the process but make it more secure thus reducing fraud,” he added.
