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Summary
- Technology is the driver of success for modern businesses dependent on it, resulting in IT division turning into an integral part of every organisation.
- Fintech space includes digital payments, which enables users to make payments in a safe way that are effortlessly traceable with details accumulated in a merchant specific database.
- Medical technology comprises of telehealth, robotic-assisted surgery, and AR/VR to improve various aspects of the healthcare system.
- Regtech encompasses the usage of technological tools to improve the way businesses handle regulatory compliance, effectively tackle risks related to financial stability and ensures the protection of consumer data.
In contemporary world, technology has revamped the way we do things.
Of late, sectors such as communication, financial, media, healthcare, retail, and manufacturing have stretched their horizons and are getting transformed by technology.
The transformed businesses in these sectors are experiencing lower cost and improved operational efficiency, as well as enhanced integration with both customers and suppliers.
Do you know technology adoption is the heart of future competitiveness? How?
In numerous sectors, technology is likely to transform competitive metrics with several opportunities coming their way.
Are you constantly hearing new terms like Fintech, Insurtech, Medtech, Propertech, Regtech, Legaltech, etc?
Well, the ‘tech’ family is growing exponentially.
These terms are gaining popularity as technology has invaded and reshaped a large part of many industries. These new terms have been adopted to name new activities and experiences that are undertaken in the modern business world.
With this backdrop, let us dive in to understand how technology has reshaped several industries.
Fintech: Finance + Technology
Financial services industry has witnessed a transformation with the implementation of digital technology.
Fintech is an umbrella term that encompasses a broad range of services:
- Digital payments and transactions.
- Personalised customer service through chatbots.
- Robo advisors through the digital platform, offers automated and algorithm-driven financial planning services. Moreover, with the application of algorithm, premiums can be calculated automatically.
- Insurance companies are using sensors to check the health and accordingly suggests insurance facilities.
The COVID-19 pandemic has further given a positive push to the Fintech services industry amidst lockdown and physical distancing restrictions.
Afterpay Limited (ASX:APT), one of the buy now pay later player has millions of active customers in Australia and also, established a strong foothold in the international markets like the US, the UK and New Zealand.
Also read: BNPL Companies and Regulatory Hammer: Afterpay vs Google and Facebook
The fast, secure, and convenient mobile technology boosted with AI and Blockchain has increased the number of mobile users. Moreover, Fintech has introduced concepts such as digital banks, crowdfunding platforms and cryptocurrency changing the face of investment advisory.
Did you read; Should You Be Careful with Fintechs? Unveiling Wirecard Debacle, Afterpay Milestone
Medtech: Medical + Technology
Medtech involves application of technology to bolster hospital and administrative productivity, furnishing new insights into medicines and treatments, and enhance the overall quality of care provided.
Medtech is focused primarily on optimising patient care in general and developing solutions that can address a range of fields within the health industry-
Administration: AI is helping in streamlining the patient flows by calculating wait time, predicting peak hours for staff scheduling. Further, AI-driven applications are asking preliminary questions to patients, which would help in prioritising schedules and fix appointment of doctors.
Surgery: Robotic surgical assistants are supporting in surgery with a variety of operations, from minor procedures to open-heart surgeries. These robots can range from a tiny bot to an arm length that can act as an extra set of hand during surgeries. Moreover, technology-driven virtual and augmented reality are assisting the doctors in practising new surgical techniques.
Drug Development: AI and machine learning can lead to a new wave of drug research and development. These technologies driven tools can be used in a variety of ways to speed up time-consuming tasks such as determining certain chemical combinations that can create the optimal drug and identifying prospective patients for a drug trial.
Fitness: The sector has developed wearables with sensors to monitor and collect data on vital signs of patients.
Must read; Is Australia Poised to Become a Leading MedTech Player?
One of the opportunities in the Medtech sector across Australia owes to the consistent need for a full range of medical devices, primarily those intended to treat and manage age-related diseases.
Proptech: Property + Technology
Proptech term stands for companies that are working in the real estate industry to make it better by transforming the digital environment and new consumption forms.
Proptech players have infused new life into the value chain via technological solutions of various kinds such as-
- Modernisation of real estate marketplace,
- Blockchain-based home buying and selling solutions,
- Software for management of new construction and property, and
- Usage of virtual and augmented reality technologies to boost property brokerage services.
Proptech can be a game-changer for consumers
By utilising Proptech, consumers can manage experiences of real estate at their fingertips through- how they access the building, park, control temperature, lighting, and utilities. Moreover, they can be compensated for buying with customised offers, pay rent, as well as obtain community news and information.
It is still a new trend, and its scope would evolve going forth.
Regtech: Regulation + Technology
Regtech deals with the application of upcoming technology to enhance the manner businesses handle regulatory agreement.
Fintech companies are growing at a fast pace by offering unique products and services to customers, calling a need for Regtech companies in Australia.
Are you wondering how financial services companies have created a need for Regtech companies?
Regtech companies offer tangible benefits, such as:
- Data management solutions
- KYC (Know Your Customer)
- AML (Anti-Money Laundering) solutions
- Management solutions such as tax, risk, records, portfolio risk
- Trade monitoring solutions
- Regulatory change management solutions
Furthermore, technology like AI is applied in regulatory aspect, which automates the compliance procedure for customers, and eases their work. It also reduces costs and helps in the utilisation of time effectively.
A Fintech/Regtech player Imperium Markets was created with the purpose of transformation of money and bond markets to trade on platform internationally. Further, it allows participants to transact through electronic mode.
