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Fintechs are disrupting the way people bank, from moving money around accounts to applying for mortgages.
While some are concerned about keeping pace with these technologies, or what it may mean for regulation, others are welcoming the changes.
One such pioneer is Liberty which says the emergence of fintechs has enabled growth, praising their appetite to take risks and try new things.
Liberty group sales manager, John Mohnacheff, encourages others to embrace new ideas, as it enables businesses to grow and develop.
“At the core of our business is innovation and it’s a delight to be joined by entrepreneurs who are also experimenting with different ways of doing things,” he said.
“Be prepared to ask if ‘our current way of operating will be sustainable for the next five to 10 years?’ Nine out of 10 times the answer will be ‘no’ so we need to be constantly aware of the changing environment around us.”
Cementing its support of the fintech industry, Liberty has become cornerstone partners in Moula and MoneyPlace.
Mohnacheff added, “We have a very similar heritage to fintechs and this understanding has enabled mutual growth and an expansion of products and services.
“We’re constantly scanning the market for insights as any organisation that thinks they have a monopoly on great ideas is doomed to become obsolete.
“Brokers have to be aware of the latest developments as there’s nothing to stop a fintech disruptor from shaking up the broking world.
“From companies offering innovative new tools and services for brokers to start-ups looking to attack the broking industry, you really have to stay up-to-date.
“Brokers need to be constantly improving in order to remain the vanguard of being the customer’s preferred source of finance.”
His advice to those who remain cautious of the emerging fintech industry: “Instead of resisting it, engage it, explore it, have a bit of fun with it. Exploring it won’t hurt your business, but ignoring it might.”
