May 25, 2016 -
Frost & Sullivan released new research that details how biometric security will be the future of mobile security and fintechs will drive the expansion of biometric security.
In a report entitled “Fintech in Australia – Trends, Forecasts and Analysis 2015 – 2020”, Frost & Sullivan analysts outline the many diverse and lucrative growth and development opportunities for ICT companies that will help establish the required ecosystem for a leading fintech market.
The report details how the development of Australia’s fintech market will require collaborative efforts from government agencies and established financial institutions, along with partnerships and research collaborations between banks and startups.
The report identifies data and connection security as the most significant challenge for Fintech companies in Australia due to mobile payments comprising the majority of the revenues of all the Fintech segments.
Another key challenge will be in maintaining reliable security as it is a significant selling point to ensure success as fintech companies work to building consumer trust to grow and compete with established institutions.
Australian Fintechs need to partner and collaborate with security vendors and ICT companies to improve the security and connectivity of increasingly mobile-centric financial services and to protect a user’s financial data.
The report highlights the fact that Fintech success depends on security vendors, which means that many ICT and telecommunications opportunities will be security focussed.
APAC revenues for cybersecurity in the banking and finance security technology market are expected to grow at a CAGR of 7.31% over the forecast period, according to the report.
The report finds that biometric security will lead the future of mobile security and fintechs will drive the expansion of biometric security.
Frost & Sullivan analysts also unveil how there will be extensive biometric security features developed or announced for implementation in all new smartphones over the next 18 months.