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Gazing into the crystal ball: WealthTech adoption in Australia and globally

Updated: Jun 23, 2023

Gen Advisory's Michael Lukman and EY Australia's Mary Lam believe that WealthTech is set to experience strong growth in Australia and internationally in the coming years.

In an AFR article published in September 2020, Gen Advisory's Michael Lukman was quoted as predicting that WealthTech and financial wellbeing will be key growth areas within FinTech in Australia.

In particular, Michael opined that:

"Many (people in the community) will find the current financial products increasingly unreachable and unaffordable...Emerging technologies such as robo-advice have the potential to take off because of the value proposition. These low-cost, low-fee models will be more accessible while also having the potential to create higher long-term returns than your high-fee financial products."

Fast forward 27 months: Michael's assessment is proving true - with Australian WealthTech providers such as Stockspot having grown in stature and funds under management during this period.

Looking ahead

Gazing again into his crystal ball, Michael believes WealthTech will continue to be a growth area - both in Australia and internationally - in 2023. He notes that in the EY FinTech Australia 2022 Census Report, EY Australia has made a similar prediction:

" As robo-advice, micro-investing, crypto, CDR and ESG investing take off, we expect to see wealthtech increasingly deployed in the hands of Australian financial advisors and consumers alike...

Wealthtech growth is happening around the world, especially in Europe. After the pandemic, people are keen to invest for greater financial stability and are demanding greater control of how their money is put to work. Wealthtech makes investing consumer-friendly, simple and engaging. We expect it to be a rising force in Australia in the next 12 months."

- May Lam

EY Oceania Fintech Leader

Will Michael's and Mary's crystal balls prove accurate? Time will tell.

To view the September 2020 article: Click here.

To view the EY FinTech Australia 2022 Census Report: Click here.


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