The traditional finance system in Australia is losing speed as techpreneurs throw their weight behind the fintech revolution.

The nation’s tech community gathered together less than two weeks ago as Treasurer Scott Morrison presented the plans for a new business venture in the finance sector, which will use high level sophisticated technology including data management procedures, predictive tech and artificial intelligence (AI).

Termed a ‘head on attack’ on existing and traditional financial services, Australia’s banking industry now faces the challenge, not only from fintech specialists, but general technologists with the ability to usurp the stability of banking with specialist skills. Innovation-focused companies are gathering momentum, with many applying  the highest level of IT possible to sharpen business performance and shift focus onto the prospects of alternative finance.

“What I have seen in fintech is how these businesses will transform our economy,” said Treasurer Morrison.

The recent formation of a new industry body, Fintech Australia which is headed by former Fairfax employee Danielle Szetho, has already set the wheels in motion for a transformative financial year ahead.

The Treasurer said that the industry can now focus on accelerator programs and partnering corporates with entrepreneurs and tech advisers to increase the amount of start-ups that will use the regulatory sandbox to road run their business ventures.