Assistive fintech startups can help banks be more efficient and productive and do not necessarily need to disrupt traditional business models, according to FinSuite CEO Bart Jesman.
Assistive fintech startups can help banks be more efficient and productive and do not necessarily need to disrupt traditional business models, according to FinSuite chief executive Bart Jesman.
Speaking to FST Media, Jesman said that fintechs are normally viewed in terms of their disruptive impact, however FinSuite’s automation software was formed with the aim of helping the banking sector improve efficiency in everyday operational processes and applications.
“With all this disruption happening in the industry, when these startups get big enough, they’ll get regulated just like a bank…I’m certainly not trying to break the banks or reinvent the wheel in any shape or form,” Jesman told FST Media.
“We don’t see ourselves as disruptors, we see ourselves as aiders and abetters to the finance industry. I think we’re more of an assistive type [of fintech].”
With his previous experience spanning roles in business execution, business banking and credit analysis at ANZ and Citi, Jesman said that his Melbourne-based startup was “born out of frustration” with the “time-wasting” processes endemic to everyday banking – with the culture of traditional banking incumbents not being conducive to fostering innovation.
“In my past history at ANZ, I’d say there definitely isn’t that culture of failing fast. If anything, it’s as risk averse as possible,” Jesman said.
“[However], I think potentially that will change over time. I think banks are starting to focus on technology a lot more – banks are a lot more involved now in accelerators and innovation programs – and perhaps in their own innovation labs they do have a lot more appetite for failure.”
Among its clients, FinSuite currently counts major banks ANZ, NAB and Westpac, in addition to a host of other financial services institutions including St George, Bank Australia, Nissan Financial Services, and BT Financial Group.
Recently, FinSuite has also collaborated with HSBC to launch BizAnalyzer, an automated financial spreading product that aids in the decision-making process for lending applications.
Jesman confirmed that a key priority for FinSuite in the coming months is to expand internationally, as it looks to build on the momentum of its TFN Remover and BizAnalyser products.
“One big market for us is the US, in particular because our BizAnalyser product integrates with Moody’s RiskAnalyst, which is a widely used product in the US banks,” he said.
“Most second tier [institutions] are owned by the majors so we really need to expand internationally if we want to grow.”