This week, we’ve chosen to have a chat with Spotcap Australia’s own Michael Steengaard. As our senior clients services manager in Australia, Michael has been with Spotcap since their inception in Australia in 2015 and is responsible for all of our clients questions and queries about Spotcap and the service we offer. Michael has over 15 years experience working in multi asset class advisory, previously working for over a decade with Macquarie Bank.
The fintech industry has undergone a lot of change and transformation since Michael joined, so no doubt, he will have an interesting take on the current state of the market, the future and changing from traditional financial services to financial technology. Check out what Michael has to say.
What does Australia fintech scene look like at the moment?
In a few words – Vibrant and growing rapidly. There is a lot going on particularly in the lending space with a highly competitive environment, evident in the push for brand awareness through both partnerships and clearly visible marketing/advertising campaigns making consumers aware of the alternative offerings in the market. Fintech hubs such as Stone & Chalk are playing a vital role in not only providing an environment for start ups to develop and grow but also putting fintech in the public picture by engaging with various levels of government. It’s environments like these that have really seen fintech accelerate at a rate not many people predicted.
Australian fintech is seeing increased collaborations as an avenue for growth. Do you think this is the future of fintech?
Absolutely, in two ways. Firstly, from the perspective of creating an open, transparent fintech ecosystem, where the public can have absolute confidence and trust in their financial dealings with companies that are otherwise unknown for the everyday consumer. Secondly, increased collaborations allow fintech companies to leverage off different specialities to provide more specific and beneficial outcomes for consumers and businesses.
How has the move from traditional financial service to fintech been?
Challenging but rewarding. Working in a dynamic, nimble environment has been a welcome change from much bigger, slower moving organisations where technology constraints can often dampen the customer experience. Building our own proprietary systems allows for super quick response times with the ability to meet customer demands within a very short space of time. Working in fintech provides far greater levels of individual engagement and involvement over the entire business, with real, tangible contributions to overall business success.
Moving forward, where would you like to see Spotcap?
In Australia, certainly a market leading competitor in a highly transparent, cooperative alternative lending sector – to the point where the word “alternative” is no longer used! Globally I look forward to Spotcap having strong footholds in all its existing markets whilst also testing our capabilities in other global markets.
Originally published July 6 2017 , updated July 7 2017