Strengthening Australia’s Finance, Insurance and FinTech Workforce
Employee Matters helps strengthen your people-focused growth strategies with flexible Recruitment services and HR strategy, policy and compliance solutions.
The Finance, FinTech and Insurance Industry in Australia
The Finance, Insurance and FinTech sectors are among the core pillars of the Australian economy. Collectively, they contribute significantly to national GDP, employment, innovation and global competitiveness. Their services shape the everyday financial security of Australians and the strategic growth of the nation.
Did You Know?
- The financial services sector alone contributes approximately 10% to GDP, or more than $140 billion annually
- Over 450,000 Australians are employed in financial services roles
- Australia hosts the fourth-largest pool of investment fund assets globally, and the largest in the Asia-Pacific region
- Our top banks are among the most stable and profitable worldwide, underscoring the sector’s global stature
Source: Australian Treasury, The strength of Australia’s financial sector, 2016
Australia's Insurance sector continues to grow, underpinned by economic recovery and favourable demographic trends. Meanwhile, FinTech is rapidly reshaping how financial services are delivered; through digital innovation, Australian FinTech is increasing access to capital, improving customer experiences and driving efficiencies across payments, lending, investment and insurance. Australia's FinTech sector is estimated to have supported over $9 billion in small business growth.
Together, these industries are fundamental to our economic fabric and are undergoing transformative change.
Source: The Fintech Times, New Report Reveals how Fintech Fuelled $9 Billion Boom for Small Businesses in Australia, 31 January 2025
Key Challenges
While these sectors are foundational to Australia's economy, rapid technological change, regulatory burdens and shifting customer expectations are forcing firms to adapt quickly or risk falling behind. Below are the most pressing challenges for each sector.
Finance
The finance sector operates in a tightly-regulated environment. Compliance with legislation around consumer data, responsible lending and corporate governance places continual pressure on internal processes and talent.
The introduction of Open Banking, while offering growth potential, brings data privacy concerns, increased market entrants, and competitive pricing pressure.
Stakeholders increasingly expect financial institutions to align with ESG principles. This shift requires new policies, staff training and evolving investment strategies.
Insurance
A constant increase in regulations creates complexity and significant compliance costs, demanding robust governance and risk management.
An increasingly competitive environment and customer doubts about the value of insurance make securing customer loyalty a key struggle for sustainable growth.
Rapid digital acceleration requires investment in new technologies while managing risks associated with Insurtech partnerships.
FinTech
Emerging FinTechs often struggle to attract funding, especially in early stages. Without sufficient capital, scaling and R&D efforts are constrained.
Handling financial data securely is paramount. Any breach can damage brand integrity and attract regulatory penalties.
Gaining trust in new financial products is an uphill battle. Companies must invest in transparency, education and user experience (UX).
ACT NOW: Do these challenges sound familiar? Get in touch today to tell us about your organisation's unique requirements, and to learn how our flexible HR & Recruitment services can help you grow through a people-focused strategy.
Capitalising on Market Shifts
Finance, Insurance and FinTech organisations are uniquely positioned to capitalise on shifts in consumer behaviour, regulatory innovation and global market trends. There is enormous potential to unlock competitive advantage, reduce inefficiencies and deliver new value through technology and strategic HR management. Here are some of the key opportunities:
Finance
Digital Transformation
Embracing cloud, AI and automation to enhance operational efficiency and deliver personalised services.
Sustainable Finance
Offering ESG-linked products can tap into a growing investor base aligned with ethical and impact-driven values.
Global Expansion
Australia’s stability and strong institutions make it an attractive base for the expansion of financial services into Asia-Pacific and abroad.
Insurance
Enhanced Risk-Management Capabilities
Prioritising risk management across all business functions (backed by new technologies) opens doors for better processes, efficiency, and a keener focus on core business strategy.
Building Customer Trust & Loyalty
By offering competitive, reliable insurance products & services, combined with personalised, transparent engagement, businesses can build long-term customer relationships and sustainable growth.
Strategic Digital Transformation
With the right investments, focusing on digital innovations has the potential to boost marketing, service delivery, and overall efficiency.
FinTech
Government Innovation Support
Australia’s pro-innovation policies and infrastructure provide fertile ground for scaling FinTech startups and established businesses alike.
International Market Reach
Local FinTechs can expand into Asia-Pacific markets, offering agile solutions to underserved segments.
Advanced Data Insights
FinTech platforms can monetise insights to drive customer value, reduce friction and improve decision-making.
Workforce Transformation
Finance, Insurance and FinTech organisations operate in some of the most highly-regulated and rapidly changing industries in Australia. With increasing compliance responsibilities, evolving workforce expectations, and mounting pressure to remain competitive, these sectors also face complex HR and Recruitment challenges.
Practical HR & Recruitment Support
Employee Matters provides practical support to help Finance, Insurance and FinTech businesses manage risk, respond to change and build effective, future-ready teams. From regulatory compliance to workforce capability, our work is grounded in helping clients navigate day-to-day people issues while planning for sustainable growth.
Meeting Compliance Obligations
We assist with navigating workplace laws and industry-specific requirements by drafting clear people policies, interpreting awards and supporting fair performance & conduct processes. This reduces the risk of non-compliance while helping create a culture of consistency and fairness.
Supporting Workforce Sustainability
We assist with improving recruitment, onboarding and capability development to support a sustainable and engaged workforce. This is vital in the Insurance sector, for example, where there is shortage of advisers, and where policy complexity have made it harder to maintain effective distribution channels.
Attracting and Retaining Talent
We help define roles clearly, recruit for cultural and skills fit, and design onboarding experiences that set new hires up for success. This is paramount for FinTech, where access to top talent is a growth challenge.
Responding to Change & Uncertainty
Whether adapting to reforms like Open Banking or adjusting to Insurance sector regulation, we support leadership teams in managing organisational change and employee communication, helping reduce disruption and preserve engagement.
Build a Better Workforce
Contact us today with your unique requirements and set yourself up to succeed through your people. Together, we can help you reduce risk, improve operations and build a better workforce so you can unlock your organisation’s full potential:
- Phone: (02) 8021 4206
- Email: info@employeematters.com.au
- or use the adjacent form to get in touch
What Our Clients Say
❝What success looks like to me is when your team members actually see the Employee Experts as part of the team, completely integrated - and that’s hugely successful ... the time saving is a big plus; if you look at the number of people that our Recruitment Expert has recruited for us over the past three months its a huge cost saving.❞
Martin McConnell, CEO, Assetinsure
Let's talk
Get in touch to learn more about how we can help support your people-focused growth strategies:
Alternatively, call us on (02) 8021 4206 to speak with one of our friendly employee experts or drop us a line via our contact page.
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