Long reads

GenAI in the focus for Aussie-UK fintech as it expands globally

Sehrish Alikhan

Sehrish Alikhan

Reporter, Finextra

Collaboration between the UK and Australia has been  on an upward trajectory since the launch of the UK-Australia Free Trade Agreement (FTA) signed in 2021. Having already discussed the details of the FTA and how it will impact the expansion and growth of fintechs in the UK and Australia with Austrade and Fintech Australia, we have further examined the collaboration by speaking to fintechs that operate, or plan to operate, in both Australia and the UK.

Finextra spoke to Nick Barrett, chief commercial officer for i2i Logic, an analytics and insights platform designed to deliver corporate banking data to bankers and advisers so they can support clients and bolster client revenue activity.

The fintech has offices in London and Melbourne, with users in 27 countries globally across 4 continents. Their user base consists of Global Universal Banks and Trade Finance Fintechs.

Barrett states that the digital transformation journey in Australia and the APAC region as a whole is well underway, making it ideal for UK businesses that are looking to expand into the Australian market. He adds that the FTA facilitates growth by making talent and the market more accessible.

He outlines i2i Logic’s “two-pronged” roadmap to success, focusing first on bolstering growth in regions where there is an existing client base, such as the US and Europe, and then on targeting new markets that they have yet to reach, including Canada, the Middle East, and Africa. He adds that the company is currently in talks with global tier one banks and fintechs that are seeking to increase their application of data and digital tools.

Discussing what i2i Logic is currently working on, Barrett observes: “The hot topic across the market right now is generative AI and i2i Logic have recently released a beta version of our AI-powered action plans. This GenAI uses data to feed specific questions into the AI engine that will then provide the frontline revenue generators with specific insight into both industries and companies. Bankers become better informed across industries and companies but, crucially, with the data to back up the insights generated and give them the confidence to take these insight into direct client conversation.”

He adds that the company is enhancing their i2i integration in their CRM platform and client data integration, and they are working towards rolling out a client wallet sizing tool that will find the revenue opportunity from new client acquisitions.

Touching on priorities for future innovations, Barrett says that i2i Logic will continue to concentrate on providing bankers with convenient and efficient tools to make more informed decisions and targeted client acquisition. In the next 6-12 months the company will aim to build upon their consumer base whilst addressing new developments for innovation for their clients, and advising ‘Proof of Value’ clients that they aim to make long-term customers.

Commenting on new trends emerging in the global fintech space, Barrett states: “In a world of decreasing margins and standardisation, the winners will be those that deliver true insights to the corporates of all sizes. We predict that AI and GenAI will continue to gather momentum under the watchful eye of financial regulators. No one can ignore both the threat and the opportunity of AI and with an enterprise solution already available we feel comfortable we are in the right place. Global Banks will continue to manage people costs and be forced to further consider technology enhancements to drive revenue opportunities.”

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