Banks will assess loans using real spending data: Basiq
A start-up backed by Westpac and National Australia Bank has developed software to read bank account data and automate the loan assessment process for banks, allowing them to base lending decisions on actual customer spending rather than relying on estimates and indexes. Basiq’s system is being used by Regional Australia Bank, whose chief risk officer Campbell Nicoll says asking customers to estimate spending in various categories during an application process no longer cuts it. “People have just been guessing their expenses,” he said. “But Basiq plugs into our bank, extracts two years of transaction data, categorises it – and that and gives us the true picture on expenses.” The Australian […]
Embed banking the future of digital transformations
Embed banking will be the next wave of the digital transformation of the Australian banking industry according to one expert. Derek Corcoran, customer and marketing operations executive for fintech Avoka said that the next few years would see banks start to embed their operations where people think of them. “Embed banking is where we see the future of banking heading, so those banking services will become embed in the places that people are thinking about them,” he said. Mr Corcoran said that most people did not want to go into a bank, so banks needed to make it easier for people to connect with their products. “One of the challenging […]
US crypto exchange wants a piece of the Aussie market
U.S.-based cryptocurrency exchange, CoinZoom, has announced it will enter Australia after its wholly owned subsidiary, CoinZoom Australia, gained approval from financial regulator AUSTRAC. CoinZoom anticipates its Australian platform will go live in the first quarter of 2019. The fiat to crypto exchange will support major cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Bitcoin Gold, Litecoin, Ripple, in addition to top traded altcoins. “Being fully registered with Australia’s regulatory financial oversight body AUSTRAC to operate as a Digital Currency Exchange, is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,” said CoinZoom CEO, Todd Crosland. To read more, please click on the link […]
Startup sanctuary: WA first blockchain centre opens in West Perth
Perth’s who’s who of blockchain were at the opening of the world’s ninth Blockchain centre in West Perth on Monday night. The centre is a WA-first and will allow startups with products that revolve around blockchain technology to share resources and ideas with like-minded entrepreneurs. Blockchain is the underlying technology behind cryptocurrency like Bitcoin. It is a digital transaction record that cannot be tampered with, making it attractive to a range of industries. Sam Lee is the brainchild of the Blockchain centre concept and said the idea helped keep startups in the city they were born in. “Access to capital has been a major pain point for a lot of […]
Josh Frydenberg says ‘open banking’ will let customers navigate complexity
Treasurer Josh Frydenberg says growing complexity in financial services has made it tough for customers to compare prices and products but “open banking” will help overcome this by ensuring banks present information in a standardised, simpler way under a policy that aims to facilitate account switching and stir competition. With the government planning to introduce its Consumer Data Right law into Parliament on Thursday, Mr Frydenberg told The Australian Financial Review technology was advancing rapidly over the banking sector and he wants open banking, the first industry application of the new right, to encourage fintech innovation and allow customers to “harness their data for their own benefit”. “We live in […]
How game theory and Blockchain can help support a better banking network
Banking today is far from what it used to be. Increasingly, in order to power the services that consumers demand, banks need to have access to wider arrays of tech as well as new methods of interaction and transaction. While this may seem like it would only lead to further inefficiencies in banking, it can actually streamline the industry thanks to new innovations in blockchain tech, all taking inspiration from game theory. Modern banking, the type that you access on your phone when you deposit a check with a photo or when you send money using Venmo, often functions according to a Banking as a Service (BaaS) model. This lets […]
Stablecoins: Money of the Future
Stablecoins are currently the fastest growing sector of the cryptocurrency market, worth $186 billion; these constitute cryptocurrencies whose values are pegged to real life commodities like gold or the US dollar. This is opposed to traditional cryptocurrencies—such as Bitcoin or Ethereum—whose markets are very volatile and can fluctuate by 10-20 percent in the space of a few hours, causing massive uncertainty among investors. Governments across the globe, from Australia to Sweden, are realizing stablecoins’s potential and developing their own, in addition to official blockchain funds which develop GPB and Japanese Yen-pegged coins. Types of Stablecoins There are numerous stablecoins on the market, which fall into three main categories: fully collateralized, […]
Australia’s first accredited blockchain courses have arrived
Australia now has a formal, accredited and nationally recognised way of identifying blockchain people. The Advanced Diploma of Applied Blockchain (10747NAT) consists of eight modules, including six core modules and two electives. Developed by Blockchain Collective, it’s the first blockchain course to be accredited by the Australian Skills Quality Authority (ASQA), making it Australia’s first formal, nationally recognised, accredited blockchain course. What you’ll find The course is a deep dive into the technology and is intended to prepare students for experiences such as transitioning an operation to a blockchain network, assessing the performance of a business model deployed on blockchain and more. The course is delivered through registered training organisations, […]
