Robo-advice start-ups go beyond disruption to new clients
Robo-advice start-ups are looking to use technology to drive massive expansion in the financial advice market, rather than to simply disrupt it. While established players, such as AMP, and the wealth management arms of banks are among those vulnerable to robo-advice, start-ups claim they are not targeting their market. “People talk about disrupting the financial services industry with robo-advice, but only 20 per cent of the country gets advice,” David Pettit, chief executive of Perth-based robo-advice start-up Future Penny, told The Australian. “There’s a massive piece of the market that aren’t seeking or engaging with advice professionals.” Robo-advice delivers investors a low-cost investment management portfolio based on algorithms and technology. […]
NAB launches instant card feature with NAB Pay
Whether you’ve lost your card or left it at home, you can now use NAB Pay to make contactless payments with your Android phone. NAB is the latest bank to launch a new feature to add to the contactless payments bandwagon. With the launch of a new instant card feature on the NAB Pay app, customers with compatible Android devices can now use their phone to make payments if they’ve lost their card. As a replacement card typically takes a few days to arrive, the feature is an easy way for cardholders to continue making payments without their card. You can use your Android phone for payments wherever contactless cards […]
ANZ backs private blockchain, but won’t go public
Like all the big banks, ANZ Banking Group is experimenting and investing in blockchain technologies, but don’t expect it to adopt a public ledger any time soon. The recent hack of the Decentralised Autonomous Organisation (DAO), a cryptocurrency experiment built on the Ethereum blockchain network that raised more than $US150 million worth of cryptocurrency, served as further proof for the bank that public blockchains were still too risky for adoption, and would likely remain so for the forseeable future. “The point about who controls a public blockchain is slightly worrying and what happened with Ethereum two weeks ago is a great test case,” ANZ group strategy executive manager Nicholas Groves […]
Which fintech innovations are really adding value to customers?
Financial services, of all sectors, has seen some of the most significant technology innovations in recent years. Banks and insurance companies have been very keen to leverage technology in such a way that is mutually beneficial to both vendor and consumer, and now even superannuation is getting involved in the technology revolution. While there is a lot of innovation happening for the sake of it, not all of it is useful for the end user. It sounds simple, but what we learned as we developed our automated SMSF solution is a lesson that a lot of other financial services apps seem to forget at times; good design principles that keep […]
Fintech is going to be much bigger than you think
If payments can be made anywhere, anytime, across any device, why do you need a currency? Or even a bank? The “fintech” revolution is upon us – but what we’ve seen may only be the start of it. Fintech – a term coined with the listing of peer-to-peer lending platform LendingClub on the New York Stock Exchange in late 2014 – is not only a portmanteau of ‘financial technology,” it describes a whole new industry composed of companies that use technology to make financial services more efficient. It’s big, it’s growing and it’s disruptive. “Fintech is set to change finance as profoundly as the issuance of the first permanent banknotes […]
2 Upcoming FinTech IPOs
For decades financial services in numerous flavours were the exclusive province of the banking sector. To get a loan, pay bills, apply for credit cards, or transfer money, consumers and corporations alike turned to banks. It is hard to imagine the rise of the Internet is little more than 20 years old and the rise of smartphones is even more recent – less than 10 years. As a direct result new industries are emerging, among them FinTech, or financial technology. FinTech companies offer alternatives to the banks and as such stand ready to massively disrupt the way financial services are delivered. Direct peer-to-peer lending and crowdfunding are changing the way […]
Brexit: Bitcoin surges in wake of Out vote
One of the few winners from Britain’s shock decision to exit the European Union on Friday was the virtual currency bitcoin, which rose more than 7 per cent as investors flocked to what they perceived a safe haven asset. Bitcoin jumped above $US670 after the vote, according to data from CoinDesk, prompting analysts to label it “digital gold” – a reference to gold’s historic status as a haven from financial turmoil. Over the past month, the virtual currency has been buffeted by changing sentiment around the vote, rising more than 70 per cent as the Brexit camp gained momentum before being sold off in recent days when it appeared Britons […]
Fintechs say high ASX standards are vital
The chief executives of two fintech companies preparing to list on the ASX say the Australian public market remains an attractive funding option for young technology companies despite the botched float of music streaming service Guvera. ChimpChange, a digital bank in the US, is set to list on the ASX this Thursday, after raising $15 million to help lift its profile to millennial customers in middle America, where it provides low-fee deposit accounts. Avoka, a software developer working for global banks, has just completed a $16 million fund raising from private investors and is eyeing a listing on the ASX in around 18 months. The bosses of both companies say […]
