Kate Carnell urges pressure on banks to change
Small business ombudsman Kate Carnell will today issue a strong warning to government that after 17 inquiries into the banking industry since the GFC the time has come to put pressure on the banks to change their practices. Carnell’s report on small business lending is due to be released today by Revenue and Financial Services Minister Kelly O’Dwyer and Small Business Minister Michael McCormack. It will say the banks have treated small business unfairly. The recommendations include blocking default action on loans under $5 million where the business has complied with the terms. It also wants a revised code of conduct from the banks written in plain English and with […]
A UBank co-founder has joined Australian fintech startup Tyro
Tyro, the first-ever fintech startup to get an Australian banking licence, has continued on its high-powered recruitment spree, nabbing financial industry veteran Natalie Dinsdale to its leadership team. Dinsdale, who was one of the founders of NAB’s online-only brand UBank, has been appointed Tyro’s head of brand & marketing. “Tyro is one of Australia’s most remarkable growth stories, and the opportunity to be part of an organisation dedicated solely to giving SMEs a better deal is incredibly exciting,” she said. While Dinsdale has been involved in the high-profile launch of Virgin Money’s mortgages business and was a part of Bankwest’s push into the east coast, her latest gig was leading […]
Fintech platforms disrupting business finance
The term ‘fintech’ covers a wide and ever-growing range of technologies. This article explores some of the biggest game-changers, and how they’re impacting the way businesses are managing their financial affairs. Treasurer Scott Morrison said of fintech in 2016: “It has the power to completely bring in a new environment of competition. For small businesses out there who find it difficult to attract capital, for large government agencies who are struggling with convoluted and difficult payment systems … to medium-sized businesses that are trying to bring their products up to date and to connect with their consumers in ways they haven’t before.” Then on his visit to a G20 Conference […]
Goodbye to the property middle man?
Our property industry has many “middle men” businesses that help get deals done and make a profit as a result. Sometimes their role is very important and they provide a valuable and efficient service, and sometimes they are little more than a tax on doing property business. These “middle men” businesses are set to be challenged profoundly as Blockchain technologies start to enter the market over the next five to 10 years. A whole lot of hype is taking place around Blockchain at the moment, in particular how the Blockchain technology behind Bitcoin will revolutionise the way we do business, trust each other, and interact without middle men. Blockchain is […]
Robo-advice using algorithms are replacing financial planners
Robo-advice is part of a new financial marketing system that could chug along without much human intervention and is aimed at giving you a sense of financial security.
Data61 wants Australia to go all-in on fintech and cybersecurity innovation
Data61 has published a guide on how Australia can leverage the cybersecurity and fintech talent present in the country’s startup scene, highlighting in particular the need to combine the two sectors with the strong backing of both industry and government to advance Australia’s global competitiveness. In Startup Secrets: How Australia can create new businesses with fintech and cyber security industry collaboration, the country’s peak innovation group says it is important to look at the intersection of fintech and cybersecurity to solve complex problems via collaboration, rather than by competing. According to Australia’s Special Adviser to the Prime Minister on Cyber Security Alastair MacGibbon, cybersecurity is the foundation of the country’s […]
Peer-to-peer lenders lead increase in personal loans
Personal loan applications rose strongly during the December 2016 quarter, with much of the growth coming from online marketplace lenders. The latest Quarterly Consumer Credit Demand Index from credit agency Veda shows the number of personal loan applications for the December 2016 quarter was 12.4 per cent higher than the December 2015 quarter. “Growth in personal loan applications is predominantly coming from products offered by new entrants in the personal lending space, beyond traditional credit card and auto finance markets,” says Angus Luffman, Veda’s general manager of consumer risk. He is referring to the new wave of online marketplaces that can offer investors higher rates of interest than they can […]
Record of Advice production time slashed from half an hour to just seconds
MA Operator, the Australian fintech for independent financial advisers, has a new tool that produces Records of Advice (ROAs) in a matter of seconds. MA Operator’s closest published competitor is only able to produce ROAs in 30 minutes. This was announced in 2016 and at the time was a significant reduction from the still widely-used overnight process. Richard McLean, CEO at Frontier Financial Group, said: “MA Operator’s ROA automated generation takes away days of effort and removes significant costs from our business. More importantly the clients are provided electronic signing of their ROAs, reducing the market lag and increasing the accuracy of the advice, as well as providing a full […]
