Major mortgage group partners with US-based fintech player
One of Australia’s largest providers of mortgage broking services has formed a strategic alliance with an international fintech company. AFG today announced that it has partnered with New York-based Biz2Credit. The exclusive agreement will enable AFG brokers to deliver an innovative lending experience for small businesses in Australia. AFG will leverage Biz2Credit’s patented analytics and financial services technology to process small business loan requests more efficiently. “Loan applicants will enter information through a new online small business portal,” AFG said in a statement. “The technology will enable AFG brokers to provide small business borrowers with a broader range of options and deliver faster access to capital.” Using the new online […]
Fintech platform revenues set for massive rise: Juniper
Fintech platform revenues for unsecured consumer loans issued using machine learning technology are set to jump by a whopping 960% globally over the next six years, according to new research from Juniper. According to the latest report on the worldwide Fintech market from Juniper Research, revenues will rise to US$17 billion by 2021, with spending advancing rapidly due to the highly data-driven nature of the market, “meaning that AI integration is likely to spell substantial benefits”. Juniper says that until recently, machine learning was too expensive and computationally time-intensive to break into the mainstream, while access to extensive data sets for algorithm training were limited. Research author Steffen Sorrell says […]
FinTech Solutions For Enhanced Income and Economic Growth
Small business plays an important role in innovation and employment, so financial mechanisms that make it easier for small business to grow must be welcomed. P2P Business Lenders are intent on improving small business financing options by connecting investors (i.e. lenders) with a choice of loans in a digital market place. Much like an eBay for small business loans or a match making market. P2P Business Lending is about using technology to make what was once unviable, viable. This article looks at emerging innovators ThinCats and True Pillars as a source of funding for small businesses and enhanced income for professionally managed SMSFs. Technology Makes Small Loans Affordable Small business […]
DomaCom partners with peer-to-peer lender
DomaCom has announced it will partner with a peer-to-peer lending company to extend opportunities for advisers in the property sector. DomaCom chief executive Arthur Naoumidis said DomaCom’s partnership with ThinCats Australia will allow advisers to be on both sides of property transactions by creating leveraged book builds. “This also provides the 350 lenders on the ThinCats platform the opportunity to gain exposure to property assets and the ability to lend funds at an attractive interest rate with a lower risk profile,” Mr Naoumidis said. ThinCats Australia, which has been operating in Australia for the past 18 months, is a peer-to-peer lending platform for secured business loans to small and medium […]
Stockspot integrates with Class to provide accountants a direct data-feed for SMSFs
Stockspot, Australia’s leading automated investment adviser and fund manager, today announced an integration with Class Super, the leading provider of cloud SMSF administration software. The integration will provide SMSF accountants and their clients with a direct data connection from Stockspot to Class enabling income processing and enabling investment tax reporting. Accountants will be able to receive a daily data feed which includes their client’s Stockspot portfolio investments, capital gains, dividend statements and franking credits. It will also automatically generate tax summary statements, cutting down on hours of administration and analysis of taxation data. Kevin Bungard, CEO of Class, said: “Robo-advice is the fastest growing areas of retail investment […]
Moula ramps up for long-term growth
Australia’s leading data-driven lending platform for small businesses Moula, today announced the appointment of former Managing Director of Xero, Chris Ridd, to its board as it positions itself for significant growth. The announcement coincides with the release of findings from the Disruption Index, showing that the number of data-approved loan applicants has doubled over the past year. The Disruption Index is a Moula initiative designed to track the waves of disruption in Australia in the small business lending sector. Ridd’s appointment comes off the back of strong growth for Moula over the past twelve months, as Australian small businesses change the way they access loans. Business confidence among SMEs seeking […]
Fintech luring more bank customers, says UBS
More Australians will turn to start-ups for financial services in the next year, according to a UBS report, which shows incumbent banks are complacent about the threat of disruption but are also seeking to partner with fintech firms to help them cut costs and improve customer experiences. UBS banking analysts surveyed 27,914 customers of more than 210 banks in 24 countries, along with 61 management teams from banks around the world. Local UBS banking analyst Jonathan Mott along with analysts in London, New York and Tokyo contributed to the global report, titled Global banks: Is fintech a threat or an opportunity? UBS suggests the answer to the question is “Both”. […]
Mutual bank has ‘agility and attitude’ to embrace fintech
A listed Australian bank is collaborating with some of Australia’s most promising fintech start-ups to harness the power of new digital technologies. Heritage Bank is one of seven customer-owned mortgage providers that have joined the new KPMG mLabs program, which will see the mutuals collaborate with 14 fintech start-up companies. The 12-week immersive program provides a structured forum in which they can collaborate on developing commercial solutions to business challenges. The mLabs environment encourages them to ideate new solutions, test assumptions and co-create and prototype products and services. Mr James Mabbott, head of KPMG Innovate, said the KPMG Mutuals Review 2015 noted that mutuals are well placed to implement new […]
