Bendigo Adelaide launches “all-in-app” digital bank
Bendigo and Adelaide Bank has become the latest institution to launch a new pure play digital bank. Dubbed ‘Up’, the separately branded neo play will come in the form of a dedicated and separately branded app, as Bendigo attempts to snatch younger customers disillusioned with the offerings of the Big Four. Australia’s fifth largest retail institution claims the the new mobile-centric service, now in beta, will be Australia’s first fully licenced “all-in-app” mobile banking platform. It will come with native phone payment and mobile wallet functionality in what is essentially a plastic-free play. Global payments scheme mastercard has come along for the ride and gets to bolt its mobile debit […]
Xinja selects SAP to power its digital bank
SAP SE today announced that Xinja has selected SAP Cloud for Banking to power its planned ‘neobank’ – an independent digital bank designed entirely for mobile. Aiming to revolutionise customers’ banking experience, Xinja is partnering with SAP to implement its SAP Cloud for Banking platform to drive a simple, agile solution that delivers rapid customer onboarding and real time risk and financial assessment, as well as enabling open banking capabilities. This SAP core banking solution will underpin Xinja’s journey to become licensed as one of Australia’s first independent start-up neobanks. Seeking to make banking quick, easy, helpful and even fun – allowing customers to make more out of their money […]
Here’s how innovation has transformed banking and lending
The effects of technology and the disruptions technology make, manifests itself in clearly perceivable ways. This is very evident in many sectors – in a short span (just eighteen months after its release) Google Maps had knocked out GPS navigation device makers and Amazon and Taobao (Alibaba) have disrupted how consumers shop for goods by moving them to online from offline (O2O). Enterprises are worried about being Uber-ed or Airbnb-ed as new age companies are challenging traditional ways of doing business. Banking and Lending space have also gone through an amazing level of rapid innovation and disruption starting at the turn on the new millennium. Traditional banking monoliths can no […]
World Bank appoints CBA for first bond deal on blockchain
The World Bank has turned to Commonwealth Bank of Australia to issue a bond using blockchain technology, in a deal that suggests a more transparent and lower-cost process for debt capital issuance is just around the corner. Reflecting its antipodean roots, the innovative security is being referred to as a ‘bond-i’ (blockchain offered new debt instrument). The World Bank says it is a world first for using blockchain to create, allocate, transfer ownership and manage a live bond deal. Commonwealth Bank has been appointed sole lead arranger for the ‘Kangaroo bond’ offer, which will launch on Friday and could raise around $50 million, part of the World Bank’s global funding […]
Finder co-founder Fred Schebesta plans to create Australia’s first crypto-bank
He became one of the country’s youngest self-made millionaires at the age of 26 — and now he’s revealed his next “multibillion-dollar” idea. The co-founder of one of Australia’s biggest tech success stories has revealed his next “multibillion-dollar” idea — to create the “first crypto bank of Australia”. Fred Schebesta, who became one of country’s youngest self-made millionaires at the age of 26 with the sale of his first business before founding comparison website finder.com.au, describes himself as a “time traveller” who looks into the future in order to make it a reality. His bet on the online comparison space paid off. From a simple credit card blog called Creditcardfinder.com.au, […]
Strip banks, credit cards of digital payment powers: Productivity Commission report
Australia’s biggest banks and global payments schemes must have self-regulatory powers covering digital payments and infrastructure access forcibly removed to dismantle a harmful oligopoly. That’s the radical call from the Productivity Commission’s inquiry report into Competition in the Australian Financial System. Released Friday, the in-your-face tome has left institutions and regulators reeling from the depth of criticism levelled at them. Describing Australia as having “an oligopolistic banking system” it’s a blueprint for an earthquake rather than a shake-up. $1.0 trillion restructure If implemented, the reforms would drastically restructure how payment flows of $1.0 trillion – yes trillion – would be regulated. It would also redefine the landscape for how tens […]
Laggard bank tech blasted by Treasurer, Productivity Commission
Treasurer Scott Morrison has taken a blowtorch to the slow pace of technology-driven reform in Australian banks, using the release of a blistering Productivity Commission report on financial system competition to vow the new Open Banking regime will be used to smash entrenched interests. In a speech delivered on Friday, the Treasurer doubled down on the need to catapult Australia’s nascent Fintech sector from a niche IT play to a feared competitor of existing banks, insurers and payment schemes by using the new Consumer Data Right contained in the last federal Budget. The Treasurer’s speech is the most explicit push yet to use consumers’ access to new technology and ownership […]
Morrison to fintechs: ‘Don’t stuff it up’
Treasurer Scott Morrison has told leaders of the fintech industry he’s counting on them “not to stuff up” the implementation of open banking because he wants the government’s new consumer data right to be a driver of competition and productivity gains across the economy. With the major banks lifting technology investment to fend off disruptive threats, Mr Morrison said he’s relying on start-ups to use his open banking and comprehensive credit reporting policies to increase pressure on the incumbents. “You are all in the business of financial technology disruption. I am in the business of policy disruption,” Mr Morrison said at Ashurst on Wednesday night. “I am frankly counting on […]
