Moneysoft calls on financial planners to help clients understand their expenditure following Royal Commission revelations
Financial planners need to broaden their role and help clients understand their household expenses in the wake of the Royal Commission’s damning revelations. Australian households have racked up record levels of debt as interest rates have been cut to historic lows in recent years, but the Commission heard that most lenders still over-rely on the poverty-level HEM benchmark that underestimates true living costs. “The Financial Services Royal Commission has raised many disturbing issues across the banking and advice industry. It will inevitably lead to widespread and much-needed reform,” said Moneysoft CEO Peter Malekas. “However, we shouldn’t wait for the final report in 2019 to reassess as an industry, what we […]
Big bank-backed Beem It launches Aussie payments app
The Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), and Westpac in October announced that they would be joining forces to create Beem It, an organisation focused on payments, but behaving like a startup. While the project has been in the works for a few months, Beem It quietly launched in both the Apple App Store and the Google Play Store earlier this year, allowing the use of the app since the beginning of May. The app enables sending and receiving money, with an interface reminiscent of a social media app. “We’re going to do pay, request, and split better than anyone else does in the market,” Beem […]
How the bank can beat fintechs
According to the Millennial Disruption Index, 71 per cent of young people would prefer go to the dentist than listen to their bank. Perhaps even more worrying for the banks is that 75 per cent would prefer to access their financial services from start-ups. It is not just the younger generation that feels this way. According to research from TransferWise’s Future of Finance Report 2017, Australians of all ages are among the most likely to seek alternatives to the mainstream banks. We’re also early adopters of fintech solutions. The same report revealed that 53 per cent of Australians already use an alternative financial service provider (one that’s not part of […]
PayWave: Australia will soon be ‘entirely cashless’
Cash could become a distant memory as soon as 2026, according to startling new predictions from experts. According to data from the Reserve Bank of Australia (RBA)’s ongoing Consumer Payment Methods survey, the percentage of cash payments in the country plummeted from 69 per cent in 2007 to just 37 per cent in 2016. A projection of that data by comparison site finder.com.au has revealed that if the current trend continues, physical cash could vanish in Australia as soon as 2026. It’s even earlier than the predicted expiry date of ATMs, with an analysis of RBA statistics by finder.com.au showing they could disappear from our streets by 2036. Finder’s money […]
Australian charities adapt to cashless society with arrival of Apple Pay
The charity sector needs to adapt to a world without cash, according to the CEO of Cancer Council Australia, which is set to be one of the first Australian charities to use Apple Pay. ANZ announced on Tuesday that Donate with Apple Pay would be available on its Shout For Good fundraising platform, providing more than 60 of its aligned charities with an “easy and secure way to offer digital payments”. Apple Pay allows Australians to donate to charities through their mobile phone, or online, and eliminates the need to enter billing and contact information, create an account or fill out long forms to check out. Cancer Council Australia will […]
Fintech forcing major shifts in banking strategies
The banking sector is undergoing many changes currently, as technology is becoming increasingly important to keep up with fintech competition. It has become apparent that the space is evolving in a way that will see new technologies have an outsized impact in the next few years, according to a report from Temenos and The Economist Intelligence Unit. Additionally, the report examined the impact of open banking and how banks are shifting their business models, among other things. Here are some of the key takeaways from the report: Tech and digitization will have a bigger impact than regulation. Forty-eight percent of banking executives think new technologies, such as blockchain and AI, will have the […]
Midwinter delivers technology to Suncorp Advice
Australian based financial advice technology firm Midwinter has today announced it will deliver technology services for Suncorp’s salaried financial planning business – Suncorp Advice. Midwinter was selected by Suncorp upon review of its financial planning business, which included testing by Suncorp advisers and paraplanners. AdviceOS will provide Suncorp with – Enhanced system capabilities – including cloud-based and API driven integration Strategic and product modelling capabilities Superior planner/user experience and client engagement Process and production efficiencies CRM and reporting capabilities Compliance functionality Experienced project management of transitions and support Midwinter’s Head of Institutional Growth, Salvador Saiz welcomed the announcement saying “The future of planning tech means being to deliver best-in-class strategy […]
Understanding the SME mindset
In 2017, the number of business owners turning to their primary bank for a loan declined 14%. Scottish Pacific CEO, Peter Langham, explains why brokers are uniquely positioned to capitalise The latest SM Growth Index by Scottish Pacific paints a clear picture of SME owners, their pain points, and their funding needs and intentions. For brokers, these results can help them understand the SME mindset and why it is important to offer a range of suitable funding options, which allow both clients and their brokers to grow. Just over half the businesses polled expect revenue to grow in 2018, and two thirds reported improved cash flow for 2017. Those that are […]
