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 […]
Square’s Jack Dorsey muscles in where banks have failed to serve
Billionaire Square co-founder Jack Dorsey says big banks have allowed his payments disrupter to muscle in on their territory by breaking the trust of customers and serving small business borrowers poorly, or not at all. Mr Dorsey, who also co-founded social media platform Twitter, said a long history of corruption had tarnished the reputation of the financial services sector, but with Square he hoped to restore trust in the industry. “The banking industry was invented in the 1600s in Florence and there has been corruption ever since,” Mr Dorsey said while in Melbourne for the second anniversary of Square’s local launch. “It’s not something that’s new to a particular country, […]
Think you’ve innovated? Enter the finder Awards 2018 to show ‘em what you’ve got
We’ve seen our fair share of fintech innovations over the past few years. From robo-advice to peer-to-peer (P2P) lending to Blockchain, innovation has been offered in spades within the Australian marketplace. The finder Awards 2018 celebrates excellence in local business innovation by recognising creativity and impact across key industries including banking, property, retail, travel and of course, fintech. Comparison site, finder.com.au, invites the nation’s most forward-thinking businesses, both big and small, to step forward and showcase their best innovation. From Best Tech Innovation to Best Personal Finance App, there are seven innovation categories now open for submission. These include; Best Tech Innovation Best Online Shopping Innovation Most Innovative Team/Person Best […]
Bank limitations create opportunities for non-bank lenders
Winners and losers from new bank regulations Small and medium sized enterprises (SMEs) are the lifeblood of an economy, but given the changes to bank regulations the sector is increasingly a ‘loser’. In Australia, SMEs employ around 70% of the workforce and produce around 55% of business economic activity. However, two key changes continue to push SMEs out of the bank lending market: 1. Cost – under Basel III, banks must hold higher levels of capital against SME lending, including low-risk loans backed by residential or commercial property. This makes lending to SMEs more ‘expensive’ for the banks, and hence they pass the cost onto the SME borrowers. 2. Time […]
