Wealth management products make big leaps in digital sales readiness
Australians can now apply for 60% of all wealth management products offered by the country’s biggest banks from their mobile phones, according to a fintech which helps financial services companies acquire clients. Avoka measured digital sales readiness for the 50 largest banks across Australia, North America and Europe for products across three segments: personal banking, business banking and wealth management. Eleven of the 50 banks were Australian. Australia “leads them all” in digital readiness, the fintech said. “Banks have accepted that online account opening is a must have, not a ‘nice to have’. The focus now is on whether the largest banks can transform their entire customer engagement across all […]
Global 2018 digital banking sales report finds Australia again leads the way
Avoka, the global leader in digital customer acquisition for financial services, today released its third annual Digital Sales Report which found that Australian banks continue to excel compared with their peers in North America and Europe. The report analysed the digital account opening capabilities of the 50 largest banks in these regions (32 in 2017) and found that as banks capitalise on opportunities in the face of increasingly stiff competition, Australian banks once again lead in digital readiness. Avoka’s study focused on breadth of offer and ease of use, with the capability of 11 Australian banks assessed in the report. Commenting on the global findings, Avoka Chief Executive Phil Copeland […]
“Have we actually delivered?” FinTech Australia chair calls out fintechs, banks
Stuart Stoyan stressed the crossroads the industry will face in 2018. It’s been a good year for Australian fintech. The 2017 Startup Muster survey turned out a glowing report card of a maturing industry; monthly revenue growth for post-revenue fintechs was up 208% over a 12-month period and 24% of fintechs surveyed reported revenue growth of 700%. The EY FinTech Adoption Index ranked Australia fifth out of 20 global markets with an adoption rate of 37% – more than double that of our result in 2015 (13%). FinTech Australia chair Stuart Stoyan discussed these figures in a keynote at this week’s AltFi Australasia Summit, but rather than using them as […]
Fintech adoption speeds up in Australia
Australia is growing faster than most of the global markets and is now outplacing the US in terms of fintech adoption, says Noah Breslow, the chief executive of US online SME lending company OnDeck Capital, which has delivered more than $US8 billion in loans to 80,000 small businesses globally. He told the third AltFi Australasia Summit in Sydney on Monday that Australia is now the second-largest alternative finance market in the Asia-Pacific region. “We are looking at an industry that did $10 million of annual volume – these are numbers from KPMG in 2013, and in 2016 that had grown to $220 million.” Breslow said according to OnDeck estimates, “based […]
Open banking will drive better customer deals and responsible lending outcomes for mortgages and credit cards
The first phase of Australia’s open banking regime should be designed to assist Australians get a better deal on mortgages and credit cards.
Fintech start-ups threaten mortgage broking old guard amid royal commission heat
The emergence of fintech disrupters to the lucrative mortgage broking industry is being driven by three key dynamics. First, banks pay $2 billion a year in commissions to mortgage brokers for the delivery of home loan borrowers – but want to pay less. Second, the Hayne royal commission is investigating whether current broker pay structures create conflicts of interest and exploring better ways to serve customers. Third, technology is making self-service easier, and “open banking” will put customers in control of their data, including all the information required to make a mortgage application. So enter the mortgage broking entrepreneurs and a bunch of start-ups ruffling the feathers of the powerful […]
Fintech numbers causing a revolution
According to sources at disruptive Real Estate platform Next Address, the implementation of Fintech equity crowdfunding has sent their chatbots into overdrive with record enquiries and investors jumping on board. Julie O’Donohue, founder of the Australian company says it’s all about opportunity and empowering people. “People are loving the concept of helping us grow, investing directly with us from just $250 with a few perks that are making everyone smile. It has taken hard work by our entire team to make our platform the best, and now we are getting validation from everyday Aussies wanting to get on board. We made Next Address for the people, and now those very […]
The future of money relies on digital
by Carlo Lacota, Head of Banking and Financial Services, ANZ at Cognizant The era of digital disruption has brought new challenges involving security, privacy, and technology access. It is therefore imperative for financial services providers to take stock and consider how to deepen their customer relationships. The inability to capitalise on the opportunity that digital brings to attract and retain customers will increase churn velocity and further increase cost as customer retention costs far less than acquisition. Our relationship with money is broken A recent global study by Cognizant revealed that people’s relationship with money is broken, with over half of the study respondents saying money and […]
