Wisr, Bendigo and Adelaide Bank announce $25m wholesale loan funding agreement
Australian neo-lender Wisr Limited (ASX: WZR) today announced a $25 million wholesale funding agreement with Bendigo and Adelaide Bank Limited. The agreement will see Bendigo and Adelaide Bank provide a facility to fund existing and future loans and increase Wisr’s consumer loan book capacity, as well as improving the opportunity for revenue generation and operational performance. Bendigo and Adelaide Bank is Australia’s fifth-largest retail bank and a top ASX-60 listed company. It has a range of operations in consumer and business financial solutions, third-party banking and wealth services, and agribusiness. Wisr provides an innovative and secure platform to facilitate loans between funder investors and consumer borrowers. Anthony Nantes, Chief Executive […]
Bank KYC/AML compliance is broken, and blockchain can fix it
Not only is decentralisation the best solution. It might be the only solution. One of the least-sustainable trends in existing financial services is hidden away in the background. Compliance costs, which refers to the cost of handling legal obligations such as KYC/AML, are a growing stone in the shoes of financial services. And it’s growing extremely quickly. According to Thomson Reuters, the number of compliance professionals increased 3.5 times from 2016 to 2017, while financial institutions are pouring billions into transaction-monitoring systems designed to target suspicious behaviour, like frequent large cash deposits. No one’s entirely sure where these investments will end. At a time when new technology is cutting costs […]
Suncorp launches Apple Pay for Visa debit cards
Suncorp customers now have the choice of Apple Pay, Google Pay or Samsung Pay to tap and go. If you have a Suncorp debit card, you can now use your Apple device to tap and pay at the checkout thanks to a new partnership with Apple Pay. Once you’ve linked your card, you can hold your iPhone or smartwatch against the contactless card reader at the checkout and use your biometric Touch ID (your fingerprint) or PIN to authorise a transaction. Each transaction is also authorised with a one-time unique dynamic security code. Apple Pay is built into your Apple Wallet on your device, so you just need to add […]
ANZ sees dramatic uptake in digital wallet payments
Almost $600m in six-month period. ANZ Bank customers made almost $600 million in mobile payments during the first half of fiscal year 2018. The bank said today that customers completed more than 18.5 million mobile payment transactions in the half, an increase of 156 percent on the previous corresponding period. ANZ said the transactions were made from mobile wallet services from Apple, Samsung, Google, Fitbit and Garmin, as well as the bank’s own mobile pay service. CEO Shayne Elliott credited the bank’s investment in mobile services as well as the 2016 establishment of its digital bank division – overseen by former Google executive Maile Carnegie. Elliott said ANZ’s mobile app […]
SelfWealth growing in the face of finance industry’s woes
The banking royal commission is currently underway and it’s fair to say that the stories emerging are nothing short of shocking. There’s endless tales of woeful and deceitful financial advice — so bad in fact that that it has even led to families losing their homes. It’s also come to light that for years financial planning groups have been unlawfully deducting service fees from customer accounts, even falsifying documents. The disturbing findings coming out of the banking royal commission should encourage many Australian investors to take more control over their investments and financial wellbeing. Amidst this turmoil has emerged an innovative solution for people wanting to take control of their […]
ASIC, AUSTRAC and banks urged to engage with regtech start-ups amid controversy
A batch of start-ups will engage with banks and regulators about creating a “compliance-by-design” culture in financial services later this week at an inaugural RegTech Association event and are hoping conversation will soon turn to action. The expected release on Tuesday morning by the Australian Prudential Regulation Authority of a report into governance problems at Commonwealth Bank, and the interim profit results this week of the other major banks which are under pressure for failing to verify whether customers can repay loans, will illustrate the value of the nascent regtech sector. But while the big banks love to talk about innovation, they find it very difficult to achieve in practice. […]
‘Laggard’ lenders to be left behind: Moody’s
Banks that fail to digitally transform are at risk of losing their competitive edge to the rising number of online players entering the market, according to Moody’s. In its Fintech – Global: Bank of the Future report, Moody’s warned that banks that fail to adopt strategies that strengthen their digital platforms may struggle to maintain their current market position as customers increasingly explore finance alternatives from online lending platforms. The report cited data from an analysis of the US mortgage market which revealed that 53 per cent of borrowers used online platforms to obtain home loans in 2017. The figures also revealed that younger borrowers are most likely to obtain […]
Fintech predicts consumer behaviour change from Royal Commission
Sydney fintech company CashDeck is predicting that the Royal Commission will create a permanent shift in consumer behaviour and have redirected their strategy and development resources to assist firms deal with the change. The company has developed Credit Ready, the financial equivalent of a Fitbit Fitness Tracker to help users stay on top of their finances. Owen Joyce, Chief Commercial Officer at CashDeck, suggests that the Royal Commission will result in a more financially literate consumer. “The sector isn’t waiting for the end of the commission, change is happening already. Look at how quickly the banks responded to the Living Expenses spotlight” he said, referring to the updating of policies […]
