Australian first in-app tool Free2Spend revolutionises the personal finance management game
Today UBank, Australia’s leading digital bank[1], unveiled Free2Spend, a ground-breaking in-app tool that simplifies budgeting. Designed and built in Australia, the innovative new tool delivers users one number giving a daily spend that adapts in real-time. Free2Spend first asks users to set goals, whether they’re saving for a wedding, investment property or holiday or even just saving in general. Users then input income and fixed expenses, with the tool then using these figures to calculate the daily Free2Spend number or ‘one number’. For example, if you’re saving for a $20,000 car, and you have a monthly income of $5,000 with monthly expenses like rent, utilities and bills of $2,500, Free2Spend […]
Open banking a solution to royal commission lending concerns
The government’s “Open Banking” regime will allow banks to meet stricter requirements to lend responsibly that may flow from the Hayne royal commission, experts say, because it will allow each major bank to get the actual income and expenses data from new customers’ existing banks, avoiding the need to rely on estimates or benchmarks. After the banking royal commission expressed concern about ANZ Banking Group not checking borrower expenses submitted by mortgage brokers, ANZ’s business services head, Nigel Dobson, told The Australian Financial Review Banking & Wealth Summit that open banking will “help us to enhance our responsible lending obligations, as we will have more precision and transparency around a […]
Banks bet on AI to win back regulator, consumer trust
International tech behemoth IBM is expecting a significant boost to its Watson Financial Services division in Australia, with the big four banks turning to artificial intelligence in its IT systems to win back the trust of consumers in the wake of the Hayne royal commission and years of banking scandals. Speaking to The Australian Financial Review from his Astor Place office in New York, IBM vice-president of Watson Financial Services, Marc Andrews, said it was already conducting trials with most of the major banks in the country using its cognitive computer Watson for everything from reducing the strain of regulatory compliance, to overhauling the way the banks detect financial crimes. […]
New Pelikin app fits the bill for globetrotting millennials
Digital banking start-up Pelikin aims to reshape the way people save, send and spend their money in Australia and while travelling abroad. The company’s slogan is “spend like a local”. It will be targeting “digital natives” with its app and debit card. It hopes to launch by mid-2018 and is currently seeking expressions of interest for investment on Birchal, an Australian equity crowdfunding platform. “Acting as a transactional base for funds, Pelikin wants to create a seamless digital experience between everyday banking and travel banking; an important element for a younger market who are known for their tech-savvy and globetrotting lifestyle,” the company explains. It is currently beta testing features […]
Westpac strikes deal with Assembly Payments
Westpac Banking Corp has bought an equity stake in Assembly Payments and will work with the Melbourne-based fintech to integrate the bank’s merchant terminals with customers’ point-of-sale (POS) software, removing the need for transaction amounts to be entered into retailers’ systems twice. For workers in the nation’s restaurants and coffee shops, entering the dollar amount of a transaction into a banking terminal to complete a sale might be a small frustration, but the extra process can add up to real dollars for business owners. Westpac estimates that for a typical Sydney CBD cafe – which completes between 1000 and 1500 transactions a day – the three to five seconds of […]
On The Money: Google Pay, Samsung Pay and Apple Pay explained
Over the last ten years, smartphones have replaced MP3 players, PDAs, cameras and – for some – even dedicated portable computing devices like laptops. Now, smartphone and wearable vendors are trying to replace your wallet by cementing themselves as a crucial part of the mobile payments space. If you’re confused about things like Apple Pay and Samsung Pay – here’s everything you need to know. What are mobile payments services? Mobile Payment services (also known as mobile payment platforms or digital wallets) is a term that refers services or apps that allow you to pay for things with your phone or smartwatch (via a connected credit or debit card). The […]
Equitise finalises Australia’s first equity crowdfunding with Xinja raising more than $2 million
Equitise is finalising Australia’s first equity crowdfunding offer, with aspiring neobank Xinja raising more than $2 million as it prepares to launch products designed to transform the banking experience for Australians. One-in-four investors have committed the minimum $250 for Xinja’s crowdfunding raise. Almost 7-in-10 have committed less than $1000, highlighting the accessibility of equity crowdfunding for regular investors, not to mention the opportunity for startups willing to work with them. Xinja’s capital raise was the first full retail equity crowdfunding offer to go live in Australia and is still open to investors until March 31. Equitise co-founder Chris Gilbert said the success of the raise underlines the willingness of everyday […]
ING – ‘Australia’s oldest fintech’ – is reporting a sudden surge in customer growth
The CEO of ING Australia, Uday Sareen, sees his bank as Australia’s oldest digital finance house. “We are Australia’s oldest fintech and we are profitable,” Uday Sareen told Business Insider as the bank announced its full year results. ING had record customer growth in 2017, adding more than 300,000, or almost a third, to hit 1.36 million active customers. Statutory net profit after tax was up 18% to $348 million.“We’re proud of what we’ve achieved this year,” says Sareen. The Dutch multinational banking and financial services group, which entered Australia in 1999, now has 1,178 employees and holds 3% of the local banking market.Sareen believes ING is at a tipping […]
