Wary banks to enter fintech waters
While larger financial institutions have traditionally stayed out of the fintech space, this could soon change, according to some of Australia’s leading experts. “To date I’ve actually taken the view that I don’t think the banks have really played much in this space because it’s disruptive and it’s easier for them to not necessarily add fuel to the fire or to accelerate that disruption,” said Anthony Millet, CEO of BRICKX, in a panel discussion at the Millennial 20/20 conference in Sydney (14 November). This is now changing with new legislation being introduced in Australia that makes it easier for start-ups to enter the market, he said. “I think we’re going […]
ANZ and CUA among first to offer eftpos on Android Pay
ANZ and Cuscal-sponsored credit unions including CUA today announced their eftpos cardholders can now make payments using Android Pay. The nine institutions, including People’s Choice Credit Union, Sydney Credit Union, Woolworths Employee’s Credit Union, Nexus Mutual and FCCS, are the first in Australia to officially offer this payment method to eftpos cardholders, enabling almost two million people to pay using their Android mobile devices. This follows the announcement Commonwealth Bank, Westpac and NAB are collaborating to launch a mobile payments platform, Beem, to make instant contactless payments with eftpos cards. Canstar’s Group Manager of Research and Ratings Mitch Watson said the new offering meant ANZ customers would have access to […]
Global Corporates chasing technology innovation in banking
Some of the world’s largest enterprises are prepared to switch financial providers should their banks not keep up with technological innovation, new research from East & Partners has found. According to the exclusive report, titled Financial Technology and the Corporate, around 13 percent of corporates have either partially or fully switched banks in direct response to newly released financial technology solutions, with a further 20 percent currently considering doing so. The research is based on direct interviews with 737 corporate treasurers and chief financial officers (CFOs) from the Top 100 firms across eight key markets including Australia, China, France, Germany, Hong Kong, Singapore, the UK and USA. […]
NAB is adding 600 fintech jobs
The National Australia Bank has announced 600 new tech jobs to “reshape” its workforce as it moves to compete against more agile fintech startups. Recruitment for the new positions — in software engineering, data, architecture and security — will take place immediately. It comes after the bank last week revealed it would cut 2,000 jobs in other areas by 2020. “We know this is an ambitious target and acknowledge the war for talent is intense, but these are the essential skills and roles we need in order to deliver our plan,” said NAB chief technology and operations officer Patrick Wright. The recruitment drive, according to the bank, will “rebalance” the […]
Brighte shines a light on new finance options
Innovative fintech companies have an opportunity to offer services banks can’t or won’t provide. Here’s how Brighte is doing that with interest-free finance for home improvements. Imagine having your hot water system break down and being told you need a replacement. How would you pay for it? What about if you want to install solar power but find the interest charges send your budget through the roof? It’s these types of issues that fintech startup Brighte is designed to address. Launched in 2016, the company offers homeowners an interest-free payment solution for home improvements up to $30,000. Company founder Katherine McConnell said this type of finance hasn’t been looked at […]
Australian Fintech companies amongst 2017 Finder Awards
Once again the 2017 Finder Awards was dominated by Australian Fintech companies, like they have done in previous years. Congratulations to all the Fintech winners: Best Investor Home Loan (PI 3-Year Fixed) UBank UHomeLoan Best P2P Personal Loan RateSetter 2 Year Personal Loan Best Personal Loan Pepper Money Unsecured Variable Personal Loan Best Personal Finance App Acorns Best Online Customer Service UBank Best Banking Innovation Spriggy Most Innovative Team Mario Hasanakos & Alex Badran, founders of Spriggy
CommBank, Westpac, NAB to launch new mobile payment app Beem
Three giants of the Australian banking sector are collaborating to create a new mobile payments platform for consumers and businesses. The application is called Beem and will allow users to store their debit card information and make instant contactless payments using the same technology as applications like Apple Pay and Android Pay. Beem will also allow users to request payments and split bills, making it useful for both personal use and for businesses. Although being created by Commonwealth Bank, Westpac and NAB, the app will be open for use by all Australians regardless of which bank they use. Like regular online transfers, Beem will include built-in encryption of payment details […]
Biggest winners from fintech are customers
The biggest winners from fintech are the customers as it revolutionalises customer engagement and removes institutional, bureaucratic impediments, according to Federal Treasurer Scott Morrison. Addressing the Financial Services Council’s (FSC’s) and BT’s breakfast event in Sydney on Monday, the Treasurer said fintech was not just transformational for financial services but for all businesses around the country. “The technology is exciting. It can be distracting, it can sometimes over promise and under deliver. But at the same time it’s hard not to appreciate the potential,” he said. “And like any new sector where innovation arrives, there are misfires, there are misstarts. But it’s important that we don’t lose sight of the […]
