Fintech might be hot right now, but banks are still winning
Banks are still way out in front, but FinTech is on the improve in Australia… The term “fintech” – the marriage of financial services with technology companies – has only recently come into vogue in Australia, with venture capital starting to flow into the sector. It was only around October 2014 that the term fintech started to appear in Australia’s mainstream media – rather late given it was just two months later peer-to-peer lending platform LendingClub listed on the New York Stock Exchange. Source: Fintech might be hot right now, but banks are still winning
Australia a hotbed for digital banking tests: Citi
Banks are “all moving too slow” when it comes to providing digital products that are relevant to customers, according to Heather Cox, the head of digital for one of the world’s most powerful consumer banks, Citi.”We’re all moving too slow – and we have to figure out how we are going to be really relevant in people’s lives,” Ms Cox, who was recently named Digital Banker of the Year by American Banker in 2015 Source: Australia a hotbed for digital banking tests: Citi
UBank opens door to start-ups
Lee Hatton, the new chief of National Australia Bank subsidiary UBank, has opened the door to partnering with financial technology start ups to enter the small business market, as she eyes longer-term growth opportunities… Source: The Australian news
AMP advises fintechs to seek bigger partners
Australian fintech start-ups looking to expand their businesses will need to partner with big companies that already boast large customer bases for a better chance of success, wealth giant AMP says.Craig Meller, chief executive of AMP, said it was unlikely a large “disruptor” would swoop into the Australian financial services sector and shake up the market, so smaller fintech companies should seek large corporates to tap their distribution footprint. Source: AMP advises fintechs to seek bigger partners
Westpac asks Gen Y to help it find the next fintech start-up
As all banks grapple with the impact of huge technological shifts, Westpac hopes to get an edge over rivals by tapping into the ideas of bright, young non-bankers. With the bank admitting it needs to be more nimble in the face of growing competition from technology-based firms, senior Westpac executives will next week be presented with business proposals on digital disruption in finance from a group of people aged 18 to 35 , from Australia and China.But none of those pitching the ideas on digital disruption are bankers. Source: Westpac asks Gen Y to help it find the next fintech start-up
Finance disrupters still rely on big banks, but bitcoin may replace
Start-ups, telecommunications giants, supermarkets and postal services are all getting into banking, but they concede they are not really disrupting big lenders or dominant card networks because most have to rely on banks or Visa and MasterCard to provide financial services. Source: Finance disrupters still rely on big banks, but bitcoin may replace
Fintech hub Stone & Chalk names Alex Scandurra as CEO with big plans to disrupt banking
New Sydney fintech hub Stone & Chalk has appointed former army captain Alex Scandurra as its chief executive, as the location for start-ups seeking to disrupt banking prepares to open in June.About 330 entrepreneurs from 120 fintech start-ups have registered to work in the space, ensuring Stone & Chalk will open at full capacity of about 150 people and suggesting it could take up an option to double its area by expanding into a second floor at 45 Clarence Street at the northern end of the Sydney CBD. Clarence Street is shaping up as the heart of the promising fintech scene in Australia, with payments disrupter Tyro earlier this month […]
Tyro says Stone and Chalk needs competition
Tyro chief Jost Stollman, says another fintech hub, independent of bank-backed Stone and Chalk, is needed to ensure new bank rivals don’t remain “rounding errors”.Mr Stollman has dubbed Sydney’s Clarence Street “Fintech Alley” since he opened Tyro’s FinTechHub at 155 on Wednesday, just down the way from bank-backed hub Stone and Chalk at number 45 – the same building as eBay and its subsidiary PayPal.Tyro was one of the first payments challengers to the banks when it started a decade ago, but it remains the only so-called card acquirer – meaning it processes card payments for merchants as well as rolling out its own terminals – that is not a […]
