Fintech companies winning big in banking and finance – here’s why
New fintech contenders are set to offer new-age banking services that capitalize on “data-fueled, hyper-personalized experiences in real-time.”
ACCC launches Consumer Data Right platform
The ACCC launches the Consumer Data Right Register and Accreditation Application Platform to allow banks and fintechs to become accredited data recipients.
Coronavirus crisis sparks large bank withdrawals, despite looming cash transaction ban
Consumers are purchasing more of their goods and services digitally because of fears that the virus could spread through the handling of cash.
Switching banks with one click can reshape financial services
The possibilities of open banking are frightening for the banks, which could have customers switching banks with a simple click.
RBA to update transaction processing and settlement system for new payment streams
The Reserve Bank of Australia is seeking to update its customer transaction processing and settlement system to manage numerous payment streams.
Banks will need to change the way they assess risk: Volt CEO
Volt’s CEO noted that major banks make decisions that are “data-based” and that mainstream lenders will need to learn new skills in order to assess risk.
New payments platform turns up heat on credit cards
The New Payments Platform will reduce demand for credit cards that many customers link up to apps such as Uber or Netflix to make automated payments.
Neobank delays loan rollout due to COVID-19
Due to the COVID-19 pandemic, Volt Bank is delaying the launch of its loan products to ensure its foray into lending is done “in a very prudent way”.
