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 […]
The 2018 Fintech Business Awards winners
Congratulations to all the winners of the 2018 Fintech Business Awards: Crowdfunding Innovator of the Year OnMarket Lending Innovator of the Year SocietyOne Personal Finance Innovator of the Year Pocketbook Insurance Innovator of the Year Cover Genius Payments Innovator of the Year Afterpay Australia Compliance Innovator of the Year Moneycatcha Software Innovator of the Year BGL Corporate Solutions Fintech Mentor of the Year Peta Tilse, Sophisticated Access Fintech Entrepreneur of the Year Philip Copeland, Avoka Investment Innovator of the Year Acorns Australia Fintech Thought leader of the Year Jonathon Wilkinson, Equitise Accounting Innovator of the Year Class Limited Financial Advice Innovator of the Year myprosperity Lending Platform Innovator of the […]
Moneycatcha uses blockchain to streamline mortgage applications
MoneyCatcha is using blockchain technology to make home loan applications quicker and cheaper. One of the most time consuming and costly processes banks go through is signing customers up to a mortgage. The full loan application process can take weeks and has a significant cost. Data is often captured and manually re-entered several times resulting in potential errors and a further waste of resources. As a highly competitive part of retail banking, and perhaps its most profitable activity, being able to differentiate from other banks is critical. Also, with increased scrutiny on loan documents as we’ve seen through the Royal Commission on banking, the need to be able prove the […]
Growth, diversification, consolidation: AltFi Summit 2018 leaders offer their predictions
Fintech leaders from across the globe are converging for the AltFi Australasia Summit in April, to discuss the most urgent issues and trends impacting growth, diversification, and consolidation in the global alternative finance industry in 2018. Keynotes, panellists and sponsors will include alternative lending firms, digital banks, industry influencers and regulatory representatives, such as OnDeck, KPMG, Ratesetter, NowFinance, Equifax, Macquarie Capital, NAB, Moula, MoneyPlace, Credible, BGA Digital, Moneycatcha, Creditease, Othera, Liberty Home Loans, uno Home Loans, and FinTech Australia. It will be the third year the Summit has run in Sydney, amassing each yeah an ever-larger following of loyal attendees. Event owner, Glenn Hodgeman, believes momentum has built so strongly […]
Digital mortgages offer great promise, says KPMG’s Pollari
There’s a tech for everything these days: MedTech, EdTech, FoodTech – you name it. Which may make fintech sound like just another portmanteau. But what makes fintech different from the other “-techs” – besides the fact it deals in money – is just how varied it is. According to a map put out by KPMG, there are more than 11 different types of fintech companies. These include: regtech, for regulation; insurtech, for insurance; wealthtech, for asset management – and many more. This wide definition – as well as a lot of optimism and entrepreneurial energy – has meant there are now around 600 Aussie companies that fall within the fintech […]
SMEs trading banks for fintechs, poll suggests
Fintech and other non-bank lenders are set to overtake banks as the preferred source of growth funds for Australian SMEs, the latest Scottish Pacific SME Growth Index suggest. The twice-yearly poll was informed by interviews with more than 1250 SMEs with annual revenues of up to $5 million. Scottish Pacific found that between 2014 and 2018, the proportion of SMEs intending to use banks for funding dropped from 38% to 24%. Meanwhile, 22% of SMEs identified non-bank lenders as their preferred source of growth funds, up from 11% in 2014. In addition, it was revealed that amongst SMEs that have not used non-banking lending options in the past 12 months, […]
1 in 4 are financially stressed, but Australia just got Wisr
Wisr (formerly DirectMoney) launches new brand with new financial wellness focus. ASX-listed Wisr today launched a major rebrand of the personal lending company, following its official name change from DirectMoney. Wisr is Australia’s only ASX listed marketplace/p2p lender and is one of the very first to emerge in Australia. Now entering its fifth year, the company is going through a phase of rapid growth and expansion, and the new brand reflects the company’s repositioning into a technology-led, customer-focused company with a vision to “bring financial wellness to the world”. Research has shown that 1 in 4 Australians are financially stressed, and the number one cause is high interest debt (typically […]
ASX-listed US fintech Credible shrugs off recent share drop with US mortgage play
The founder and chief executive of ASX-listed US fintech start-up Credible has shrugged off a declining share price since its December initial public offering and pointed to a strong financial performance and new plans to target the US mortgage market as a sign that investors can expect significant growth in the long term. Credible, which was founded by Australian Stephen Dash, was the largest ASX tech IPO of 2017, raising $67 million, having built up a significant niche in the US market by creating an online marketplace for student loans. However, despite posting full-year results that beat the important metrics laid out in its IPO prospectus, the shares have slowly […]
