Australia’s CommBank arms combine to launch robo-advice service
Two units of Australia’s largest bank have teamed up to launch a ‘robo-for-adviser’ portal aimed at financial advisers servicing high net worth clients. CommSec Adviser Services, the adviser support arm of the Commonwealth Bank of Australia (CBA / CommBank), and Colonial First State, part of the CBA’s global asset management business, will jointly provide the new system, named Portfolio Service. The service will offer a ‘one-stop-shop’ online that aims to enable advisers to manage their clients’ investments by automating administration and reporting requirements. Designed for the fee-for-service business models, the system can be customised to support specific advice fee structures and is offered by both firms. Better service CommSec Adviser […]
Forbes Fintech 50 call for nominations
For two years, Forbes has published our Fintech 50 list, showcasing the top companies shaping “the future of your money.” (See the 2015 and 2016 lists.) These innovative startups are making it easier for suppliers in emerging economies to get paid, for low-mileage drivers to save hundreds of dollars a year, for your financial advisor to create a tailored-for-you portfolio, and enabling even more technological advances that benefit many of us daily, unbeknownst to us. If the Great Recession shook trust in global finance, these are the firms that are building it back up. We’re about to begin updating the list for the third year — a multi-month process which […]
CXi announces second client for Unit Registry
CXi Software has announced that it has successfully migrated its second client, in as many months, onto its cloud-based Unit Registry system – CXi-Registry™. “We’re delighted to welcome our second client; a significant Melbourne-based property firm managing some $2 billion in assets” said Seamus Ó Concheanainn, Managing Director of CXi. “This client is synonymous with professional property investing and is a terrific partner for CXi. Our CXi-Registry™ platform delivers the high-end capabilities that innovative fund managers require and feedback from our early adopters indicates we are meeting and exceeding market expectations in that regard,” Mr. Ó Concheanainn continued. “Our digital platform is the first purpose-built unit registry system developed in […]
H2 Ventures eyes global expansion and data and AI start-ups after fresh intake
Sydney-based fintech accelerator H2 Ventures is preparing to take its program international and expand into artificial intelligence and big data after doubling its intake of startups. The accelerator brings on startups, which receive $100,000 in return for a 10 per cent stake in their company, and in exchange they partake in a program that runs for 20 weeks, based out of Stone & Chalk in Sydney. H2 has just set up an office in San Francisco, designed to support its rapidly-growing portfolio of startups when they expand to the US and take on a fresh intake of 16 startups, after it received 300 applications following a roadshow across major cities […]
Visa moves to kill PINs by pushing Aussie banks towards biometric authentication
Consumers will soon be able to forget about PINs and frustratingly long 16-digit card numbers when shopping online and in the real world, as Visa moves to make Australian banks build infrastructure and put in place policies to empower biometrically-authenticated transactions. A new Visa security roadmap outlines a four-year process for Australian banks to adopt new standards for e-commerce transactions, designed to streamline the purchasing process and reduce fraud, while implementing new information-sharing practices and tokenisation technology. Visa Asia-Pacific senior vice-president Joe Cunningham told The Australian Financial Review it aimed to make the purchasing process simpler and quicker for shoppers, while also making it more secure. “What we want to […]
Ignition Wealth appoints Simon Conroy as Investment Committee Chair
Ignition Wealth CEO Mark Fordree today announced the appointment of Simon Conroy as Chairman of the Ignition Wealth Investment Committee. Simon Conroy is a senior investment and banking professional whose previous roles include Head of Investment Strategy and Head of Private Markets at the Macquarie Group, where he served for more than a decade. “Ignition Wealth continues to expand our leadership team. The appointment of Simon Conroy as Chairman of the Ignition Wealth Investment Committee is part of our ongoing commitment to drive the business forward,” Mark Fordree, CEO, Ignition Wealth. Simon Conroy joins several financial services leaders at Ignition Wealth. Industry veteran Peter Meurer serves as […]
expensemanager delivers accounts payable automation software for the SME’s
expensemanager helps businesses to automate each step of their expense, receipt and invoice management process with clever cloud software.
How Fintech is shaping the future of Wealth Management
A new report from the World Economic Forum and Deloitte confirmed what many advisors, technology vendors and industry analysts have long insisted: it is established wealth management firms, not startups, best positioned to capitalize on disruptive technology. Robo advisors have proven to be an effective tool for customer engagement, but they’ve also proven relatively inexpensive and easy to replicate. By offering their own robo, firms increase customer stickiness while also avoiding the high client acquisition costs that plague startups. But the future is far from certain. Robos have set a new standard for the kind of personalized digital experience clients expect from financial services, and business-to-business fintechs—the so-called wealthtech companies—continue to automate more middle and […]
