NAB eschews fintech push, keeps online business lending in-house
National Australia Bank has decided against partnering with a “fintech” company for its first automated online business lending product, ensuring a tighter grip on customers as the banks cautiously explore the burgeoning sector that threatens to eat into profits. The bank yesterday revealed QuickBiz Loan, one of the first products from in-house innovation hub NAB Labs, would be launched early this month, offering small businesses up to $50,000 unsecured via a new online application process. The move contrasts with Commonwealth Bank and Westpac, which are working on referral partnerships with business fintech lenders OnDeck and Prospa. NAB business lending division chief Angela Mentis said that while partnerships could be done […]
Celebrate innovation that puts the customer in charge
It’s no secret that the word innovation is in vogue. It’s not just that it’s one of our prime minister’s favourite words, it’s a trend across the English-speaking world. Use of the word has grown steadily since 1943, according to Google’s database of books published from 1800 to 2008. It was used almost twice as much in 2008 as 1969, the year humans first landed on the moon, and it’s a dead cert the past eight years have been no different. But using “innovation” as a mantra doesn’t make you more innovative. Many people feel that it’s become, or becoming, a meaningless catchphrase. It’s time to reclaim it. It’s a […]
Fintech platform enables consumers to broker loans
A new fintech platform has launched which enables consumers to broker their own home loan online. The site, uno, claims it puts the consumer in the driver’s seat, giving them access to the tools and information that traditional brokers use to find a home loan, across a wide panel of lenders. Uno also has its own home loan experts that provide advice to provide a “human element”, however, creator and CEO of uno, Vincent Turner, said they do not personally receive sales commissions. “What uno provides, for the first time, is a chance for the consumer to be part of the process and see all of their personalised options,” Turner […]
The DAO: Australians buy into the virtual company of the future
Australian investors and organisations are among hundreds of backers of a new virtual organisation that only exists online, is run entirely by computer code, but which promises to change the nature of corporations worldwide. The DAO, or Decentralised Autonomous Organisation, represents the largest non-political crowdfunding project to ever hit the internet, closing a $US132 million ($184 million) fundraising round over the weekend, to create a corporation with no management, no board and essentially no legal rights in any jurisdiction. The Australian Financial Review has tracked down a number of Australians who have invested including Duncan Campbell, a 26-year-old early cryptocurrency adopter, Bitcoin company Bit Trade and smaller research organisations hoping […]
With Gyft.com Inaccessible Outside of the US, You Can Still Buy Gift Cards Using Bitcoins
In May 2013, one of the biggest news was that Gyft.com had chosen to accept Bitcoin. Purchasing almost everything using Bitcoins was now a reality. This is because Gift cards from over 200 retail brands are sold on the digital gift card platform. And that translates to close to hundreds of thousands of both online and brick and mortar stores where you could spend your bitcoins. But Gyft.com has never been quite accessible from anywhere on the globe. It still defines its geographical market as the United States. Even so, in the early days, you could still create an account from anywhere on the globe and purchase gift cards. It […]
Robo-adviser Six Park launches with Brian Watson, Lindsay Tanner and Paul Costello on Advisory Board
Australia’s pre-eminent financial experts have joined the next generation of automated financial advice providers with the launch of robo-adviser Six Park. Six Park’s team includes former Federal Finance Minister Lindsay Tanner, founding chief of the Future Fund Paul Costello and Six Park co-founder and former J.P. Morgan Australia Chairman Brian Watson on the company’s Advisory Board. Six Park has raised $1.4 million in seed funding pre-launch and combines the use of cutting edge technology with more than 100 years of investment expertise and wisdom led by co-founders Patrick Garrett (CEO) and Mr Watson (Chairman of Advisory Board). Independently-owned and operating in beta-mode for over a year to […]
Ripoll joins robo-advice board
Former Federal Labor MP, Bernie Ripoll has been appointed as a director of robo-advice focused group, Map My Plan. Ripoll, who was integral to a number of Parliamentary Committee inquiries into the financial planning industry, departed the Parliament this year and described his decision to become a director as reflecting his desire to continue to be involved in the advice sector. “FinTech is clearly having a transformative effect on financial services and the way the industry meets customer needs,” Ripoll said. Joining Map My Plan gives me the opportunity to help bring great advice to the majority of Australians currently missing out and to do something positive with my years […]
Stone & Chalk hopes interstate foray can spread innovation
In the intensely competitive world of fintech, it’s hard to overstate the benefit for Brand NSW from the ultra-low-cost Stone & Chalk hub, which aims to spread its tentacles to Melbourne before the end of the year. Sydney is already jostling for attention with global fintech destinations such as Silicon Valley, London, Tel Aviv, Singapore and Hong Kong — a status it’s achieved with the paltry investment of $2 million raised from the state government and industry. This column, however, has always advocated a national approach, which is why it’s so important that the rubber is starting to hit the road in Victoria. By the end of September, funding will […]
