Laggard bank tech blasted by Treasurer, Productivity Commission
Treasurer Scott Morrison has taken a blowtorch to the slow pace of technology-driven reform in Australian banks, using the release of a blistering Productivity Commission report on financial system competition to vow the new Open Banking regime will be used to smash entrenched interests. In a speech delivered on Friday, the Treasurer doubled down on the need to catapult Australia’s nascent Fintech sector from a niche IT play to a feared competitor of existing banks, insurers and payment schemes by using the new Consumer Data Right contained in the last federal Budget. The Treasurer’s speech is the most explicit push yet to use consumers’ access to new technology and ownership […]
Crowd2Fund reduces default rate using AI
Artificial Intelligence (AI) has helped peer-to-peer platform Crowd2Fund improve its loan recovery rate, according to newly-released figures. Crowd2Fund has seen its default rate drop from 1.42 per cent in June to just 1.04 per cent in July after implementing the AI software from Australian fintech firm InDebted. “It is an amazing piece of technology and completely revolutionises debt recovery,” said Chris Hancock, chief executive of Crowd2Fund. “There is always a great need to competently manage all loans on our platform to ensure that businesses are upholding their obligations to the investors. “This software has allowed us to improve our already stringent recoveries process, and we have seen more timely repayments […]
Capgemini backs Startupbootcamp Australia fintech programme
Capgemini has joined forces with Startupbootcamp (SBC) Australia as the first corporate partner for SBC’s upcoming FinTech Accelerator Program in collaboration with the Victorian Government and YBF Ventures. The program, focused on Open Banking and Customer Experience, will bring leading edge and innovative technologies for the Banking, Insurance and Superannuation sectors to Australia from around the world. “With the fast-evolving financial services landscape fuelled by dynamically changing customer expectations, disruptive technologies and tightening regulatory compliance, it is time for the financial services industry in Australia to leverage an ecosystem-led innovation. Our association with Startupbootcamp Australia will provide access to a global ecosystem of startups and with the leverage of our […]
The winners of the 3rd Annual Australian Fintech Awards
The Australian fintech sector gathered in Ashurst’s Sydney offices on Wednesday 1 August to celebrate the 3rd Annual Australian Fintech Awards. The firm hosted and sponsored the awards, which celebrated the achievements and successes of the people and businesses comprising the Australian fintech sector. The keynote speaker at the awards was The Hon. Scott Morrison MP, Treasurer, Federal Member of Cook. Ashurst sponsored the major award of the evening, the Fintech Startup of the Year, which was awarded to Trade Ledger, the world’s first business lending platform that transforms digital data from supply chains in real time. Ashurst partner Tim Brookes (Digital Economy) commented: “We are delighted to have hosted […]
Apple is becoming a formidable financial technology company
A growing anxiety for bank executives is how and when big tech companies will encroach on their turf. During its quarterly earnings call yesterday, Apple CEO Tim Cook gave some insight into the company’s progress in becoming something of a fintech player: Apple Pay transactions tripled from a year earlier, to more than 1 billion. Cook said that was more than Square and exceeded mobile transactions via PayPal. The worry for finance executives is that payments are just the beginning. Alibaba affiliate and fintech giant Ant Financial expanded from payments and into wealth management. According to analysts at research firm Bernstein, the Chinese company now runs a robo-advisory service that […]
Stone & Chalk start-up Open Orbit wins both Technology and Software categories at The Australian Business Awards
Stone & Chalk start-up, Open Orbit, has today been recognised as an ABA100 Winner in both the Technology and the Software categories at The Australian Business Awards 2018. Winning across both categories highlights the uniqueness and sophistication of Open Orbit’s digital Expertise Automation platform, which is one of the first globally to use artificial intelligence techniques in the automation of complex expertise, such as problem-solving, as opposed to simple processes. Niranjan Deodhar, Founder of Open Orbit said: “We are delighted to have been recognised as an ABA100 Winner for both the Technology and Software categories in The Australian Business Awards. “For a long time, advancements in automation have been almost […]
Morrison to fintechs: ‘Don’t stuff it up’
Treasurer Scott Morrison has told leaders of the fintech industry he’s counting on them “not to stuff up” the implementation of open banking because he wants the government’s new consumer data right to be a driver of competition and productivity gains across the economy. With the major banks lifting technology investment to fend off disruptive threats, Mr Morrison said he’s relying on start-ups to use his open banking and comprehensive credit reporting policies to increase pressure on the incumbents. “You are all in the business of financial technology disruption. I am in the business of policy disruption,” Mr Morrison said at Ashurst on Wednesday night. “I am frankly counting on […]
A dive into the US mortgage market could be a Credible move for this ASX fintech
Its latest earnings may have fallen short, but student loan comparison site Credible Labs still has fans as it pushes hard to ramp up its new mortgage loan business. Credible (ASX:CRD) — founded in San Francisco five years ago by Australian investment banker Stephen Dash — hit the ASX late last year, issuing shares at $1.21. Of the $50 million raised through its IPO, $15 million was taken out by the company’s original backers. The bulk of the money, some $31 million, was earmarked to spend developing its platform which targets US consumers. Even though its existing business is centred on student loan refinancing, investors are much more interested in […]
