ASIC gets tough on ‘regtech’
Banks will have to explain why they aren’t using the latest technology to improve their compliance, as the corporate regulator takes a “bolder” approach after the shortcomings revealed by the banking royal commission. Australian Securities and Investments Commission executive director of financial services Michael Saadat said an “if not, why not” approach would be adopted to force banks to explain why, when they aren’t using the latest technology including systems offered by start-ups. Commonwealth Bank told The Australian Financial Review Banking & Wealth Summit it was talking to ASIC about its roll out of artificial intelligence technology to help it understand its legal obligations. “In the past, we have probably more […]
Australian banking giant ANZ fails to understand Blockchain Technology
Australia and New Zealand Banking Group Limited (ANZ) — Australia’s third-largest bank by market cap — doubts blockchain technology’s ability to provide trustless transactions, at least for now. Additionally, the firm acknowledges the benefits of the technology but claims banks don’t need to make the switch. Could ANZ be any more wrong? After curiously examining distributed ledger tech, ANZ associate director of trade and supply chain product Maria Bellmas, stated the futuristic technology is far from becoming the main method of executing trusted payments. Taking another jab at blockchain, Bellmas claimed most of the hype surrounding the technology is created by “crypto fanatics” trying to find comfort in the ongoing bear market. […]
Future of banking is personal and personalised
The future of banking will involve delivering a “goodie bag” of solutions tailored to Millennial customers. Steve Weston, chief executive of “neobank” Volt Bank, said banks traditionally helped customers by dealing with them face to face but provided no additional help on a day-to-day basis. “From the moment you walked outside of the door of the branch, you were left to your own devices. “Neobanks and banks of the future will understand what customers are trying to achieve … often just by asking but also by data analytics.” He said neobanks will be able to provide a “goodie bag of solutions” so customers can achieve their financial goals in a […]
Show me the Moula
Moula CEO Aris Allegos, tells the story behind the fintech’s multi-million dollar securitisation In early March, online business lender Moula secured an additional $250m in funding to lend to Australian businesses, which was raised through the latest round of a securitisation program launched in 2015. To enhance the impact of the funds on the business sector, Moula also adjusted its terms and conditions, extending repayments from 24 to 36 months and doubling the maximum loan amount to $500,000. In a move it says is “unprecedented” in the online lending space, pricing starts at 15.95%, with no establishment or direct debit fees and no early repayment penalties. So high is the […]
Deliveroo partners with Doshii to bring down restaurant costs
Doshii is excited to announce a significant integration with leading food company Deliveroo. The partnership will streamline the processing of orders and make the delivery of Australia’s favourite restaurant foods to customers’ doors even more seamless. Restaurants who partner with Deliveroo can utilise Doshii’s API to connect customer ordering direct to their POS. This eliminates the need for restaurants to manually process orders that come through the Deliveroo app. Doshii’s platform will be available to the more than 10,000 restaurants that partner with Deliveroo across Australia and to POS vendors as the preferred platform to connect to Deliveroo. Deliveroo orders typically take around 90 seconds for restaurants to manually enter and […]
RBA warns the banks ‘don’t be stingy’
The Reserve Bank of Australia has warned banks to loosen up their lending practices when approving home loan applications. Following the Royal Commission banks have become cautious and their frontline lending staff are knocking back home loan applications which usually would get approved. Speaking at a function in Perth, Reserve Bank assistant governor Michelle Bullock said, “we are out there telling banks, and asking banks to tell their frontline staff, don’t be too stingy here.” Loans.com.au CFO James Austin tells Ross Greenwood staff need to be more consistent when granting credit. “It’s a lack of consistency in a credit application of the policy, it’s not the policy itself. To read […]
Cutting through the fog: FinTech and the future of financial services
Emerging technologies such as blockchain, cryptocurrency and artificial intelligence are disrupting the landscape of the financial services industry, participants of Swinburne’s Financial Technologies (FinTech) panel discussion will hear. Renowned FinTech leaders will come together at Swinburne University on April 5 to discuss the trends, challenges and opportunities of FinTech in Australia, moderated by Director of the Master of Financial Technologies, Dr Dimitrios Salampasis. Dr Salampasis says the diverse backgrounds of the panellists will allow for rich and varied discussion about the future of FinTech and how they expect it to develop in their fields. “Hearing from leaders of the Melbourne FinTech and business ecosystem will give the audience insight into […]
What Apple’s credit card means for Fintech
To the traditional financial sector’s dismay, nightmares have become reality and Apple is now a banking player. After years of discussion about whether Big Tech corporations will enter this domain, details of a payment card were unveiled, threatening to blow all other newcomers out of the water. Apple Card, launched in partnership with Mastercard and Goldman Sachs, will leverage the success of Apple Pay and will be available as a built-in feature within the Apple Wallet application on iPhone. Boasting the promise of a “healthier financial life,” the new credit card will also offer 2 percent cashback on all transactions – which they will receive on a daily basis, making […]
