Banking royal commission drives investment in open banking, regtech
Within minutes of National Australia Bank CEO Andrew Thorburn entering the witness box at the banking royal commission on Monday morning, he was riffing about Uber and Snapchat. These sorts of apps have fundamentally changed customers’ expectations of banks, he said, forcing banks to lift investment in new technology. “I think the expectations of having new products and services out in the market quickly to cater for increasingly granular subsets has created the expectation that we can move faster,” he said. “And yet if you’re not investing in new and modern technology enough, your technology systems can’t keep up with it.” It’s been rare for the Hayne inquiry to tread […]
Woolworths Employees’ Credit Union extends partnership with Ultradata for an enhanced core banking solution
Woolworths Employees’ Credit Union Limited (WECU), an Australian mutual finance institution, has extended its partnership with Ultradata Australia Pty Ltd, a leading banking solutions supplier, after determining that Ultradata offered the most complete and fully integrated solution to meet their requirements. The decision was reached following a comprehensive review of global core banking solutions and was in-part based on the forthcoming version release of the Ultradata world-class Ultracs solution. Ultracs version 5.1 will provide the most complete core banking solution to support seamless omni-channel banking in the marketplace today. It will introduce even more functionality to the Ultracs system with new features for card management, PCI-DSS compliance and best-practice banking. […]
What is Insurtech and what do I need to know about it?
There’s no doubt about it, technology permeates through almost every aspect of our lives. Think about your morning routine alone. For many that involves waking up to an alarm, checking the news and weather, and perhaps even boiling a smart kettle for that first cup of coffee – all with the help of a smartphone. The point is that technology is not only everywhere, it shapes our behaviour and will, in all likelihood, continue to do so in the future. And the same thing is true of insurance. Emerging insurance technology, otherwise known as Insurtech, is already reshaping parts of the insurance industry, just as Fintech (financial technology) is pushing […]
Fintech disruption threatens wholesale payment revenues
Banks with large wholesale payments and cash management operations must innovate to avoid being ousted by disruptors. Wholesale payments and cash management (PCM) is a rapidly growing area, but existing players are under threat from technological disruption and must innovate in order to survive, according to a report by management consulting firm Oliver Wyman. In ‘Wholesale payments report: Disrupt from within’, the consultancy argues that banks must look closely at the strategies adopted by challengers and make changes to their legacy systems in order to defend their turf. “We see up to $175 billion (70% of revenue pool) in revenues at risk for incumbents,” writes Ronan O’Kelly, partner at Oliver […]
Australian-founded fintech firm Ignition Advice finalists in the 2018 Banking Technology Awards
The Banking Technology Awards have announced the finalists for 2018, including Ignition Advice as a finalist in the category Best Use of IT in Private Banking / Wealth Management. The Awards recognise excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen. “This is an exciting time for Ignition as our international business is developing and our reputation is growing at a rapid rate. To be a finalist in a respected and highly competitive global event such as the Banking Technology Awards recognises Ignition as a rising global player in the fintech space.”- Manish Prasad, Group CEO, Ignition Advice. Ignition is […]
Do wearables and digital wallets spell the end of the credit card as we know it?
Wearable payment technology and digital wallets are the coolest new trend in the banking world – but does it really have the power to replace something as everyday and useful as your credit card? According to MyState Bank it’s more likely than you might think. Although digital wallets have technically been around since the 1990’s, recent innovative versions including Apple Pay, Samsung Pay, Google Pay, FitBit Pay and Garmin Pay started really making a splash in the Aussie market a few years ago, with banks big and small jumping on the trend. Now, MyState Bank has predicted a big take up of digital wallet technology in the coming years. “We […]
Peppermint to offer micro-enterprise program for Bizmoto agent network
Peppermint Innovation Ltd (ASX: PIL) announced it is launching a micro-enterprise program that will significantly benefit its growing Bizmoto agent network. Under a pilot program to be rolled out across the Philippines, Peppermint will facilitate and offer Bizmoto agents a finance and insurance package that helps them to buy a suitable motorcycle to be supplied by TVS Global Automobile Traders FZCO (“TVS”) via a locally registered wholesale dealer in the Philippines. Agents will be able to use their motorcycle to visit more customers in a timely manner, thereby increasing the number of transactions they are able to facilitate using Bizmoto’s technology platform, powered by Peppermint. The range of services available […]
Will Australians trust startups with their money as the cashless economy takes hold?
F5 Networks today announced new research showcasing that while Australians are moving towards a cashless economy, they remain divided when it comes to the future of payments. The study, The Changing Face of Payments & The Rise of the Cashless Economy, revealed over a third (34%) of Australians wouldn’t trust a startup with their money despite 58% of people using digital banking apps today. The F5 research explores the intersection between traditional and digital transactions with 60% of Australians indicating their behaviour will be guided by security. This builds on F5’s earlier Curve of Convenience survey, where 63% of Australian respondents emphasised valuing security over convenience. Jason Baden, Regional Vice President, AN/Z of F5 Networks commented, “With a major shift to […]
