Competition in SMSF market tipped to turn as robots enter
A panel of financial experts have staked their bets on robo-advice as the future of SMSF investment. The panel, which was hosted by the SMSF Association and included representatives from the Australian Taxation Office, ASIC, Investment Trends, SuperConcepts and OpenInvest, emphasised the need for SMSF members to keep up with technological advancements in order to continue investing wisely and maximising their assets. In the aftermath of the royal commission’s findings, trust in advisers in Australia is at an all-time low. As a result of such sentiment and the current advancements in technology and AI (artificial intelligence), the expert panel suggested the way forward for SMSF investors will likely be engagement with […]
What are bitcoin forks and how do they work?
With the increased interest in bitcoin, it’s important to understand the technology behind this cryptocurrency and the factors that can influence its price. Discover everything you need to know about bitcoin forks, including the difference between soft and hard forks and what they mean for traders. Bitcoin forks explained The term ‘bitcoin fork’ can be used to describe two types of events. The first is a change to its underlying software – a ‘software fork’. The second is a divergence in the cryptocurrency’s blockchain – a ‘blockchain fork’. The reason each of these events is called a ‘fork’ is because they present two or more potential routes for bitcoin to […]
Bank gets on board with more digital wallets
A non-major bank has announced that its customers will be able to make payments using Garmin Pay. MyState Bank has added the ability for customers to use Garmin Pay, which functions as a digital wallet and fitness monitor, to make contactless payments. The non-major bank said that it expects a 200 per cent increase in customers using digital wallets by 2020, and that it already allows customers to use Apple Pay, Google Pay and Samsung Pay. “These services could easily overtake the use of credit cards by 2022,” MyState CEO Melos Sulicich said. The non-major bank said that it recognises that security concerns are the “biggest obstacle” hindering mass adoption […]
Cabcharge now integrates with Google Pay for Digital Passes
Ever since we’ve had taxis, we’ve needed to get someone else to pay for our rides. Whether it’s a gift to help and loved one get somewhere or a business expense to ferry someone from point A to point B, figuring out how that payment will work has presented some challenges over the years. Australia’s Cabcharge system has been helping Australian businesses to manage travel and expenses for a long time now, and is committed to keeping pace with technology to help businesses manage these more easily and efficiently. They’ve recently launched Cabcharge Digital Pass alongside a brand refresh, bringing their payment system into Google Pay on your phone to […]
Banks should watch out – the fintech era has barely begun
There’s an endless stream of news about open banking and challenger banks, while the traditional finance sector watches on with a mixture of admiration and suspicion. Banks have come under attack, not only from the hype-machine, but more meaningfully from startups. Traditional finance providers that assumed they could weather the technology storm on reputation alone are quickly being proved wrong. None of the old guard is safe, because the fintech revolution is not a revolution at all. It never has been. “Fintech” is not a moment of traumatic change that will pass; it is an evolution that will sweep away the companies that do not evolve. And if you think […]
Heritage Bank offers new payment service
Heritage Bank customers now have more payment options at their disposal, following the introduction of a popular service. The bank has introduced Samsung Pay, which means customers can use a compatible Samsung device to make secure purchases in-store in Australia and across the world. Heritage Bank CEO Peter Lock said the bank was thrilled to introduce another contactless payment option for its customers. “We’re delighted to build on our expertise in the digital payments space by launching Samsung Pay at Heritage,” Mr Lock said. “Our customers are looking for quick, convenient and secure payment options, particularly those that allow them to use devices they already own. “When making purchases using […]
Industry experts appointed for the next phase of Peppermint’s strategic growth
Peppermint Innovation Ltd (ASX: PIL) today announced the appointment of two strategic advisors to assist in implementing the Company’s next phase of growth. Ms Gayle Cilfone has been appointed a Key Compliance Consultant to the Company and Mr Colin Chandler is taking up a position as a Strategic Advisor to the Board of Directors. Commenting on the respective appointments, Peppermint’s Managing Director Chris Kain said, “Gayle Cilfone has more than 20 years’ experience in the financial services industry, with specific expertise in compliance and risk management. Her skills set in the area of compliance and regulation will be very valuable for the Company’s remittance operations. “Colin Chandler brings to Peppermint […]
Financial services urged to ‘Hayne-proof your business now’
Expertise automation platform, Open Orbit, is urging financial services firms not to wait until February, but to ‘Hayne-proof” their business immediately using new “expertise automation” (EA) technologies that could minimise impacts from the Royal Commission on customers, reputation, and costs. These technologies use AI and algorithmic guidance to optimise highly cognitive tasks that require thinking, reasoning, decision-making, understanding, and learning, in order to eliminate problematic, human-driven processes at half the cost and time of a consultant. Firms that use these now could quickly gain a competitive advantage compared to those who wait for the recommendations of the Commission before overhauling processes, according to Open Orbit. “When Commissioner Hayne hands down […]
