Advisers with robo capabilities will have an edge
While standalone robo-advice won’t attract affluent investors, it will offer a competitive advantage to traditional wealth managers over competitors, GlobalData says. The research company said that robo-advisers alone didn’t attract assets under management, and that high net worth (HNW) investors generally only entrusted small portfolios to digital-only platforms. GlobalData’s Technology in Wealth Management: Drivers for Adoption and Future Trends survey found that demand for robo-advice was growing, however, meaning that offering it could strengthen human advisers’ value to clients. Forty per cent of private wealth managers surveyed noted strong demand for the technology from clients, most obviously in the Asia-Pacific region. “Despite some drawbacks robo-advice is a competitive advantage that […]
The Impact of Fintech on Financial Services
As the presence of fintech in various industries keeps growing, its impact on some industries is getting harder to ignore. Financial services in particular have benefited a lot from the integration of various modern financial technologies in their work, and we’re likely only seeing the tip of the iceberg, with more coming up not too far on the horizon. Faster Processing of Complex Transactions It’s easier than ever to process complex financial transactions at the blink of an eye and settle all accounts correctly down to the last cent. This used to be a nightmare for many accountants and other specialists in the financial services sector, but it’s now a […]
Industry fund contract under works at Link
Link is in advanced stages of negotiating a contract with an industry fund, the administrator said in its FY18 earnings report. It remains in advanced stages of negotiating a long-term contract with Rest, the company said. The Rest contract has been rolling on a monthly basis.Link also said it has a good organic pipeline of opportunities across the business combining with good momentum already from client wins in 2018, buoyed by Link Asset Services (LAS). New client wins for the year have included the Wales Pension Partnership (LGPS pooling). It expects LAS integration benefits to start flowing from FY19. “Steps are being already being taken to refocus the LAS business […]
FinTech Aus calls on Parliament to pass consumer-friendly laws
Voluntary promises by the Australian Banking Association on behalf of the big four banks can’t be relied on, and Parliament should pass consumer-friendly legislation, like Comprehensive Credit Reporting, without delay, according to FinTech Australia. FinTech Australia voiced concerns that there may have already been attempts by the banks to delay or roll back on the promise, and suggested it could have been a tactic to prevent compulsory regime. CEO of FinTech Australia, Brad Kitschke, said trusting the banks to share data on a voluntary basis would end in poor consumer outcomes, and delaying legislation would only be in the interests of the banks. “Allowing the big banks to control or […]
Lessons from Australian businesses on cracking the US market
Colin Weir, CEO and founder of Moroku is planning to spend two weeks in mid-September on the west coast of America meeting at least two banks each day. Moroku is an Australian fintech which sells white label mobile app technology for banks, which allows banks to build their own apps using the mobile application development platform or they can use the pre-built apps from Moroku, such as Chore Scale – a mobile banking app for kids, launched in 2017. “The problem we are trying to solve is how do we make banking fun so banks can differentiate with their offering and customers can pay attention and get skilled at managing […]
Banks will prioritise tech, data and new partnerships this year
Currently, 58% of banking leaders are not actively partnering with fintechs, regtechs or other startups. Over the coming 12 months, 37% of Australian banking leaders are looking to invest in business transformation and technology and 33% are planning to invest in digital offerings and data. One in five banking leaders say they’ll be investing in new alliance partnerships over the coming year, to gain more market share and compete globally. These findings come from a new Banking Industry Report released today by technology provider TAS, which spoke to senior Australian banking executives to analyse their thoughts and priorities for the year ahead. Unsurprisingly, one in three banking leaders are concerned […]
The key to investor confidence in cryptocurrencies
Cryptocurrency markets plummeted this week with the market capital of the entire cryptocurrency market falling below $200 billion USD for the first time this year. This comes off the back of a barren 6 months for the cryptocurrency market which has seen that market capital more than halve in that time, a far cry from the stratospheric heights it reached at the end of 2017. Much of the recent negative market sentiment has been attributed to persistent reluctance by the US Securities & Exchange Commission to approve a Bitcoin Exchange Traded Fund (ETF) with the most recent decision by the SEC to delay a decision expected this week to the […]
HashChing settles over $1 Billion in Australian home loans in 3 years
When breakthrough home loan marketplace HashChing launched into the Australian home loans market in August 2015 – never did the founders believe the far-reaching impact their unique online business would have on the Australian mortgage market. Fast forward nearly three years and the results speak for themselves. Over one billion dollars worth of Australian home loans have been settled through the platform, $675 million worth of which were finalised in the last 12 months alone. HashChing has helped over 2,200 borrowers save more than $10 million in combined interest during the first year of their home loans. The platform has also collected more than 3,100 reviews on over 500 brokers […]
