How the bank can beat fintechs
According to the Millennial Disruption Index, 71 per cent of young people would prefer go to the dentist than listen to their bank. Perhaps even more worrying for the banks is that 75 per cent would prefer to access their financial services from start-ups. It is not just the younger generation that feels this way. According to research from TransferWise’s Future of Finance Report 2017, Australians of all ages are among the most likely to seek alternatives to the mainstream banks. We’re also early adopters of fintech solutions. The same report revealed that 53 per cent of Australians already use an alternative financial service provider (one that’s not part of […]
Academic papers urge fintechs to put purpose above profit
The rise of fintech companies in Australia hasn’t been examined in any rigorous way by academics – until now. The Australian Centre for Financial Studies at Monash University has published four long and detailed academic papers on fintech, written by some of the country’s leading corporate academics. It’s a timely discourse, given growing questions about the high cost of fintech business lending and whether the touted benefits of technological innovations like blockchain will be realised in financial services. The research has been supported by Treasury, the Reserve Bank and the Australian Securities and Investments Commission; financial services heavyweights Westpac and Suncorp; law firm K&L Gates; and FinTech Australia, the government’s […]
Major software provider and new fintech retirement planner form partnership
Retirement financial planning solutions provider Mafematica is partnering with Australia’s leading SMSF software company BGL Corporate Solutions, to introduce the ground-breaking Mafematica retirement solution to BGL clients. When launched in coming months, the cloud-based Mafematica product will offer SMSF trustees and intermediaries a vastly superior and lower cost solution to retirement planning than is currently available. Mafematica will help SMSF trustees and advisors to create the best possible retirement outcome, by offering a range of investment portfolios including direct shares and also assessing the existing securities held in SMSFs. Based at fintech hub Stone & Chalk in Sydney, Mafematica has been founded by career investment banker Derek Condell. Mr. Condell […]
Cryptocurrency trading mistakes to avoid in 2018
Crypto trading comes with a load of promises as well as a fair share of disadvantages. Regardless of your level of expertise in the trade, there are some common mistakes that you might want to avoid in 2018. Some of these mistakes are pretty obvious but some are a bit more obscure. By determining the common mistakes you are likely to do, you can be able to analyze them and get more details about possible solutions. It is not common for any trader to identify all the mistakes in the industry unless they are actively keeping track of all their blunders. Here are some common cryptocurrency trading mistakes to avoid […]
Australia toughens stance against misleading ICOs
The rapid, perhaps unprecedented rise of cryptocurrencies and financial blockchain innovations continue to be a divisive subject for policy makers in the financial sectors of countries all over the world. Central banks and financial regulators are scrambling to adapt to the new realities this decentralized and sophisticated new interpretation of currency as a medium of exchange. Many of the governments and institutions taking a dim view of and placing restrictions on cryptocurrencies and ICOs (Initial Coin Offerings) do so with the stated intention of protecting the general population, although many see an ulterior motive in such policies. The Australian Securities and Investments Commission (ASIC) is the most recent authoritative body […]
Fintech stocks to win from booming market of independent financial advice
Listed investment platforms that benefit from the move towards independent financial advice are among the few winners from the Financial Services Royal Commission. The Commission’s shocking revelations on bank culture and financial-advice standards will surely strengthen the move towards independent financial advice – a trend that has been underway since 2013 Future of Financial Advice (FOFA) reforms. More financial advisers will move away from bank-aligned distribution channels or large wealth-management firms and work for themselves. More customers, concerned about bank ethics, will favour financial advisers who demonstrate genuine independence. Also, advisers will need to look for new ways to grow their business through technology. They’ll need tools that help them […]
Do you know who you’re getting into bed with?
As new lenders pop up, seemingly overnight, Jacaranda Finance are going back to their roots. With the new financial year looming, Jacaranda Finance has been hard at work re-building its brand, even going as far as designing a brand new logo. By going back to the company’s original roots of stripped down family values, Jacaranda Finance is reminding loyal clients why they’re the lender for every Aussie. Founded in 2013 by Daniel Wessels, the company was lifted to new heights as Daniel brought on his father, younger brother and a close family friend. Since then, they have worked to provide tens of thousands of Australians with much-needed finance in […]
PayWave: Australia will soon be ‘entirely cashless’
Cash could become a distant memory as soon as 2026, according to startling new predictions from experts. According to data from the Reserve Bank of Australia (RBA)’s ongoing Consumer Payment Methods survey, the percentage of cash payments in the country plummeted from 69 per cent in 2007 to just 37 per cent in 2016. A projection of that data by comparison site finder.com.au has revealed that if the current trend continues, physical cash could vanish in Australia as soon as 2026. It’s even earlier than the predicted expiry date of ATMs, with an analysis of RBA statistics by finder.com.au showing they could disappear from our streets by 2036. Finder’s money […]
