Super funds look to AI to improve member engagement
Tech giants like Apple, Amazon, Facebook, and Google are driving members’ expectations of customer experiences which presents a major headache for superannuation funds. Georgie Obst, HESTA’s general manager – campaigns and customer growth – told CFSM delegates on Friday that funds need to do whatever they can to exploit new technologies to help cement their position as their members’ most trusted financial services brand. “That’s a very good role for the super funds to play particularly in the current environment,” she says, What’s shifting she went on to say is that members now expect funds to leverage personal data to the members advantage. Mario Garrido, head of brand behaviour change […]
Aussie ETF industry breaks another record
Exchange-traded funds (ETFs) have continued on their growth trajectory as the Australian ETF industry broke new records last month, with a monthly funds under management (FUM) increase of $2.3 billion, BetaShares’ February Australian ETF Review has said. This figure eclipsed the previous record set in November 2017, and the industry now stands at $44.8 billion. “Similar to January, market rebounds meant that the substantial industry growth primarily came from price increases, accounting for 80 per cent of the total, with the other 20 per cent due to net inflows amounting to $524 million,” the report said. According to BetaShares, investor appetite for global exposures continued to grow, with international equities […]
Use apps to target young investors: GlobalData
Utilizing technology to provide simple, easy-to-use, and accessible apps is paramount to appeal to young investors, according to data and analytics company GlobalData. GlobalData’s ‘2018 Mass Affluent Investors Survey’ found that 53.3 per cent of mass affluent investors between the ages of 18–34 agree they are easily flustered when things are complicated. The company sees this as proof that products should be kept simple in order to reach the young mass affluent population and encourage them to begin investing. “It is important to remember that while these apps may seem easy to use to the well-informed, tech-savvy crowd, it is just as important to ensure the same is true for […]
What’ll Waddle do with $4m injection?
Small business lender fintech start-up Waddle will step up its efforts to crack overseas markets and take a larger share of the big four bank’s local market share after closing a $4 million series A funding round. The funds, sourced from tech venture capital firm Allectus Capital, will be used to grow the fintech’s footprint in Australasia and push forward with its plans to integrate with overseas banks. “We are seeing strong demand from banks looking to digitise their working capital product offerings by partnering with fintechs with proven models,” said Simon Creighton, co-founder of Waddle. While it is the first major external venture-style funding round, co-founder Simon Creighton is […]
Wisr sees strong support for new debt reduction app
Wisr (ASX: WZR) announced more than 4,000 Australians have downloaded the new Wisr App during its testing phase, which automatically ‘rounds-up’ digital spare change to pay off debt faster. The app is the newest financial wellness product to be offered by neo-lender Wisr and is the first in Australia to ‘round-up’ spare change with a focus on credit card or mortgage debt reduction. Wisr App can be used by customers of most Australian banks. Wisr App links a user’s everyday transaction account, rounding-up purchases to the nearest dollar and automatically paying the funds off a nominated debt – including credit card debt or mortgage debt with any financial institution, or […]
BGL declares war on Australian Super
BGL Corporate Solutions, Australia’s leading supplier of SMSF administration and ASIC corporate compliance solutions, is extremely disappointed with the comments made by Ian Silk the CEO of Australian Super about SMSFs. “Ian like most CEO’s and Directors of Industry and Retail Funds simply don’t get it” said BGL’s Managing Director Ron Lesh. “People move out of large funds because of the lack of transparency, the huge salaries paid to executives, the unrepresentative boards, the hugely wasteful advertising expenditure but most of all the desire to control their own destiny.” “Silk is using data from the Productivity Commission that is simply not correct!” says Lesh. “Industry data over the past 20 […]
Regulatory regime for initial coin offering on the cards
The federal government is considering regulating initial coin offerings, a niche form of private fundraising for the technologically sophisticated developer community, in a move that could give blockchain-based start-ups an alternative to traditional capital raising. With ICOs around the world largely unregulated, they are considered the “wild west” of capital markets where scams and fraud are rife. But a growing list of global regulators and governments consider regulation could bring advantages, including providing a faster, lower-cost form of fundraising – an alternative to initial public offerings, venture capital, crowdfunding or bank loans – for entrepreneurs wanting to retain full equity in their start-ups. Unlike an IPO or venture capital raising, […]
The investment millennials are turning to instead of property
Millennials now make up 29% of all exchange traded fund investors in Australia, compared to 19% five years ago. The number of Australians invested in exchange traded funds (ETFs) continues to rise, with more than 385,000 investors as of October 2018 representing a 20% increase for the year prior. Of these 385,000 Australians invested in ETFs, 29% are millennials which is up from just 19% in 2013. An ETF is an investment product that tracks the performance of an index, for example the ASX200. ETFs are traded on an exchange like regular shares and offer investors instant diversification. “The ETF industry has continued to grow and mature in Australia, and […]
