‘Robo-adviser’ makes it onto Oxford Dictionaries website
Automated and artificial intelligence-based propositions across the sector will be delighted to see the term ‘robo-adviser’ has made it onto the Oxford Dictionary’s website. A ‘robo-adviser’ (noun) has been defined by Oxford Dictionaries as “an online application that provides automated financial guidance and services”, while the example sentence reads: “a robo-adviser programmed to build wealth over a decade”. The website focuses on current language and practical usage and frequently updates the latest popular words. Please click on the link below to read more…. Source: ‘Robo-adviser’ makes it onto Oxford Dictionaries website – Professional Adviser
Nothing to fear from robo-advice: Magellan
Hamish Douglass believes financial advisers should not fear robo-advice in an era where artificial intelligence and big data can dominate discussion.
Why China’s ban on Bitcoin may be temporary
China’s ban on Bitcoin and other cryptocurrencies may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention. China’s big government and banks cannot tolerate Bitcoin. It threatens their very existence, as it was previously written in a piece here. That’s in the long term, though, when Bitcoin has the potential to replace the yuan in everyday transactions, and as a monetary asset. At present and in the immediate future, however, the size of the Bitcoin economy is far too small to be a real threat to the Beijing government and the banking system it owns and manages. That’s why something else must […]
Lindsay Tanner, ex-Sydney Swan Ted Richards at Six Park
It would not ordinarily be assumed that former Rudd and Gillard finance minister Lindsay Tanner, and former Sydney Swans AFL star Ted Richards, have much in common, but both have graduated from being heavyweights in their respective fields to unlikely employees at a young fintech start-up, Six Park. The Melbourne-based robo-advice company is plotting to undercut the banks and other rivals through lower fees and smarter financial advice, and is building out a powerhouse team — and app — to do it. It aims to add a human touch to automated elements through an advisory board that supervises the investments. “I’ve never been in a start-up before, but it’s a […]
IRESS invests in leading Australian RegTech Lucsan
Australian technology leaders, IRESS and Lucsan, today announced a partnership that will accelerate the application of RegTech in the financial services landscape. IRESS is making an equity investment in Lucsan: an established, Australian-owned RegTech and data analytics company providing leading technology solutions to a wide range of companies, including Australia’s major banks. Lucsan’s vision is to help financial institutions proactively reduce the ongoing cost of compliance and implement improved practices with its RegTech solutions. The minority equity position will support Lucsan’s own growth strategy as it focuses on expanding its business in Australia and more broadly into international markets. Equity investments by IRESS IRESS was founded in Melbourne in […]
Acorns Australia chief George Lucas on the challenges facing Aussie fintechs, and the future of the industry
Since launching its fintech offerings early last year, Acorns Australia has been embraced by consumers looking for alternatives to traditional financial institutions, but its chief executive and director George Lucas says Australia still has a way to go to improve innovation and support for startups in the space. Acorns is an app that allows users to invest their spare change in five diversified investment portfolios by automatically ’rounding up’ leftovers from small transactions like daily coffee purchases, incrementally investing these roundups and allowing users to track the performance of their portfolios. Acorns Australia was founded in 2015 as a joint venture with Lucas’ company, Instreet Investment Limited and US fintech […]
Reimagining wealth management for the digital age
David Levi looks at why responding to the digital challenge is not just about defence but about shaping a new era of wealth management. As consumer needs and the financial landscape evolve, major banks are being forced to reconsider their approach to wealth management services. Colonial First State, for example, has predicted that the retirement of Baby Boomers would result in unprecedented transfers of wealth. Similarly, Citigroup announced its plans to triple the size of its wealth management business in Australia by 2020, as it targets customers with more than $1 million to invest. While the Association of Superannuation Funds of Australia (ASFA) reports that private sector forecasts superannuation assets […]
IDC names top 10 fastest growing fintech companies in A/NZ
IDC Financial Insights has unveiled a list of 10 fast-growing fintechs in Australia and New Zealand (A/NZ) as part of the broader FinTech 101 list for Asia/Pacific. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. 10 Fastest Growing FinTechs in Australia and New Zealand Afterpay Touch Group Airwallex CoinJar Data Republic Harmoney HashChing identitii Prospa SocietyOne Xero Note: List is arranged alphabetically, Source IDC, 2017 IDC’s fintech list makes a reference to the Financial Insights’ Triple U framework — ubiquity, utility, and usability. This is a framework that evaluates fintech data across key metrics such as addressable […]
