Lendi announces co-major sponsorship of the West Coast Eagles
Online home loan platform Lendi, has announced a new partnership as co-major sponsor of 2018 AFL premiership winner, the West Coast Eagles Football Club.
Nimble checks in with QPC for Genesys PureCloud customer experience deployment
QPC, the specialist contact centre services and solutions company, has been awarded a contract to deploy and support the Genesys™ PureCloud™ all-in-one cloud customer engagement and collaboration contact centre platform at Nimble, a leading national online personal financial loans company. Based out of Melbourne and the Gold Coast, Nimble has provided over 1.4 million loans. The company provides customers with decisions on loan approvals within minutes of a submitted application across any device. The decision to deploy PureCloud is part of a company-wide strategy to transition to a digital business and replace its legacy IT infrastructure with cloud technology to better service the changing behaviour of its customers who increasingly […]
Afterpay, Zip await ASIC critique of buy now pay later
An in-depth investigation into the often controversial buy now pay later industry by the corporate regulator that will assess whether new laws are needed to protect consumers will be made public in December, as new criticism is levelled at the model of local giant Afterpay Touch Group. Sources told AFR Weekend the Australian Securities and investments Commission was putting the finishing touches on its deep dive into the sector in readiness for a late-2018 release, after it came up against some delays. The regulatory review kicked off earlier this year, with the aim of determining whether the industry needed further regulation, whether customers were at risk of harm or were […]
Personal loans: Young borrowers desert banks for better deals
Borrowers are turning away from traditional banks when applying for personal loans, flocking to digital, mobile-centric platforms and peer-to-peer lenders. A recent CommSec Economic Insights report showed loans by non-bank financial institutions were up 10.3 per cent for the year to August. This was an indication that banks were engaging in “more considered” lending and borrowers had other options, according to CommSec chief economist Craig James. “Banks are facing greater competition from non-banks,” Mr James said. “At the same time bank deposits are only lifting at a 2.5 per cent annual rate, putting greater reliance on external funding. It is clearly a competitive and challenging environment for financial institutions.” Peer-to-peer […]
Specialist lender encourages brokers to think fintech
Fintechs are disrupting the way people bank, from moving money around accounts to applying for mortgages. While some are concerned about keeping pace with these technologies, or what it may mean for regulation, others are welcoming the changes. One such pioneer is Liberty which says the emergence of fintechs has enabled growth, praising their appetite to take risks and try new things. Liberty group sales manager, John Mohnacheff, encourages others to embrace new ideas, as it enables businesses to grow and develop. “At the core of our business is innovation and it’s a delight to be joined by entrepreneurs who are also experimenting with different ways of doing things,” he […]
Non-majors drop interest rates
Online lender Tic:Toc and Teachers Mutual Bank have both announced changes to some of their home loan offerings. Tic:Toc has dropped its variable rate to 3.57 per cent (3.58 per cent comparison) for new customers (as of 28 September) and is offering its existing customers the same rate on a two-year fixed rate basis (down from 3.64 per cent previously). Speaking of the change, Tic:Toc’s founder and CEO, Anthony Baum, commented that part of the decision to drop rates had been brought about by the findings of the financial services royal commission. Mr Baum said: “It’s common practice among the major banks to lower interest rates for new customers while simultaneously hiking […]
SME lender expands equipment finance
An online lender has expanded its offering of equipment finance, saying it is providing a solution for the “underserved” market of small business owners. OnDeck Capital Australia said it had received feedback from small businesses and brokers about the length of the loans. The lender found that a lot of equipment had useful lives longer than the length of repayments. Small businesses can also find it difficult to get funding from mainstream lenders. Cameron Poolman, Chief Executive Officer of OnDeck Australia, said brokers often speak to OnDeck about the challenges they encounter obtaining traditional finance solutions for nonprimary assets. He said, “These include assets such as catering equipment, gym equipment, […]
Bank Of Queensland backs solar panel lender Brighte
Brighte, a buy-now-pay-later platform for home energy backed by Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar, has secured a $15 million debt facility with Bank Of Queensland that takes its total facilities to $45 million. Of the 11,000 payment plans worth $90 million approved by Brighte since it started lending in October 2016, 94 per cent have been for renewable home energy equipment such as solar panels and batteries. The facility with BOQ’s finance division adds to a facility with National Australia Bank, which has just been extended from $20 million to $30 million. It would allow Brighte to expand its interest-free lending into associated areas such as air conditioning […]
