Moody’s expects consumer technology giants to be major disruptors in financial services
Moody’s Investors Service expects large technology firms like Google, Facebook and Apple to continue expanding their ability to distribute and offer financial products and services, emerging as significant competitors to traditional consumer-facing financial institutions. The greatest risk to incumbent financial firms is retail-facing technology giants taking control of customer relationships and distribution of financial products, according to a report Moody’s released on Tuesday. Technology-focused companies can enter finance with products core to their businesses, such as payments, that can create and store value — just as Square did with its Cash App. As account balances grow, technology firms can easily start offering low-cost index funds, investment advice, insurance and financial […]
Home owners willing to accept bitcoin for property despite volatility
Despite a sharp fall in bitcoin prices over the past eight months, some bullish investors are still willing to accept the cryptocurrency instead of Australian dollars for the sale of their multimillion-dollar homes. One bitcoin is currently trading at $US6448, down from its peak in December 2017 of $19,535.70.Now with one bitcoin worth $A8786, a prime piece of real estate in Sydney’s inner-city has hit the market with the option to buy in the cryptocurrency. It is a risky move given a property deal is yet to be struck in Australia using bitcoin, despite several properties being offered for sale last year with vendors willing to accept payment in that […]
Australians are embracing fintech as they move away from traditional payment solutions: Research
Australian appetite for fintech services is on the up, with non-bank contactless or card-less mobile payment solutions now being used more than bank-owned payment solutions, according to recent research from market research company Roy Morgan. The Roy Morgan Digital Payment Solutions Currency Report, which is based on more than 50,000 consumer interviews, suggests fintechs, including startups, are taking market share from incumbents, albeit slowly. While 6.4% of people interviewed said they had used bank-owned digital payment solutions within the past 12 months, 6.5% had used non-bank solutions such as Apple Pay or Google Wallet. Further, 6% said they had used pay-later startup Afterpay within the past year. Some 94% of Australians said […]
CSIRO and the University of Sydney’s Red Belly Blockchain breaks new ground for speed
The University of Sydney and CSIRO’s Data61 say they have successfully created a blockchain that can process a mass amount of transactions significantly more quickly than public blockchains, such as the one behind bitcoin. New trials of the Red Belly Blockchain run on Amazon Web Services infrastructure have shown an average transaction delay of only three seconds and a throughput of 30,000 transactions per second. In comparison, bitcoin processes only three to seven transactions per second and as of August had an average confirmation time for a transaction of 10-30 minutes (during peak trading periods in January this has reached as high as almost 3000 minutes per transaction), according to […]
When ‘it’ happens, SocietyOne urges us not to reach for the credit card
Australia’s pioneering and leading marketplace lender, SocietyOne, has launched an integrated marketing campaign to capitalize on the fast-approaching holiday season, where demand for consumer credit typically jumps with increased expenditure on festivities and gifts. The campaign, entitled “When ‘it’ happens”, highlights how even positive situations can put financial strain on even the most savvy Australians. It tells the story of ‘regular guy’, Dave, who is financially in control until a series of unexpected events blows his budget out of the water. SocietyOne saves the day by rewarding Dave’s good credit rating with a low-rate personal loan, saving him from resorting to a credit card – which can often become a […]
Fintechs outpacing banks in digital payments
The digital payments market is experiencing rapid disruption, with non-bank contactless/cardless mobile payment systems now being used by more Australians (6.5%) than bank-owned solutions (6.4%) according to the newly released Roy Morgan Digital Payment Solutions Currency Report. Fintech market entrants such as Apple Pay, Android Pay and Google Wallet, are taking market share from incumbents, in a market where 93.6% of Australians aged over 14 are aware of at least one digital payment solution, and 72.4% have used at least one digital payment solution in the past 12 months. Roy Morgan’s report, based on more than 50,000 face-to-face consumer interviews, provides a 12 month perspective of how consumers are changing […]
The startup founder finding meaning in tap and go transactions
ImpactPay will give all Australians the opportunity to find meaning in their tap-and-go card transactions. Through a new smart digital wallet, users can accomplish humanitarian change, drive breakthroughs in healthcare, deliver global education and support local initiatives every time they make a purchase. ImpactPay founders, Adam and Regina Levine, saw an opportunity to tap into the collective power of micro-giving; developing a platform that enables Australians to support the causes of their choosing with each payment or transaction, using this world-first debit card. “More than 577 billion non-cash transactions take place every year; what if we could harness that to do good? It’s second nature for us all to use […]
Fintech 101: Core concepts for the future of banking
Everyday it feels like someone, somewhere has coined a new banking term. But as Australia continues to take big steps towards innovation, the average Aussie might feel left in the dark when it comes to understanding what’s in store for the future of banking. So to keep you in the loop with all the latest in fintech, we thought it might be worth getting the basics down first. What is fintech? Put simply, fintech stands for ‘financial technology’ and can refer to any technology that is used in the finance industry to provide products and services. Just remember that fintech usually refers to newer, innovative products and services. For example, […]
