Robo-Advice

Aug
04

Equip launches pilot program for Equip MyMoney robo investment service

Equip is piloting its robo investment service, branded Equip MyMoney, with a select group of members, with release to all members planned by the end of the month. Equip MyMoney is the fund’s custom-built superannuation version of Clover.com.au’s automated investment service and will help members make the right choice from the fund’s existing investment options based on their risk profile. This is calculated from user responses to a short series of questions. Equip’s Executive Officer, Member Relationships, Justin Sadler, said: “Equip MyMoney will be a quantum leap forward in the online experience and capability available to our members, and reflects our commitment to on-going development of our financial education and […]

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Aug
03

Rubik joins forces with Class

Rubik Financial Limited (ASX: RFL), a leading fintech company delivering innovative banking, wealth and mortgage solutions to the financial services industry, has partnered with Class Super Pty Ltd, to provide advice technology for accountants who are limited licence holders. The partnership is a timely one given the change to regulation as part of the FOFA reforms which came into effect on 1 July requiring accountants to obtain the newly created ‘limited’ AFS licence in order to continue giving advice to their clients about SMSFs. According to Rubik CEO, Iain Dunstan, “As part of Rubik’s omni-channel offering, the Provisio module is perfectly suited to accountants because of its ease of use […]

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Aug
03

Fintech platform revenues set for massive rise: Juniper

Fintech platform revenues for unsecured consumer loans issued using machine learning technology are set to jump by a whopping 960% globally over the next six years, according to new research from Juniper. According to the latest report on the worldwide Fintech market from Juniper Research, revenues will rise to US$17 billion by 2021, with spending advancing rapidly due to the highly data-driven nature of the market, “meaning that AI integration is likely to spell substantial benefits”. Juniper says that until recently, machine learning was too expensive and computationally time-intensive to break into the mainstream, while access to extensive data sets for algorithm training were limited. Research author Steffen Sorrell says […]

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Stockspot integrates with Class to provide accountants a direct data-feed for SMSFs

Stockspot, Australia’s leading automated investment adviser and fund manager, today announced an integration with Class Super, the leading provider of cloud SMSF administration software.   The integration will provide SMSF accountants and their clients with a direct data connection from Stockspot to Class enabling income processing and enabling investment tax reporting. Accountants will be able to receive a daily data feed which includes their client’s Stockspot portfolio investments, capital gains, dividend statements and franking credits. It will also automatically generate tax summary statements, cutting down on hours of administration and analysis of taxation data.   Kevin Bungard, CEO of Class, said: “Robo-advice is the fastest growing areas of retail investment […]

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Jul
29

Fintech luring more bank customers, says UBS

More Australians will turn to start-ups for financial services in the next year, according to a UBS report, which shows incumbent banks are complacent about the threat of disruption but are also seeking to partner with fintech firms to help them cut costs and improve customer experiences. UBS banking analysts surveyed 27,914 customers of more than 210 banks in 24 countries, along with 61 management teams from banks around the world. Local UBS banking analyst Jonathan Mott along with analysts in London, New York and Tokyo contributed to the global report, titled Global banks: Is fintech a threat or an opportunity? UBS suggests the answer to the question is “Both”. […]

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Stockspot launches AI for financial advice

Local automated investment adviser and fund manager Stockspot has announced a move into artificial intelligence and machine learning, launching what it says is Australia’s first digital financial assistant. Stockspot founder and CEO Chris Brycki said the AI functionality analysed the data of thousands of clients and made targeted recommendations, helping investors optimise their portfolio as it learns. He said the robo-adviser was launching as part of a new investment dashboard, designed to make tax reporting easier and give users more control over investments. “Stockspot introduced robo-advice to Australia 2014 which automated and lowered the cost of investing. We see AI and machine learning as robo-advice 2.0, it is the future […]

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Jul
26

Robo-advice and mobile alerts are the future of banking

New app aimed at reducing trader errors, while Westpac banks on bots. Banks and financial institutions are ramping up competitiveness and improving their mobile offerings in an effort to maintain and assist customers, traders and employees. A new report by US market research company Forrester says banks will increasingly use banking apps to provide money management tips to consumers, the SMH reported. This sentiment has been realised in Australia. A team of behavioural finance and math experts launched the first ever robotic trading coach, PsyQuation. The robo coach provides a feedback loop alert system that points out costly trading mistakes. How traders interact with the alert and the ways in […]

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Jul
22

Brexit provides lessons for Australia’s FinTech start-ups

[ Extract ] Lessons for Australia Australia’s FinTech scene, scarcely acknowledged eighteen months ago, has developing rapidly and now commands the attention of policymakers, banking executives and the financial media here alike. We have a highly advanced financial services sector, one that is acknowledged globally as mature, skilful and well regulated. It contributes around AU$140 billion to GDP each year and employs some 450,000 people. We have the fourth largest pool of investment funds in the world, anchored by the AU$2 trillion-plus in our nation’s superannuation funds. That a viable FinTech ecosystem has developed Down Under should therefore come as no surprise. Australian start-ups span the FinTech spectrum across peer-to-peer […]

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