Banking royal commission drives investment in open banking, regtech
Within minutes of National Australia Bank CEO Andrew Thorburn entering the witness box at the banking royal commission on Monday morning, he was riffing about Uber and Snapchat. These sorts of apps have fundamentally changed customers’ expectations of banks, he said, forcing banks to lift investment in new technology. “I think the expectations of having new products and services out in the market quickly to cater for increasingly granular subsets has created the expectation that we can move faster,” he said. “And yet if you’re not investing in new and modern technology enough, your technology systems can’t keep up with it.” It’s been rare for the Hayne inquiry to tread […]
Wisr tech upgrades lower average interest rate, drive growth and creditworthiness
Wisr, Australia’s first neo-lender (ASX: WZR), saw continued strong loan growth and customer acquisition in the first quarter of the 2019 financial year. Between July and September 2019 the company saw loan origination value grow by 49% when compared to the previous quarter, as well as 22% increase in overall loan volume. The result is the third consecutive quarter that Wisr has recorded quarterly loan growth in excess of 45%. The company also announced it had surpassed $50 million in loan originations since beginning operations, almost half of which were written from the beginning of 2018. Anthony Nantes, Chief Executive Officer, Wisr said borrower shift away from traditional lenders, brand […]
DriveWealth partners with Verrency to offer consumers access to a new savings and investing strategy
Digital brokerage solution provider DriveWealth has joined forces with Australian global payments innovator Verrency. The partnership will enable DriveWealth to deliver its ground-breaking fractional share investment platform to a new segment of consumers. As a result of the agreement between the two companies signed today at Money20/20 in Las Vegas, shoppers who have a debit or credit card will have the opportunity to seamlessly invest in companies from which they purchase goods and services. For example, if you buy shoes from the Nike store, you can elect to round up or put a percentage of the purchase price towards buying shares, or a fraction of a share, in the company. […]
Digital Surge introduces new changes to help drive Bitcoin adoption
Bitcoin trading platform Digital Surge has announced important updates to to help onboard new customers and simplify the process of investing in Bitcoin. Better rates to Buy & Sell Bitcoins Digital Surge operates a full reserve order book meaning that all the trades on the exchange are fully backed by money in their bank and Bitcoins in their wallets. The price that you see when buying or selling Bitcoin is determined by other customers that place orders on the platform. They have been working to bring in more traders to further decrease the price of Bitcoin. You will now see that the price to purchase Bitcoin is much more competitive. […]
Using tech to drive client goals
The financial planning industry is in a state of transformation following revelations from the Banking Royal Commission and reviews by the Australian Securities and Investments Commission (ASIC). Fees-for-no-service and regulatory negligence will be rightly replaced by goals-based, client-centric advice, and technology will work as a driver. Tech has already infiltrated the industry, evidenced by large Australian planning firms and fund managers integrating their services with platforms and apps, and simplifying claims processes through online applications. And, while industry experts note the entire backbone of financial planning is archaic technology, they’re confident the world of application programming interfaces (APIs) will completely reform the advice and practice management processes. Investment Trends research […]
VendorPanel raises $2.35 million to simplify procurement and drive positive social and economic outcomes
VendorPanel, a leading Australian procurement platform, announced it has secured AUD$2.35 million Series A capital led by Microequities Venture Capital Fund, with strategic investment by Aconex founders Leigh Jasper and Rob Phillpot.The financing will be used to accelerate growth, extend product development, and expand into new international markets. With Microequities Venture Capital Fund, Jasper and Phillpot all holding globally successful track records in the SaaS B2B marketplace, the investment is a significant vote of confidence in the Melbourne-based technology company.Following the investment, Justin Lipman of Microequities Venture Capital Fund will join the VendorPanel board. He commented: “VendorPanel’s vision and expertise are helping to simplify procurement. Over 1,000 organisations have seen the benefits so […]
Younger advisers drive digital client engagement
Financial planners are increasingly looking for digital means to engage clients, latest Investment Trends research shows. The majority (88%) of advisers are strengthening their client relationships using technology-based solutions to interact and disseminate information, this year’s Planner Technology Report found. The younger generation of planners are driving the digital client experience trend, starting with virtual client meetings. Investment Trends research director Recep Peker said this group expects tablet-enabled client meetings and the use of interactive modelling tools during client meetings to become the norm. Peker added the results provide an opportunity for platforms and planning software providers to collaborate with planners. “Technological advancement is rapidly increasing consumer expectations, a so-called […]
Comprehensive credit reporting laws will drive innovation and protect banks
In the blue corner, lining up to support the bill to ensure customer repayment history is provided in credit reports, are: the government, all of the banks, the entire fintech industry, the credit bureaus, the regulators (especially the Australian Prudential Regulation Authority), and many equivalent western economies such as the US, UK, Canada and New Zealand. In the red corner, lining up against it, are consumer groups and the Labor party. At the last election, Labor also supported “comprehensive credit reporting” like nearly everyone else, but this month decided to back a 12-month delay to the reporting of “repayment history information”, which sits at the core of the regime. Positions […]
