Fintech no threat yet to big banks: ACCC
The hopes are high that a wave of new fintech players will shake up the big banks and get a better outcome for customers. But we’re not seeing it yet, according to the competition watchdog. “There’s been a lot of talk [about fintech] but not much really happening,” Rod Sims, the chairman of the Australian Competition and Consumer Commission, said at The Australian Financial Review Banking and Wealth Summit. “Let’s hope something does … nothing is happening that is changing the playing field very much.” The role of the ACCC in creating a more competitive landscape in banking has become a hot button issue. A parliamentary inquiry into banking pointed to a regulator […]
Fintech Down Under
Cameron Dart is the CEO of International Fintech, a hub that connects Australian fintech companies to the rest of the world and vice versa. The company recently opened a London “launch pad” office that helps Australian startups expand globally and links startups in other countries to the Australian market. To help shed light on the state of Australian fintech, Benzinga caught up with Cameron Dart for a Q&A about innovation and how fintech solves problems for Australian users. Q&A With Cameron Dart What’s the general “lay of the land” of Australian fintech? The Australian fintech industry as a whole is in its infancy compared to the United States and the […]
Moneysoft analysis shows worth of financial coaching as personal debt reaches record levels
High-quality financial coaching and automated tracking software can help Australians almost halve their discretionary spending, according to an analysis of Moneysoft’s client database. The ability to overhaul negative spending habits has never been more important as Australians’ total household debt recently reached a record 185 per cent of annual household disposable income. However, 101 Moneysoft clients working with a financial adviser were able to reduce their average spending on irregular discretionary items such as entertainment, travel, hobbies and existing credit card repayments from $11,400 to $5,730 after 12 months. The most marked reduction in discretionary spending was in the 25-35 age bracket. Source: Moneysoft analysis of 101 clients over first […]
Kate Carnell urges pressure on banks to change
Small business ombudsman Kate Carnell will today issue a strong warning to government that after 17 inquiries into the banking industry since the GFC the time has come to put pressure on the banks to change their practices. Carnell’s report on small business lending is due to be released today by Revenue and Financial Services Minister Kelly O’Dwyer and Small Business Minister Michael McCormack. It will say the banks have treated small business unfairly. The recommendations include blocking default action on loans under $5 million where the business has complied with the terms. It also wants a revised code of conduct from the banks written in plain English and with […]
Adviser Ratings Expands Business with String of New Appointments
Financial services technology company, Adviser Ratings has recently expanded its business with the appointment of two new senior staff members and a full service PR agency to manage its B2B and B2C communications activity. Following a successful launch to market in 2015, the expansion comes as a result of increased demand in the business’ personal finance offering, as its advisory and consumer member base continues to thrive. Joining Adviser Ratings as Chief Operating Officer, Jaime Brands brings with her 10 years of industry experience, six of those spent at Google Australia & New Zealand as the Head of External Telesales Operations for the entire region. With expertise in team leadership, […]
SMEs need protection from online Payday Lenders
In 2015, online SME lending in Australia was around $250m, up from a zero base two years ago. Growth will continue exponentially and online SME lending will become a significant alternative source of funding for Australia’s SMEs. Online lenders perform an important role by lending to thousands of SMEs that would otherwise struggle to attract support from a bank. I am a big supporter of this sector but am concerned that many SMEs don’t understand what they are getting themselves into when they borrow from some lenders that could be more accurately described as SME payday lenders to SMEs. These concerns together with suggestions as to how the interest of […]
Celebrate innovation that puts the customer in charge
It’s no secret that the word innovation is in vogue. It’s not just that it’s one of our prime minister’s favourite words, it’s a trend across the English-speaking world. Use of the word has grown steadily since 1943, according to Google’s database of books published from 1800 to 2008. It was used almost twice as much in 2008 as 1969, the year humans first landed on the moon, and it’s a dead cert the past eight years have been no different. But using “innovation” as a mantra doesn’t make you more innovative. Many people feel that it’s become, or becoming, a meaningless catchphrase. It’s time to reclaim it. It’s a […]
