Fintech start-ups threaten mortgage broking old guard amid royal commission heat
The emergence of fintech disrupters to the lucrative mortgage broking industry is being driven by three key dynamics. First, banks pay $2 billion a year in commissions to mortgage brokers for the delivery of home loan borrowers – but want to pay less. Second, the Hayne royal commission is investigating whether current broker pay structures create conflicts of interest and exploring better ways to serve customers. Third, technology is making self-service easier, and “open banking” will put customers in control of their data, including all the information required to make a mortgage application. So enter the mortgage broking entrepreneurs and a bunch of start-ups ruffling the feathers of the powerful […]
Fintech numbers causing a revolution
According to sources at disruptive Real Estate platform Next Address, the implementation of Fintech equity crowdfunding has sent their chatbots into overdrive with record enquiries and investors jumping on board. Julie O’Donohue, founder of the Australian company says it’s all about opportunity and empowering people. “People are loving the concept of helping us grow, investing directly with us from just $250 with a few perks that are making everyone smile. It has taken hard work by our entire team to make our platform the best, and now we are getting validation from everyday Aussies wanting to get on board. We made Next Address for the people, and now those very […]
The Australian fintech startups disrupting home loans
A new type of fintech company is helping home buyer owners save on their home loans, using technology to drive competition and take business from the big banks. The differences between mortgage deals offered by the big four banks are hard to spot and even harder to work out when looking for a home loan deal, according to an investigation by the consumer watchdog, the ACCC (Australian Competition and Consumer Commission). The watchdog says there are signs of “less-than-vigorous” price competition in Australia’s $1.75 trillion mortgage lending industry. However, a group of startups are trying to change that. A number of property-related fintechs have lodged entries to this year’s Finnie […]
Westpac CEO Brian Hartzer says cashless society is just round the corner
Plenty of intriguing insights about fintech were delivered at The Australian Financial Review’s Banking & Wealth Summit last week. So, here’s a selection of highlights, in no particular order. Brian Hartzer says cash is disappearing from the economy “faster than any of us anticipated”. A recent trip to Copenhagen by the Westpac chief revealed the decline of cash in Denmark is being driven by customers. Danske Bank’s MobilePay is being used by more than 80 per cent of Danes to pay each other, after five years in the market. Hartzer reckons 95 per cent of Westpac transactions will be online or mobile within a decade. Other Westpac bankers are also […]
Private Equity and Venture Capital technology investments key for investors
Chief Executive Officer of Crestone Wealth Management Michael Chisholm says investor access to the quickly growing technology sector is an important investment and social consideration in the current market cycle. Mr Chisholm said access to private equity or venture capital funds, which are uncorrelated to traditional asset classes, can help cushion portolios against any equity market downturn. Crestone recently invited a group of Australia’s leading venture capital (VC) investors to provide their views on technology. The panel included Paul Bassat, Co-Founder and Partner from Square Peg Capital, Daniel Petre, Co-Founder and Partner from AirTree Ventures, Niki Scevak, Managing Director and Founder from Blackbird Ventures, Emma Weston, Co-Founder and CEO from […]
PrimaryMarkets offers liquidity for local unicorns
PrimaryMarkets is a platform for delivering liquidity to unlisted securities and investments, matching buyers and sellers in a secure controlled environment.
Super Plus switches to SMSF fintech
Brisbane-based SMSF administrator Super Plus is migrating its clients to Mclowd, which provides its core software for free. The administrator has entered into a five-year agreement with Mclowd – a fintech with about $1 billion in super assets under administration on its SMSF platform. The shift to Mclowd will help the Super Plus save about $165,000 in costs over the period. “This move will also reduce our prospective licensing costs by more than $33,000 per annum. As the needs and expectations of our clients evolve we need progressive partners to give us the edge. In that context, the shift to Mclowd is a no-brainer,” Super Plus managing director Phillip Whiteley […]
Ignition Wealth announces new CEO Manish Prasad
Ignition Wealth Co-Founder and inaugural CEO Mark Fordree today announced the appointment of Manish Prasad to the role of CEO of Ignition Wealth. “On behalf of the Ignition Wealth Board, executive team and staff, we are extremely pleased to have engaged Manish Prasad to lead Ignition Wealth. Manish is a deeply experienced and well respected financial services executive, whose expertise and knowledge will guide Ignition Wealth as we continue to grow.”, said Mark Fordree, Executive Director, Ignition Wealth. Manish is a highly credentialed financial services executive with deep domain experience in financial advice across all channels and segments. Manish’s career includes senior roles globally for NAB/MLC, AMP/AXA, Genesys Wealth Advisors, […]
