Moneysoft launches Round-ups, allowing people to invest spare change into their super and investment funds
Superannuation and investment funds have a new way to boost the engagement of their members and clients with the launch of Moneysoft’s latest digital solution, Round-ups. Round-ups lets people make small, regular contributions to their investment or superannuation account by automatically investing the spare change from their everyday transactions. Whether offered as a stand-alone application or integrated with existing digital platforms, Round-ups is highly customisable for each institution’s individual needs and brand. It’s a turn-key solution that uses enterprise-grade technology and is designed for an optimal mobile experience on smartphones and tablets. “Round-ups is available to superannuation funds, and investment platforms, to help them grow customer engagement and encourage wealth […]
NAB’s Apple Pay gap
There have been curious developments over the Tasman in relation to Apple Pay, with National Australia Bank’s BNZ unit announcing today it will offer the service to customers by the end of this month. Yes, that’s the same NAB that tried to enlist the Australian Competition and Consumer Commission in a nasty spat with Apple over access to the iPhone’s near-field communication antenna. Success would have enabled the bank to offer its own digital wallet to iPhone users in competition with the Apple’s wallet, but without using Apple Pay. The competition watchdog knocked back the application by NAB, Commonwealth Bank and Westpac, ruling that competition could be distorted if the […]
Westpac increases investment in mortgage broker start-up uno Home Loans with $5m
Westpac Banking Corporation has increased its majority stake in digital mortgage broking platform Uno, ploughing another $5 million into the company. The big four bank has now invested about $26.5 million into the venture and owns 92 per cent of ordinary shares, according to Australian Securities and Investments Commission documents. Factoring in shares that are subject to vesting, on a fully diluted basis Westpac still owns more than three quarters of the company. Founder and chief executive Vincent Turner told The Australian Financial Review the funding provided by Westpac had given the fintech start-up a leg up it couldn’t have had otherwise. “If we wanted to move fast, learn fast […]
Fintech slams aggregator “monopoly”
A heated statement by emerging fintech Hero Broker has accused major aggregator groups of working together and stacking the deck against newcomers to the industry. In a submission to the Productivity Commission’s Inquiry into Competition in Australia’s Financial System released last Wednesday (27 September), Clint Howen, founder of Hero Broker, called upon the commission to examine the role that aggregators play in the market. He recounted his experiences with the major aggregator groups, claiming that Hero Broker was denied entry into the market despite meeting the Australian Securities and Investments Commission’s (ASIC’s) compliance regulations. He claimed that there was a “collective discussion” between key figures within the mortgage industry to […]
How Crowdfunding has influenced start-ups
You have a great idea that you would like to bring to the market. However, you have little to no capital in kick-starting product development. Furthermore, you don’t really have the business acumen and the research and development needed to make a solid business presentation to a group of investors. So, how do you go about finding the seed funding you need to start turning your idea into a reality? Many entrepreneurs in recent years have turned to crowdfunding as a way to reach a large audience to fund product ideas and business models. What Is Crowdfunding? Crowdfunding is an alternative way for businesses, and especially start-ups, to source capital […]
Lindsay Tanner, ex-Sydney Swan Ted Richards at Six Park
It would not ordinarily be assumed that former Rudd and Gillard finance minister Lindsay Tanner, and former Sydney Swans AFL star Ted Richards, have much in common, but both have graduated from being heavyweights in their respective fields to unlikely employees at a young fintech start-up, Six Park. The Melbourne-based robo-advice company is plotting to undercut the banks and other rivals through lower fees and smarter financial advice, and is building out a powerhouse team — and app — to do it. It aims to add a human touch to automated elements through an advisory board that supervises the investments. “I’ve never been in a start-up before, but it’s a […]
Reimagining wealth management for the digital age
David Levi looks at why responding to the digital challenge is not just about defence but about shaping a new era of wealth management. As consumer needs and the financial landscape evolve, major banks are being forced to reconsider their approach to wealth management services. Colonial First State, for example, has predicted that the retirement of Baby Boomers would result in unprecedented transfers of wealth. Similarly, Citigroup announced its plans to triple the size of its wealth management business in Australia by 2020, as it targets customers with more than $1 million to invest. While the Association of Superannuation Funds of Australia (ASFA) reports that private sector forecasts superannuation assets […]
IDC names top 10 fastest growing fintech companies in A/NZ
IDC Financial Insights has unveiled a list of 10 fast-growing fintechs in Australia and New Zealand (A/NZ) as part of the broader FinTech 101 list for Asia/Pacific. “IDC’s FinTech Fast 101” refers to the fast-growing fintech players in Asia/Pacific based on extensive on-ground analysis of the dominant fintech players within the region. 10 Fastest Growing FinTechs in Australia and New Zealand Afterpay Touch Group Airwallex CoinJar Data Republic Harmoney HashChing identitii Prospa SocietyOne Xero Note: List is arranged alphabetically, Source IDC, 2017 IDC’s fintech list makes a reference to the Financial Insights’ Triple U framework — ubiquity, utility, and usability. This is a framework that evaluates fintech data across key metrics such as addressable […]
