Banks pay lip service to fintech collaboration
Banks need to become “platforms” that deliver financial services alongside various start-up partners, but many banks are paying lip service to collaboration and remain reluctant to engage with the local fintech ecosystem, according to Alex Scandurra, chief executive of fintech hub Stone & Chalk. The notion that a bank can merely innovate internally “is such outdated thinking,” he told the 1300 delegates to the Reimagination’16 summit in Sydney on Thursday. Banks needed to shift from thinking they sell a mortgage, deposit or loan to being “a platform of services [that] deliver a whole range of things to customers, some of which are built and delivered by [the bank], some of […]
StartupAUS’s Crossroads report reveals 14-point plan to transform economy
Two-and-a-half years ago, StartupAUS declared that Australia was at a crossroads. We released our first report, bearing the Crossroads name, and called for a future that embraced technology start-ups and innovation. Today we released the third report in that series. You can find it online at www.startupaus.org/crossroads/. The question in 2016 isn’t which path to go down, but how far and how fast we are prepared to travel. In the last 18 months, we’ve seen encouraging progress across all areas of the nation’s start-up ecosystem. Right from inception, start-ups are better equipped to find a home. Hubs for specific start-ups such as SproutX (agtech) and Stone and Chalk (fintech) have […]
How UBank’s FinTech culture enables Agile to thrive
Some organisational cultures can find it difficult to adapt to an Agile mindset. Central to adopting an Agile approach is emphasising visibility and transparency. This includes making everything (including bad news) visible across the entire organisation. It also means prioritising face-to-face communication. Finally, open team reflection is critical to identifying where things went wrong and how they should improve. One organisation that has done this successfully is online bank, UBank. Bulletproof was engaged by UBank in July to provide Agile coaching for ten weeks across four product teams in its digital division. The bank – which says it operates more like FinTech with a banking licence – wanted to improve […]
Apple offers banks an olive branch
It’s a rare thing to see three of Australia’s big banks, so dominant in their home market, arguing for special dispensation from commercial laws to boost their bargaining position. But when it comes to dealing with Apple, the world’s largest company, Australia’s banks are mere minnows. But with the combination of smartphone proliferation and tap-and-go technology set to revolutionise payments by allowing customers to use their phones like plastic cards, the banks see this case as a cudgel. They’re desperate to retain customer relationships at the point of sale and as commerce moves to mobiles. This fight is an early battle for control of the digital wallet. Apple, banks, retailers […]
Hashching creates virtual ID system for first fully-digital loan approvals
Hashching, a website for home buyers to choose mortgage brokers, has built the first fully-digital process for home loan verification in Australia, which would allow banks to comply with strict regulations for identifying clients without having to send them to a branch. This weekend, Hashching, which has processed $2.6 billion of mortgages since launching 15 months ago, will begin the pilot for a biometric identity verification service allowing brokers on its platform to satisfy strict “know your client” (KYC) banking regulations by asking a customer on a video call to hold up a proof of identity to the camera on their computer or mobile phone. Across the banking industry, KYC […]
Fintech fund Reinventure seeking riskier investments
Armed with a $50 million cheque from Westpac and many lessons from their first fund, Danny Gilligan and Simon Cant are dialling up the risk. Not the type that raises eyebrows in banking, but rather trying to get more blockbuster returns out of the more mainstream fintech industry, even if that means failing often. “If you look at the data out of the US, the greatest risk as a venture capitalist is that you don’t take enough risk,” Gilligan told The Australian in their first interview since the founders of venture capitalist group Reinventure raised their second fund. “The worst-performing VC funds in the US, 50 per cent of the […]
Bitcoin technology could ensure grain growers get paid
A NEW company is seeking a technological answer to one of the biggest problems facing grain farmers — delays in being paid. Full Profile, established last year by Emma Weston, Bob McKay and Ben Reid, is looking at technology used in bitcoin trading to make prompt payments to farmers when they deliver grain. Ms Weston said Full Profile started building a program around the technology, known as blockchain, in April and will test it in Dubbo with a grain delivery to Fletcher International in the next four or five weeks. Ms Weston said the aim was for grain growers to know if the trader had the funds to pay them […]
Australia Post’s digital future rises from disruption as it embraces blockchain
Australia Post has been talking up its identity expertise for months and will soon launch a new mobile digital identity platform that could be a vital element of secure digital commerce. The digital service will allow people to verify their identity in just a few minutes via smartphone using biometric data. The technology will be robust enough to allow individuals to apply for a passport or mortgage by mobile and could become a new growth business for the national utility. “How do I know you’re who you say you are if I’m dealing with you on the computer?” Australia Post chief executive Ahmed Fahour asks BOSS. “Solving this is one […]
