Advisers with robo capabilities will have an edge
While standalone robo-advice won’t attract affluent investors, it will offer a competitive advantage to traditional wealth managers over competitors, GlobalData says. The research company said that robo-advisers alone didn’t attract assets under management, and that high net worth (HNW) investors generally only entrusted small portfolios to digital-only platforms. GlobalData’s Technology in Wealth Management: Drivers for Adoption and Future Trends survey found that demand for robo-advice was growing, however, meaning that offering it could strengthen human advisers’ value to clients. Forty per cent of private wealth managers surveyed noted strong demand for the technology from clients, most obviously in the Asia-Pacific region. “Despite some drawbacks robo-advice is a competitive advantage that […]
Drury still making his mark on strategy at Xero
Rod Drury may have stepped down from the role of chief executive of Xero, but in the eyes of shareholders he’s still a big driver of long-term strategy. Having unanimously voted Mr Drury to return as a non-executive director of the company, shareholders at Xero’s annual general meeting quizzed chairman Graham Smith and new chief executive Steve Vamos about Mr Drury’s role and why he had taken on the title of a non-executive director when it appeared he was still very much involved in the future direction of the company. “It’s freed me up to do what I’m passionate about. I’m having a huge amount of fun focusing on the […]
Australian startups selected for Accenture’s FinTech Innovation Lab
Eight leading fintech companies have been selected for the fifth annual FinTech Innovation Lab Asia-Pacific, a 12-week mentorship program created by Accenture. The 2018 program received a record number of applications, from more than 160 companies, and comes at a time when investments into the sector are soaring. According to an Accenture analysis of data from CB Insights, global investment in fintech ventures reached another all-time high in 2017, of US$27 billion, with continued growth in 2018. Launched in Hong Kong in June 2014, the FinTech Innovation Lab Asia-Pacific has received nearly 600 applications since its inception, with 33 companies participating to date. Alumni companies from the Lab have raised US$288 […]
WA Fintech business doubles following major acquisition
WA Fintech Fair Go Finance doubled in size from 1 July following the acquisition of Capfin Money, to create one of the largest non-bank personal loan lenders in the Australian small loan market. Fundco Pty Ltd which trades as CapFin Money (previously Spot Loans) was purchased by Fair Go Finance, providing an exciting opportunity to scale the Australian operations and access a wealth of data. The combined operations of Fair Go and Capfin now establishes the business as one of the largest non-bank personal loan lenders in the Australian small loan market. With this scale there are significant advantages as Artificial Intelligence (AI) becomes a reality in the risk management […]
Xinja selects SAP to power its digital bank
SAP SE today announced that Xinja has selected SAP Cloud for Banking to power its planned ‘neobank’ – an independent digital bank designed entirely for mobile. Aiming to revolutionise customers’ banking experience, Xinja is partnering with SAP to implement its SAP Cloud for Banking platform to drive a simple, agile solution that delivers rapid customer onboarding and real time risk and financial assessment, as well as enabling open banking capabilities. This SAP core banking solution will underpin Xinja’s journey to become licensed as one of Australia’s first independent start-up neobanks. Seeking to make banking quick, easy, helpful and even fun – allowing customers to make more out of their money […]
InLoop has made the 2018 AFR Most Innovative Companies List
InLoop Group was honoured to be recognised as one of Australia and New Zealand’s most innovative companies. The prestigious annual list, published by The Australian Financial Review, is based on a rigorous assessment process managed by Australia’s leading innovation consultancy, Inventium, in conjunction with a panel of industry expert judges. InLoop ranked #25 on the overall list, from over 1000 nominated organisations across Australia and New Zealand. The full Top 100 list can be viewed here. The assessment measures a top innovation implemented in the past twelve months. Specifically, the judges look at how valuable the problem is that the innovation is solving, the quality and uniqueness of the solution, […]
Fintech Skippr scores $16m funding from fintech heavy hitters
Small business financing start-up Skippr has shrugged off concerns that the indefinitely delayed IPO of its venture-backed peer Prospa could put off investors in the sector, by attracting some of the local fintech scene’s biggest hitters to a $16 million debt and equity financing round. Pepper group co-founder and former chief executive Patrick Tuttle and SocietyOne and Douugh co-founder Andy Taylor have both invested in the round, which is comprised of $1 million in equity from high net worth investors, and $15 million in debt. Skippr was founded two-and-a-half years ago by former NAB senior corporate agribusiness senior associate and MarketInvoice team lead Alistair Lamond alongside former fund manager Patrick […]
Prospa named Best Employer by AON Hewitt for second year running
Prospa, Australia’s leading online lender to small businesses, has been named a Best Employer in the AON Hewitt Best Employers program for the second year in a row. Prospa, headquartered in Sydney, underwent an employee engagement survey and an inventory of their people practices and internal interviews, in order to be eligible for one of the most sort after, and credible, employer awards across Australia and New Zealand. The accreditation looks at a number of factors, such as agility within the business, staff benefits and new hire turnover, in order to determine whether a business is of Best Employer status. Prospa was awarded the status this year due to its […]
