How fintech will change the way business operates in Australia
Automated data management solutions such as AutoEntry are disrupting the Australian finance scene by simplifying accounts preparation for accountants and bookkeepers. Launched last year with over 25,000 businesses set up on the platform worldwide, AutoEntry captures and analyses scanned and photographed purchase and sales invoices, receipts, bank and card statements, automating data entry into accounting solutions such as Xero, QuickBooks, MYOB and Reckon. It helps users to access their financial records remotely, and upload paper documents such as bills invoices and receipts at their convenience via a mobile app. Its founder and CEO Brendan Woods offers his view on how the growing industry will shape the way business is conducted […]
Trading to National Stock Exchange available on IRESS
IRESS and the National Stock Exchange of Australia (NSX) today announced that clients of IRESS will be able to trade securities listed on the NSX through IRESS. The introduction of trading through IRESS builds on the existing market data feed of NSX securities available through IRESS. NSX Managing Director, Ann Bowering, said: “We are delighted to be working with IRESS to provide direct access to trading on the NSX market by leveraging the IRESS network and trading community. “It is essential that NSX provide companies listed on our exchange access to Australia’s broking network, and this has been easily facilitated through IRESS’ network. “In doing so we have given our […]
Blockchain applications rolling out in financial markets
The blockchain gives investors transparency over loan-level data, asset provenance, payment history, loan terms and the quality of underlying security.
Success of innovation in Australia’s Financial Services lies in collaboration, not competition
Capgemini, a global leader in consulting, technology and outsourcing services, today announced the findings of a report published by The Australian Digital Transformation Lab, a joint venture between the University of Sydney Business School and Capgemini. The report finds that while Financial Technology (Fintech) firms are seeking to disrupt the larger players, moving forward, the opportunity in financial services is based on collaboration rather than competition. The emerging Fintech industry and Australia’s traditional banking sector are being urged to work together in order to innovate in ways that allow them to survive the looming threat posed by so called ‘Big Tech’ companies such as Apple and Amazon. It is therefore […]
Dion and Fincast partner to deliver an integrated portfolio management and exchange trading platform
Dion Global Solutions and Fincast Pty Ltd, announced the availability of their integration and operations partnership, which allows clients of Fincast’s cutting edge goal based advisory and portfolio modelling platform to obtain account and holding details from Dion’s rapidly expanding TradeCentre™ platform, perform guided modelling of the portfolio and then automatically generate trades based on agreed investment models and investor’s preferences, greatly streamlining implementation and back office operations for Fincast’s and Dion’s clients. Further, Dion and Fincast have created an operating partnership which sees accelerated improvements in productivity and cost savings for clients through the consolidation of the infrastructure and operations for the SaaS versions of our respective platforms. […]
Stockspot CEO Chris Brycki says advisers will become financial ‘curators’
The financial adviser of the future will be a “curator of digital services”, with no alignment to any particular bank or wealth manager, says Chris Brycki, the founder of a disruptive robo-adviser that gives investors access to low-cost exchange traded funds. Financial Review Rich Lister Graham Tuckwell led a $3 million capital raising for Stockspot this month to help the robo-adviser expand its team of engineers, rather than build up financial advice expertise. “It’s going to be more about technology and less about teams of financial advisers, analysts and fund managers, who in our view don’t add the value that we can add,” Mr Brycki said. “Their [financial advisers’] role […]
SocietyOne welcomes proposed changes to an open banking and data regime
SocietyOne, Australia’s pioneering and leading lending marketplace, has welcomed the Turnbull Government’s commitment to introduce an open banking regime which could transform customers’ control over their own data and stimulate competition in the country’s financial services sector. Coming after the release of the Productivity Commission’s report into data availability and use of public and private sector data, Jason Yetton, SocietyOne’s Managing Director and CEO, said the initiatives, announced in last night’s Federal Budget, would put consumers in a better position to negotiate more advantageous deals with their credit provider. The changes – likely to result from an independent commission which is due to report by the end of […]
Financial advisers should consider bitcoin as an asset class
There is no better way to understand blockchain technology than to invest in bitcoins, a digital currency that has outperformed traditional currencies in recent years, according to an industry expert. This week the cryptocurrency broke record-highs when it started trading above USD$1680 against the US dollar. As at May this year, the total market cap of the bitcoin market has more than doubled to US$23 billion since it hit the US$10 billion mark just three years ago. Australia-born chief executive of Silicon Valley-based blockchain outfit Wyre, Michael Dunworth, said for financial advisers who are trying to figure out how the industry will affect their business, there is no better way […]
