SocietyOne and Loan Market collaborate to broaden customer offering
Australia’s leading marketplace lender, SocietyOne, and Australasia’s largest family owned mortgage brokerage, Loan Market Group, have joined forces in a new partnership through which Loan Market will distribute SocietyOne personal loans. The partnership indicates a growing trend of brokers embracing alternative lenders in the wake of the banking Royal Commission, according to SocietyOne, as consumers are increasingly requesting banking alternatives in order to access a better deal. “The Royal Commission has uncovered a large number of issues within the consumer lending market, and both brokers and their retail customers have been equally exposed to the publicity surrounding this,” said Mark Jones, CEO of SocietyOne. “This has driven many brokers to […]
Microsoft joins regtech group to promote AI as a royal commission response
Microsoft will push its artificial intelligence technology deeper inside banks and use its membership of the RegTech Association to show regulators how AI could improve bank compliance to respond to problems exposed by the banking royal commission. Microsoft has just joined the RegTech Association, an industry group driving collaboration between banks, government and start-ups, as the technology giant increases the focus on regulatory compliance applications available on its Azure cloud services. Duncan Taylor, director of financial services at Microsoft, said its artificial intelligence technology could allow banks to identify transactions or advice in breach of ever more complex and onerous laws and regulation. It wants to become a bridge between […]
CBA joins regtech group to improve compliance
Commonwealth Bank of Australia is attempting to emerge from the shadow of its money laundering scandal with a bold move to reclaim its mantle as the top bank in the industry’s high-stakes tech war. CBA has put one of its senior managers on the board of the RegTech Association, revealing a shift by chief executive Matt Comyn to look outside the bank to develop new anti-money laundering and compliance systems. The financial services royal commission interim report is due with the government at the end of this week and is expected to highlight systems failures in banks while the prudential regulator has singled out CBA’s “immature and under-resourced compliance function” […]
BPAY Group launches Sypht and Lodge
BPAY Group, announced today the launch of Sypht and Lodge. The addition of the new companies is a strategic move for BPAY Group and signals its transformation beyond payments. BPAY Group recently worked with BCG Digital Ventures to identify frictions in the Australian marketplace that it could help address from its unique position within Australia’s financial services industry. The result has been the introduction of two new companies, Sypht and Lodge, within the BPAY Group family of businesses. The companies operate independently and are headed by their own CEOs. Sypht uniquely uses machine learning and artificial intelligence to unlock the power of data. Sypht’s recently appointed CEO is Warren Billington. […]
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 […]
Woolworths Rewards available through Google Pay
Shoppers at Woolworths can now earn reward points by using Google Pay. The retail giant’s launch of Google Pay marks the first of the Australian supermarkets to implement the mobile payment service in-store while providing its 11 million Rewards members with a more convenient way to earn and redeem loyalty points. In justifying Woolworths’ decision to offer Google Pay in-store, Ingrid Maes, the Director of Woolworths Loyalty program posts, “We’re seeing digital wallets grow in popularity because they offer quick, seamless and hassle-free payments for customers”. RFi Group data reinforces Maes’ assertion finding, 39% of consumers who are aware of mobile payment services have used a mobile payment service to […]
BPAY Group named one of Aon Hewitt’s Best Employers for 2018
BPAY Group has today been named an Aon Hewitt Best Employer for 2018, following the release of its annual Employee Engagement survey. 84% – BPAY Group Employee Engagement Score 90% of BPAY Group employees completed the survey 68% – Aon Hewitt’s entry point for the highest performing quartile of all organisations in Australia and New Zealand 81% – Aon Hewitt’s Average Best Employer score in the region Aon Hewitt’s Best Employers program is Australia and New Zealand’s leading accreditation and research program looking at the people practices of high-performing organisations. John Banfield, BPAY Group CEO said, “BPAY Group is incredibly honoured to be named as an accredited 2018 Aon Best […]
Australian FinTech and GreySpark Partners to collaborate on Research & Strategic Advisory for the Australian Financial Industry
GreySpark Partners, a global business and technology consulting firm, and Australian FinTech, an online space dedicated to promoting the development of the fintech industry in Australia, are pleased to announce a new partnership in which the Australian FinTech portal will serve as a conduit for accessing GreySpark-produced research reports and information related to the firm’s strategic advisory services on the use of and investments in new technologies and financial applications. Founded in 2009, GreySpark – which is headquartered in the UK, with offices in Sydney, New York, Edinburgh, London and Hong Kong – provides its base of financial markets clients with a range of traditional and niche services and products. […]
