Banks shift priorities toward digitalisation and innovation for future growth
Eighty percent of Australian banks and 85% globally cite implementation of a digital transformation program as a business priority for 2018, with investment in technology to drive efficiency, growth and manage evolving risks increasingly seen as critical for sustainable success, according to the EY Global Banking Outlook 2018. The survey of senior executives at 221 banking institutions across Asia-Pacific, Europe, North America and emerging markets, found that globally just 19% of banks surveyed currently view themselves as being either digitally mature or a digital leader, while in Australian none of those surveyed did. However, it also showed there is an obvious recognition among banks of the urgency of continuing […]
ATM use hits 15-year-low as shift to cashless society gathers momentum
ATM withdrawals have slumped to their lowest levels in 15 years and the number of Australians taking cash out during debit card transactions is falling at the fastest annual rate on record. The new figures provide an insight into the wider shift towards a cashless economy, as electronic payments such as Paypass transform habits and consumers shy away from ATM withdrawal fees and bricks-and-mortar branches. According to Reserve Bank of Australia figures released on Monday, the number of ATM withdrawals in January fell by 7.7 per cent compared to last year. The total value was down by 3.9 per cent. It follows two consecutive years of ATM withdrawals falling by […]
SocietyOne shifts from edgy start-up to $100m lender
The nation’s biggest peer-to-peer lender, SocietyOne, is growing up fast, and not in the same way as its renegade US cousin Lending Club. An ASIC search has revealed the stranglehold of the so-called media consortium (News Corp, Kerry Stokes and James Packer’s media-free Consolidated Press Holdings) over SocOne after the recent $25 million Series C capital raising. The consortium, through its vehicle S. One Holding, holds a commanding 37 per cent stake, with the News and Stokes interests believed to be dominant in the S. One Holding structure. Not only that, but Westpac’s in-house venture capital fund, Reinventure, speaks for a further 17 per cent of SocOne. Put the two […]
The FinTech Report Podcast: Episode 48: Interview with Jordan Lawrence, Co-Founder & CGO, Volt.io
In Episode 48 of The FinTech Report Podcast, Glen Frost interviews Jordan Lawrence – Co-Founder and Chief Growth Officer at Volt.io.
Global X brings the world’s biggest Artificial Intelligence ETF to Australia
The Global X Artificial Intelligence ETF will offer Australians targeted exposure to innovation and growth in AI related companies.
Fifo Capital revamps its credit policy to address SMEs’ cash flow challenges
In response to the unprecedented economic challenges faced by SMEs, Fifo Capital has announced a significant update to its credit policy.
Genea Fertility selects GoCardless to make fertility treatments more accessible to prospective parents
Genea Fertility has partnered with GoCardless to simplify recurring payments for its Australian customers and reduce the payment-related stress associated with fertility treatments.
GBST earns its fifth year in the Global WealthTech 100 list: 2023 was a huge year for growth and innovation, says CEO
GBST has been named as one of the world’s 100 most innovative companies for the fifth consecutive year in the Global WealthTech 100 list.
