The future of money relies on digital
by Carlo Lacota, Head of Banking and Financial Services, ANZ at Cognizant The era of digital disruption has brought new challenges involving security, privacy, and technology access. It is therefore imperative for financial services providers to take stock and consider how to deepen their customer relationships. The inability to capitalise on the opportunity that digital brings to attract and retain customers will increase churn velocity and further increase cost as customer retention costs far less than acquisition. Our relationship with money is broken A recent global study by Cognizant revealed that people’s relationship with money is broken, with over half of the study respondents saying money and […]
BPAY Group develops BPAY BatchMaker and partners with QuickBooks
BPAY Group, Australia’s leading payments provider, has announced its latest innovation, BPAY BatchMaker, a product helping small businesses to pay multiple suppliers at the same time. As part of BPAY Group’s growing portfolio of developing innovative products for the Australian market that solve customer pain points, BPAY BatchMaker helps makes it easier for small businesses to pay multiple bills and create efficiencies by reducing manual processing. BPAY BatchMaker’s first partner is QuickBooks, the global leader in cloud accounting, with 2.8 million subscribers worldwide. The BPAY BatchMaker app is now available to QuickBooks customers, free of charge*, via the QuickBooks app store. The new application is an easy and convenient way […]
First Australian digital currency exchange regulated: Independent Reserve
Independent Reserve, the Australian digital currency exchange, yesterday became the first Australian exchange of its kind to be regulated. Independent Reserve is the first exchange to be regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC). Set up in 1989, AUSTRAC ensures Australian institutions conform to the required standards around Counter-Terrorism Financing and Know Your Customer rules. CEO Adrian Przelozny said the regulation represented a huge leap forward for the local digital currency industry. “We have been lobbying for increased regulation since we opened for business in 2014,” he said. “We passionately believe that the digital currency economy will – and should – become just another part of the mainstream […]
Bureaucracy fumbles Australia’s innovation vision
Australian corporate regulator ASIC’s commissioner, John Price, has called out “innovation” as a concept about which it is easy to wax lyrical, but “difficult to apply in practice”. Mr Price made the comments at the recent Senate Economics Legislation Committee meeting into the regulatory sandbox for fintechs when asked: “Is an innovation benchmark appropriate?” With just five fintech companies making the grade for the first version of the sandbox, and consumer advocacy group Choice arguing the sandbox needed a higher “innovation” bar to entry, his answer suggests this is a bigger question than the regulatory body can begin to answer. Mr Price was “not surprised” with the low take-up of […]
Statewide Super partners with IRESS’ Acurity to innovate member experience
Statewide Super and IRESS have partnered to complete the implementation of its Acurity superannuation administration platform which has seen a large number of members access their super information online. Statewide Super, an award-winning South Australian industry fund, is now delivering a fully-flexible digital environment for member administration which has modernised online access, reporting and compliance via the recently launched subscription model access for Acurity. Statewide Super replaced software offerings from multiple providers with the single Acurity platform, following a competitive selection process. Linda Zeelie, Chief Operating Officer Statewide Super, says that the profit for members’ organisation is proud to partner with IRESS to deliver a state-of-the-art experience that includes a […]
Claim your share of $4 billion
It was recently reported that the major banks cut savings interest rates over the holiday period, leaving some savings account earning as little as 0.5 per cent.* This ‘cash drag’ is needlessly costly to the public and they are urged to review how much money they have sitting in everyday bank accounts, earning low interest, and to consider alternative ways to grow their cash such as in term deposits. A term deposit allows investors to park their funds for a set period of time with an agreed fixed rate of interest paid at maturity. Investors can also choose the length of their term deposit and the bank or […]
Compare Your Life’s iFace Technology is embraced by users
Melbourne based firm Save U has partnered with Cloud technology provider iFace (Compare Your Life) to start consolidating the need for multiple software applications. Save U’s CEO, Stephen Clarkson is impressed with the efficiencies the software has brought to his business. ‘Our decision to purchase was made in the initial presentation, as the quality of the software and the utilisation of the most up to date technology made the choice incredibly easy to make. We had been searching for a solution for 3 years, and this ticked all the boxes that we were looking for. The migration from our legacy product was seamless and after 15 minutes of […]
Local FinTech Jacaranda Finance commits to providing positive credit reporting data
Following the Australian Government’s announcement of the introduction of comprehensive credit reporting (CCR), many lenders and other financial institutions are following suit with the aim of creating a more accommodating platform for consumers. This platform will allow for consumers to get a better deal from lenders based on a more accurate representation of their own financial circumstances. The foundation of financial lending is built on the concept of helping those in need. However, it is common practice for lenders to enforce a different criteria for consumers with bad credit, as a negative history may lead lenders to question the reliability of the client. In line with responsible lending obligations, […]
