Even banks are touched by the Amazon effect
Such is the impact of Amazon that it is even affecting what people expect from their bank. That’s the view of the chief executive of fintech firm Avoka, Phil Copeland, who said the user experience provided by the shopping giant has fed into an expectation among consumers that you should be able to sign up for products easily and simply online. With banks also nervously eyeing fintech competitors, the dynamic is forcing banks to sharpen their focus on “digital customer acquisition”, or online sales. “Amazon has really changed the landscape a lot, for a lot of people. There’s an expectation that if it’s not as easy as doing business with […]
41% of young Aussies don’t know how to pay bills
New research commissioned by BPAY Group has revealed younger Australians lack knowledge around bill payments and struggle with everyday finance management. 41 per cent of Australians aged between 18 and 25 say that they have no effective system for paying their bills. 1000 Australian bill payers between the ages of 18 and 65 were surveyed in late 2016, with the findings collated by strategic research consultancy The Leading Edge. Five bill payer personalities were identified to categorise the habits and attitudes of Australian bill payers, and include: – Big Picture Organisers: 28 per cent – Life Jugglers: 27 per cent – Rigid Record Keepers: 19 per cent – Mobile and […]
Winners at The Finnies!
Congratulations to those Australian Fintech companies and their fearless leaders who won awards last night at the inaugural Finnies Fintech Awards: Female Fintech Leader of the Year: Emma Weston, AgriDigital Co-Founder & CEO Joint Male Fintech Leaders of the Year: Greg Moshal & Beau Bertoli, Prospa Co-Founders Fintech Organisation of the Year: Afterpay Emerging Fintech Leader of the Year: Emma Weston, AgriDigital Co-Founder & CEO Emerging Fintech Organisation of the Year: Spaceship Best Fintech place to work: Prospa Best workplace diversity: Timelio Marketing Campaign or Brand Initiative of the Year: Equitise – Equitise Bubble Excellence in establishing Market Presence (Australia): BrickX […]
EY WAMTech PitchFest – Can Fintech solve some of the wealth industry’s biggest challenges?
The nation’s most innovative FinTech developers are being called on to help revolutionise the Australian wealth and asset management (WAM) industry by taking part in the inaugural EY WAMTech PitchFest. Supported by the Financial Services Council (FSC), the PitchFest calls on FinTechs to design innovative solutions to one of six problem statements, representing some of the biggest challenges faced by WAM providers today that new technology could solve. These challenges, identified via a survey of key Australian WAM industry participants including executives from the across the superannuation, funds management and life insurance sectors, include: Improving financial literacy Providing one touch access to wealth solutions Simplifying the process for […]
UK’s open banking revolution has lessons for Australia
There’s a revolution going on in British banking. The UK’s Competition and Markets Authority (CMA) issued its final order on “open banking” in February. The new regime – on track to come into force next year– is set to have a profound impact on the sector in the coming decades and beyond. Banks have been told that information such as transaction and loan repayment data does not belong to them, but their customers. Those who want to use that data to access better financial products or services will be able to do so in a safe and secure manner. Delivery will be via application programming interfaces (APIs), software that allows […]
Why your financial adviser loves ETFs
The next time you chat to a financial adviser about portfolio construction strategies, depending on your investment focus of course, the conversation could very well turn to the use of exchange-traded funds. Advisers have become one of the core drivers behind Australia’s rapidly growing ETFs sector, which at the start of this month edged past $26.6 billion in total assets under management. So far this calendar year about $1.2bn in new investor funds have been channelled into ASX-listed ETFs. Research just released by research firm Investment Trends and ETFs issuer BetaShares shows seven out of 10 advisers are either currently recommending the use of ETFs to their clients or intend […]
Equity crowdfunding bill passed, but proprietary companies still excluded
Retail investors will from September be able to buy up to $10,000 of equity in their favourite business ideas, after crowd-sourced funding legislation passed the Senate. The legislation will allow unlisted public companies with annual turnover or gross assets of up to $25 million to advertise their business plans on licensed crowdfunding portals, and raise up to $5 million a year to carry them out. Investors can put up to $10,000 a year each into an unlimited number of ideas. A 48-hour cooling off period had applied to the legislation which passed the House of Representatives in February, however the Labor Opposition successfully amended this to five days, with support […]
Banks need to contend with YOLO and FOMO for market share
The attitudes and expectations of Millennials are shaping up as a key hurdle for banks, as younger customers experiment with new financial service providers and defer major investment decisions such as property purchases. Consultants at KPMG say the results mean that banks will have to learn the meaning of YOLO (you only live once) and the importance of FOMO (fear of missing out) in order to adapt their strategies and capture this valuable demographic. The findings are contained in the consultant’s third annual survey of the banking habits of Generation Y titled “Banking on the Future” which surveyed 1400 professionals aged between 18 and 30 years old. In what amounts […]
