Robo-advice using algorithms are replacing financial planners
Robo-advice is part of a new financial marketing system that could chug along without much human intervention and is aimed at giving you a sense of financial security.
Data61 wants Australia to go all-in on fintech and cybersecurity innovation
Data61 has published a guide on how Australia can leverage the cybersecurity and fintech talent present in the country’s startup scene, highlighting in particular the need to combine the two sectors with the strong backing of both industry and government to advance Australia’s global competitiveness. In Startup Secrets: How Australia can create new businesses with fintech and cyber security industry collaboration, the country’s peak innovation group says it is important to look at the intersection of fintech and cybersecurity to solve complex problems via collaboration, rather than by competing. According to Australia’s Special Adviser to the Prime Minister on Cyber Security Alastair MacGibbon, cybersecurity is the foundation of the country’s […]
Scott Morrison’s UK fintech mission
Treasurer Scott Morrison will receive firsthand briefings on Britain’s pioneering move to open up access to bank data ahead of what is likely to be a similar shake-up here. Mr Morrison is visiting London and will meet with fintech entrepreneurs, academics and regulators to learn more about how start-ups are disrupting established financial services players like banks. “The UK has recently introduced changes for major banks to provide customers with greater access to data held about them, and requiring data to be made available to third parties through an API [application programming interface],” Mr Morrison said. “Developments in the UK can supplement the outcomes of an inquiry into data availability […]
How integrating digital can help banks save money, improve sales
By Don Bergal, CMO at Avoka Retail banks are successfully integrating digital into a continuous omnichannel experience for customers across marketing, selling and delivery of their products. With the internet continuing to make inroads into almost every aspect of our daily lives, the need for this integration — and the opportunity it presents — is obvious. Digital Customer Engagement Heavy use of digital for promotional and marketing purposes — through social media, internet search, digital ads, websites and so on — is now commonplace. The service element, i.e. how customers consume financial products, has also been transformed by the rise and popularity of online banking. For instance, most banks now […]
Invapay partner with ANZ to deliver payment innovation to clients
UK based Invapay and ANZ (Australia and New Zealand Banking Group) announce that they are working together to deliver automated payments innovation to their business customers. ANZ’s vision to use technology and innovation to help solve the payment challenges faced by CFO’s has been realised by utilising Invapay’s cloud based automated payment platform. Invapay complements ANZ’s existing corporate product portfolio. In the absence of any development and integration work, the association made good sense and was easy to achieve. Adam Grant, Head of Transaction Banking, ANZ Australia had this to say of the association: “Working with Invapay has enabled ANZ to deliver a proven payables solution which allows our customers […]
Reckon Loans breaks $1Million milestone
Australian cloud accounting software provider Reckon (ASX:RKN) has announced its new Reckon Loans (powered by Prospa) platform has funded over $1million to small businesses, proving the online lending market is growing at an extraordinary pace. In partnership with Prospa, Australia’s leading online lender to small businesses, Reckon Loans provides SME’s a fast and simple service with approvals and funding of loans from $5,000 to $250,000 available within one business day. Reckon Group COO Dan Rabie said Reckon Loans is a disrupter in the fintech space, adding diversity and removing the red tape from the small-business loans market. “This is a significant milestone for our business and clearly shows there’s a […]
5 enterprise-related things you can do with blockchain technology today
Diamonds. Bitcoin. Pork. If you think you’ve spotted the odd one out, think again: All three are things you can track using blockchain technologies today. Blockchains are distributed, tamper-proof, public ledgers of transactions, brought to public attention by the cryptocurrency bitcoin, which is based on what is still the most widespread blockchain. But blockchains are being used for a whole lot more than making pseudonymous payments outside the traditional banking system. Because blockchains are distributed, an industry or a marketplace can use them without the risk of a single point of failure. And because they can’t be modified, there is no question of whether the record keeper can be trusted. […]
Logging on to the future of financial advice
For hundreds of thousands of investors around the world, the future of financial advice is already here. There is as much as $US300 billion ($392 billion) of funds under the management of robo advisers – computers powered by algorithms that can buy and sell on your behalf – with that figure expected to rise to $US2.2 trillion by 2020. To put that into perspective, these robo advisers could buy every company on the Australian Securities Exchange and still have a trillion dollars left over. While not all robo advisers have the authority to buy and sell, and others are rebadged offerings, the benefits of digitising and automating some of the […]
