Facebook just the start of tech contest for banks
Australia’s fintech minister Jane Hume believes it is inevitable that more global tech giants will follow Facebook’s lead in targeting financial services.
What’s holding Blockchain back?
As blockchain evolves and moves closer to the mainstream in the enterprise technology stack, the obstacles to that development are increasingly clear.
Bank sector transformation will come with open banking, competition: Xinja
Australian neobank Xinja said transformation of the financial services sector, described by Royal Commissioner Kenneth Hayne as often driven by greed, will only happen when consumers have clear choice, and can move easily and quickly between banks and other providers within the banking sector. The final report from the financial services Royal Commission paints a damning picture of the culture that drives Australia’s banks, with Commissioner Hayne imploring those who run Australia’s biggest and most profitable financial institutions to ‘obey the law’, ‘act fairly’ and offer services that are ‘fit for purpose’. “The reality is, the reason we’ve reached this low is that the sector has been controlled by a […]
Revolut partners with ClauseMatch prior to the expansion in Australia, Singapore and Japan
Revolut, a digital-only bank and UK’s fastest growing FinTech, announced today that it has signed an agreement with ClauseMatch. Following a successful trial period, Revolut is adopting the innovative regulatory technology from a London-based RegTech to streamline management of internal policies, controls and regulatory compliance. Revolut has experienced significant growth since it was founded three years ago, developing within an extremely regulated environment. Europe’s fastest-growing FinTech player has over 3.7 million users across 28 markets in Europe, and is preparing to launch in the US, Canada, Australia, New Zealand, Singapore and Japan in the coming months. Revolut is currently working in multiple jurisdictions with different rules applied to financial services […]
‘We’re tech companies’: The neobanks’ advantage
A big advantage that “neobanks” have over the big four is that they are nimble and highly scalable technology companies focused on customer experience, according to the co-founder of Up. After hearing Stephen King from the Productivity Commission (PC) claim that challenger lenders do not have a realistic chance at competing with the major banks and will ultimately be “gobbled up” by them, Dominic Pym said the advantage that challengers such as his company Up, along with the likes of Volt and Xinja, have is that they are technology companies with a focus on improving customer experience and the ability to move and adapt fast. Speaking on a panel at […]
Woolworths Employees’ Credit Union extends partnership with Ultradata for an enhanced core banking solution
Woolworths Employees’ Credit Union Limited (WECU), an Australian mutual finance institution, has extended its partnership with Ultradata Australia Pty Ltd, a leading banking solutions supplier, after determining that Ultradata offered the most complete and fully integrated solution to meet their requirements. The decision was reached following a comprehensive review of global core banking solutions and was in-part based on the forthcoming version release of the Ultradata world-class Ultracs solution. Ultracs version 5.1 will provide the most complete core banking solution to support seamless omni-channel banking in the marketplace today. It will introduce even more functionality to the Ultracs system with new features for card management, PCI-DSS compliance and best-practice banking. […]
Xinja selects SAP to power its digital bank
SAP SE today announced that Xinja has selected SAP Cloud for Banking to power its planned ‘neobank’ – an independent digital bank designed entirely for mobile. Aiming to revolutionise customers’ banking experience, Xinja is partnering with SAP to implement its SAP Cloud for Banking platform to drive a simple, agile solution that delivers rapid customer onboarding and real time risk and financial assessment, as well as enabling open banking capabilities. This SAP core banking solution will underpin Xinja’s journey to become licensed as one of Australia’s first independent start-up neobanks. Seeking to make banking quick, easy, helpful and even fun – allowing customers to make more out of their money […]
Here’s how innovation has transformed banking and lending
The effects of technology and the disruptions technology make, manifests itself in clearly perceivable ways. This is very evident in many sectors – in a short span (just eighteen months after its release) Google Maps had knocked out GPS navigation device makers and Amazon and Taobao (Alibaba) have disrupted how consumers shop for goods by moving them to online from offline (O2O). Enterprises are worried about being Uber-ed or Airbnb-ed as new age companies are challenging traditional ways of doing business. Banking and Lending space have also gone through an amazing level of rapid innovation and disruption starting at the turn on the new millennium. Traditional banking monoliths can no […]
