Chatbots just the beginning for AI in banking
Over the two years since professional Go player Lee Sedol was defeated by AlphaGo, a computer program created by Google’s DeepMind, artificial intelligence (AI) has continued its rapid march. Technology systems using machine learning are controlling distribution centres, monitoring energy systems and diagnosing serious medical conditions. Voice-activated digital assistants being rolled out by tech giants are powered by natural language processing, an area of AI. The banking sector is also accelerating its adoption of AI. Over the past year, many experiments have moved into production. The technology is being used to deliver personalised banking experiences to customers and helping bank staff make better decisions. An initial AI deployment in banking […]
How new technology is reshaping finance
While there is an almost bewildering array of new technologies, the barriers to testing new innovations have dropped dramatically. There has never been a better time for finance leaders to take the lead on technology decisions. Less than a decade ago, finance and accounting teams typically relied on IT to deploy and make changes to systems, and required big capital expenditure investments around hardware and software. Now, new finance applications are often deployed in the cloud and can be accessed from anywhere. While new technology used to come with associated heavy complexity, advancements such as financial corporate performance management (FCPM) and robotic process automation (RPA) can be deployed as a […]
Reckon smashes $10 million loan milestone for Aussie small businesses
Australian cloud accounting provider Reckon’s (ASX:RKN) strategic partnership with leading fintech outfit Prospa has hit yet another milestone for the burgeoning non-bank finance sector, delivering over $10 million in funds to small businesses across the country within its first 18 months. The continued growth of the Reckon Loans platform further cements the role of small businesses – the engine room of Australia’s economy – in fuelling the nation’s fintech revolution. Launched late-July 2016, Reckon Loans empowers small businesses with swifter loan processes and easier access to capital, with the approval of funds from $5,000 to $250,000 available within one business day and no security required to access up to $100,000. […]
Seasoned Executive is appointed CEO of leading Fintech Macrovue
AMP-backed fintech Macrovue is pleased to announce today it has appointed Rod Bristow as CEO. Rod is a former Chief Operating Officer and alternate Managing Director of Australia’s largest online stockbroker CommSec. Most recently he was Managing Director and CEO of Infocus Wealth Management – a national financial advice, asset management and technology group. In these roles, Rod led large teams to drive substantial growth organically and via mergers and acquisitions. Macrovue will retain the expertise and capability of Founder Dr Sid Sahgal, who will move into the newly created role of Chief Operating Officer. This strategic move will provide substantial depth of capability for Macrovue to deliver on its […]
What’s coming for Fintech lending in 2018
Continued Growth The alternative finance industry had a strong period of growth last year as borrowers become increasingly aware that there are financing options outside of the banks. The 2nd Asia Pacific Region Alternative Finance Industry Report conducted by The University of Cambridge in conjunction with Monash University and Tsinghua University released in September 2017 showed 53.3% growth from 2015 to 2016 in the Australia Alternative Finance market. The largest market sub segment was balance sheet business lending, followed by peer-to-peer (Marketplace) consumer lending, and invoice trading. Discussions with lenders across both consumer and SME sectors indicate higher growth rates for 2016-2017. The loan enquiry levels across the sector have […]
Ookami and National Currency eXchange to share IP, produce new digital asset technology
Ookami (ASX: OOK) has edged further into the cryptocurrency space after securing a collaboration agreement with National Currency eXchange Group, with the duo to share intellectual property to develop new synergies and technologies. According to Ookami, the collaborative agreement complements its business model to develop technological solutions that encompass blockchain technologies, smart contracts, anti-money laundering, identity management and verification, data markets, digital asset wallets and exchange platforms, security and encryption, among others. The National Currency eXchange is a platform for investors to trade cryptocurrencies such as Bitcoin and Ethereum. As part of the collaboration, Ookami and National Currency eXchange will create a “preferred” client model which enables people to use […]
Aussie Regtech secures recognition as leader in Compliance Innovation space
Leading Australian RegTech Lucsan, has been announced as a Fintech Business Awards finalist in the Compliance Innovator of the Year category. As one of the 10 nominees contending the award, Lucsan is thrilled to be named alongside some of the industry’s best in class by being acknowledged as a leading organisation making a contribution to the rapidly growing RegTech and fintech communities. The exciting development further signify Lucsan’s presence as an in-demand RegTech. It also follows on from the announcement late last year that one of Australia’s largest financial services technology providers, IRESS, took a minority stake in Lucsan. Additionally, Lucsan recently welcomed former ASIC man, Stuart Frith, as their Group […]
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 […]
