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 […]
Small and mighty: Meet the challenger banks nipping at the heels of the big four
A slew of challenger banks are poised to burst onto the Australian finance scene, in a bid to take on the big four, and change the way that Aussies think about banking. Typically offering cloud-based banking services without a bricks-and-mortar branch in sight, these so-called ‘neobanks’ say they will provide a more personal banking service, designed to be more in line with what modern bank customers want, whether that’s near real-time updates on spending and saving, or personalised lending for small business customers. Who are the challengers? They’re all still awaiting banking licences, but there are four major challenger banks coming out of Australia, at varying stages of readiness. They […]
Non-banks are the future of banking
The future of banking is in the hands of non-banks, says specialist lender Liberty. Non-banks, by nature, are “active, nimble, innovative and relevant”, allowing them to lead the competition, rather than be threatened by big banks. Non-banks provide a variety of solutions such as home loans, car loans, personal loans and business loans, as well as custom lending for those that need it. But as the financial world welcomes more and more technology, and increased regulation drives up costs, it leaves many to wonder how non-banks will respond to these changes. Asked about how non-banks will adapt to the future, group sales manager at Liberty, John Mohnacheff, laughed: “How are […]
‘Laggard’ lenders to be left behind: Moody’s
Banks that fail to digitally transform are at risk of losing their competitive edge to the rising number of online players entering the market, according to Moody’s. In its Fintech – Global: Bank of the Future report, Moody’s warned that banks that fail to adopt strategies that strengthen their digital platforms may struggle to maintain their current market position as customers increasingly explore finance alternatives from online lending platforms. The report cited data from an analysis of the US mortgage market which revealed that 53 per cent of borrowers used online platforms to obtain home loans in 2017. The figures also revealed that younger borrowers are most likely to obtain […]
How Fintech is changing the way we do business?
Although it seems ubiquitous, Fintech is actually still a very young industry. That said, there are certainly distinctly common threads across those within it, which could largely be considered increased accessibility, and speed. Fintech is responsible for the introduction and rise of peer-to-peer payments, mobile banking, and omnichannel payments processing which benefit not only individuals but also businesses. We’re living, working, shopping, and transacting in the internet era, so it’s expected that the way we do businesses is equally as nimble – and it’s Fintech that makes this possible. Regardless of the size of a business, keeping up to date with financial technology is imperative for not only increased efficiencies […]
Success of innovation in Australia’s Financial Services lies in collaboration, not competition
Capgemini, a global leader in consulting, technology and outsourcing services, today announced the findings of a report published by The Australian Digital Transformation Lab, a joint venture between the University of Sydney Business School and Capgemini. The report finds that while Financial Technology (Fintech) firms are seeking to disrupt the larger players, moving forward, the opportunity in financial services is based on collaboration rather than competition. The emerging Fintech industry and Australia’s traditional banking sector are being urged to work together in order to innovate in ways that allow them to survive the looming threat posed by so called ‘Big Tech’ companies such as Apple and Amazon. It is therefore […]
