banking

May
08

Andrew Thorburn explains the fintech forces reshaping NAB

The emergence of fintech has fundamentally changed National Australia Bank’s strategy and the thinking of its chief executive, Andrew Thorburn. He’s deploying more start-up lingo, and said last week the nation’s largest business lender is no longer benchmarking its performance against its rival banks, but rather technology players. Thorburn and his newish tech chief, Patrick […]

By Reposted by Australian FinTech | Banking . FinTech . Investing . Lending
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May
08

Westpac says fintech partnerships paying off

Westpac’s $100 million investment in the Reinventure venture capital fund is paying off for the bank, according to group CEO Brian Hartzer. Reinventure has made 20 investments in areas including distributed ledger technology, payments, data analytics, digital currencies, social networking and P2P lending. Those investments are increasingly a strategic asset for Westpac, Hartzer told a […]

By Reposted by Australian FinTech | Banking . FinTech . Payments . Peer-to-Peer . Venture Capital
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May
07

CBA reveals promising regtech AI results, proceeds with caution

The Commonwealth Bank of Australia (CBA) has revealed the results of a regtech pilot that uses natural language processing and artificial intelligence to convert regulatory texts into compliance obligations. Speaking on Thursday at the AI NSW Summit in Sydney, the head of CBA’s London Innovation Lab, Supun King-Jayawardana, said the technology was able to crunch […]

By Reposted by Australian FinTech | Banking . FinTech
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May
07

Wisr, Bendigo and Adelaide Bank announce $25m wholesale loan funding agreement

Australian neo-lender Wisr Limited (ASX: WZR) today announced a $25 million wholesale funding agreement with Bendigo and Adelaide Bank Limited. The agreement will see Bendigo and Adelaide Bank provide a facility to fund existing and future loans and increase Wisr’s consumer loan book capacity, as well as improving the opportunity for revenue generation and operational […]

By Australian FinTech | Banking . Borrowing . FinTech . Lending
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May
03

Bank KYC/AML compliance is broken, and blockchain can fix it

Not only is decentralisation the best solution. It might be the only solution. One of the least-sustainable trends in existing financial services is hidden away in the background. Compliance costs, which refers to the cost of handling legal obligations such as KYC/AML, are a growing stone in the shoes of financial services. And it’s growing […]

By Reposted by Australian FinTech | Banking . Blockchain . FinTech
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May
02

Suncorp launches Apple Pay for Visa debit cards

Suncorp customers now have the choice of Apple Pay, Google Pay or Samsung Pay to tap and go. If you have a Suncorp debit card, you can now use your Apple device to tap and pay at the checkout thanks to a new partnership with Apple Pay. Once you’ve linked your card, you can hold […]

By Reposted by Australian FinTech | Banking . FinTech . Payments
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May
02

ANZ sees dramatic uptake in digital wallet payments

Almost $600m in six-month period. ANZ Bank customers made almost $600 million in mobile payments during the first half of fiscal year 2018. The bank said today that customers completed more than 18.5 million mobile payment transactions in the half, an increase of 156 percent on the previous corresponding period. ANZ said the transactions were […]

By Reposted by Australian FinTech | Banking . FinTech . Payments
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May
01

SelfWealth growing in the face of finance industry’s woes

The banking royal commission is currently underway and it’s fair to say that the stories emerging are nothing short of shocking. There’s endless tales of woeful and deceitful financial advice — so bad in fact that that it has even led to families losing their homes. It’s also come to light that for years financial […]

By Reposted by Australian FinTech | ASX . Banking . FinTech . Investing
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