big data

Dec
12

Keeping up with data in the financial landscape of the future

By Scott Hubbard, Managing Director ANZ, MapR   Changing consumer behaviour and the growing need for customer centricity are reshaping the banking and financial services industry (BFSI), however underpinning this is data and applications. We are now living in a world where a massive amount of data is being generated by an increasing number of sources and it’s up to organisations to take advantage. In fact, IDC reports that worldwide revenues for big data and business analytics will reach $260 billion USD in 2022. For banks, the increase in both scale and speed of their applications and data processing, means they can leverage data analytics to create better services for […]

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Nov
29

Aussie-founded fintech Banked secures $2.7 million in seed funding, to launch open banking data solution

An Aussie-founded fintech, based in London, has secured £1.5 million ($2.66 million) in seed funding, while it’s still pre-product, pre-revenue, and less than a year old. Founded in early-2018 by Australian native and chief executive Brad Goodall, along with co-founders Neil Ambler, Patrick Cox and Ellen Fernandes, Banked aims to open up the possibilities of financial data by providing a trustworthy channel of communication between banks, businesses and individuals. The entirety of the seed funding has come from London-based venture capital firm Backed VC, although Goodall tells StartupSmart he is in talks with other investors regarding a potential secondary seed raise. Open banking came into effect in the UK earlier […]

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Nov
28

Priviti is a finalist in Westpac’s Innovation Challenge as Australia prepares for data privacy legislation

Selected as one of five finalists, Priviti’s patented consent management solution gives users greater control over how their data is shared and mitigates companies’ compliance and reputational risk amid growing data privacy concerns. Australian bank Westpac has announced that Priviti is one of five finalists for its 2018 Innovation Challenge, an initiative that gives startups the opportunity to pitch their ideas to help businesses meet their regulatory obligations and drive game-changing enhancements to customer experience. As Australia prepares for Open Banking standards and the Consumer Data Right, this year’s Challenge features RegTech solutions addressing topical issues including responding to regulatory change, ensuring customer privacy and consent, and product management. The […]

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Oct
26

Data Republic launches world first technology for privacy-preserving data matching

Data Republic, Australia’s leading data sharing governance platform, today announced the launch of Senate Matching, a new de-identification and privacy-preserving data matching feature for users of Data Republic’s Senate platform. In today’s digital environment, data matching is the engine which drives everything from loyalty programs, to credit scores, fraud prevention and providing online customer service. When organisations prepare datasets to perform matching, customer personally identifiable information (PII) can be put at risk of being lost or stolen through common hashing and encryption methods which rely on some form of PII being present or referenced. Data Republic’s Senate Matching technology revolutionises customer privacy protections when matching data by providing a more […]

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Oct
04

Accenture launches Innovation Centre for Risk and Compliance in Australia

Accenture has launched a new Innovation Centre for Risk and Compliance in Sydney to help financial services clients quickly develop and scale advanced data, analytics and artificial intelligence (AI) capabilities. With financial services organisations facing an increasingly complex and challenging operating environment, the new innovation centre will help these institutions cost effectively improve the quality and consistency of compliance and enhance transparency with customers and regulators. Offering an alternative to the traditional manual and labour-intensive approaches to regulatory compliance, the innovation centre will help clients better target problem areas and accelerate remediation efforts using a new generation of data management, intelligent automation and advanced analytics capabilities, powered by big data, cloud […]

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OpenMarkets announces agreement with Agility Applications to support growth agenda

Digital trading platform OpenMarkets has announced an agreement with Agility Applications to provide a suite of technology solutions and services centred around comprehensive data management infrastructure, APIs and middleware. Agility, which is part of the HUB24 group, provides a broad range of market-leading data integration, technology solutions and delivery services to brokers and wealth management platforms. The services will expand the OpenMarkets offer by providing customer record and transaction data management capabilities, data gateways, adviser tools and dashboards, operational services, web services and reporting. OpenMarkets CEO Mr Andrea Marani says the agreement with Agility is a “fantastic opportunity” to improve and expand client services. “Agility has established a solid reputation […]

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Sep
24

Open banking: risk and opportunity

The imminent open banking scheme presents huge opportunities for Australian FinTechs, but comes with some very real risks, SocietyOne chief executive Mark Jones said. The peer-to-peer lender recently hit $500 million in lending, a record for an Australian company, and with open banking, a comprehensive credit reporting scheme and the Royal Commission driving customers away from the big banks, the future looks bright for the local FinTech sector. The open banking scheme starts from July next year, with the big four banks required to provide customer data on request to data recipients – largely FinTech companies such as SocietyOne, but also between each other. While this provides big opportunities to […]

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Sep
18

Policies to build a data economy

Australia has a rare opportunity to capture a disproportionately large proportion of emerging data economy, according to Reinventure Group co-founder and managing director Danny Gilligan. But the effort is going to take a top-down, nationally coordinated policy effort to build competitive and exportable regulatory frameworks for data. Mr Gilligan holds deeply the belief that data is the single biggest lever for delivering microeconomic and social reform in the next two decades and should be made a material part of policy development and trade considerations at all levels of thinking across both government and the private sector. The potential size of the global data economy is difficult to quantify. There is […]

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