big data

Sep
17

Basiq and Verrency enable banks to drastically improve the quality of their data

Basiq and Verrency have joined forces to enable banks to store clean, categorised and enhanced transaction data – in real-time, at point of purchase. This will uncover new opportunities for banks to offer their customers innovative, and personalised products and experiences. We are all aware of how ‘unclear’ transaction data can be. Think of how often customers call banks with queries – they have no idea what an item on their credit card statement called ‘HT Willis Brook’ is. You may have heard the term ‘garbage in – garbage out’. If a bank stores unclear transaction data when a customer makes a purchase, this data is then passed downstream to […]

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Aug
21

Banks and fintechs lock horns on consumer data

If you’re interested in the design of policy to put data into the hands of customers, there’s three weeks to provide Treasury with a response to its draft bill that will introduce a “consumer data right” into the Australian economy. Banking will be the first sector to which the new right will apply – and fintech innovation is set to proliferate as a result. It will then extend to energy and telecommunications, meaning the law will stir competitive forces across some of the most important industries in the country. The Treasury Laws Amendment (Consumer Data Right) Bill 2018, released for comment last week, is being closely scrutinised by banks, fintechs […]

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Aug
14

NAB looks to cloud power as it enters AI era

National Australia Bank’s technology and operations chief has said aggressive plans to move to cloud-based systems and refocus its workforce around digital capabilities, is already dramatically changing how it functions, as the institution looks to set itself up for the artificial intelligence era of automated processes. Speaking to The Australian Financial Review alongside a Sydney event attended by one of the most senior executives at one of its key cloud suppliers Amazon Web Services, NAB chief technology officer Patrick Wright said the scope for automation in banking was huge, and that an internal training initiative with AWS was already paying dividends. Late last year NAB chief executive Andrew Thorburn announced […]

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Jul
24

Credit Simple launches Money Simple

Credit Simple, the fintech where every Australian and New Zealander can get their credit score and credit file for free, forever, has launched free online budgeting tool Money Simple. In a world first, Money Simple brings together open banking data with credit scores to form a single, unified view of a person’s financial life in one spot. Money Simple aims to leverage consumer data rights and open data rules to give consumers visibility on their financial position on a single platform. Money Simple is powered by Proviso, an open banking platform that draws data from Australian financial institutions. Credit Simple CEO David Scognamiglio said Money Simple was at the leading […]

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Jul
19

CFA exam to include blockchain and cryptocurrency parts from 2019

With cryptocurrencies here to stay, education needs to start meeting student and employer demand. Blockchain technology and cryptocurrencies will be making an appearance in the level I and II Chartered Financial Analyst (CFA) exams from 2019 onwards as part of a broader new reading called Fintech in Investment Management. The material will be released in August this year, giving exam-goers time to start logging their recommended 300 hours of study time on the topic. Like crypto uptake elsewhere, it’s being largely driven by popular demand from participants, with surveys and focus groups showing strong interest from future analysts and employers. The organisers might be equally onboard. “We saw the field […]

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Jun
28

Hack warning: Secure your data or risk a $31 million fine

How do you store your customers’ personal data? Are you one hundred percent sure it’s safe from hackers? These are very important questions for small businesses. Just last week Fairfax reported a conveyancing firm’s IT system had been compromised by hackers who were able to steal $250,000 of a client’s funds from it. Plus, stiff new data privacy rules in the European Union last month mean it’s now more important than ever for small businesses to get their cyber security right. Because it’s entirely possible that even though the laws come from the EU, they apply to your business. The General Data Protection Regulation came into force on 25 May. […]

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Jun
27

QxBranch raises $4.1m Series A

QxBranch, Inc., a data analytics company building software for quantum computers, today announced the close of a $4.1 million USD Series A round led by Dymon Asia Ventures and Alpha Intelligence Capital (AIC), firms with deep expertise in fintech and artificial intelligence technology, respectively. Investors also participating in the round include WorldQuant Ventures and the Maryland Venture Fund. QxBranch builds applications and developer platforms for classical and quantum computers with a focus on predictive analytics, forecasting, and optimization. The company deploys enterprise analytics solutions for organizations facing difficult data science problems in industries including finance, insurance, pharmaceuticals, media, and energy. “We’re thrilled to welcome new investors to help accelerate QxBranch’s […]

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Jun
15

Alibaba moves to transform Australian fintech

Alibaba Group’s innovative facial recognition, artificial intelligence and data analytics technology is coming to Australia’s financial services sector, under a partnership with local technology group TAS. The landmark deal between TAS and Alibaba’s cloud computing arm, Alibaba Cloud, will provide Australian businesses with the opportunity to access cutting edge cloud computing and data centre services. TAS and Alibaba will also develop a joint innovation centre in Australia under the deal, to develop and tailor new technologies and services for the Australian market. TAS has been providing technology solutions in Australia’s financial sector for nearly three decades, servicing about 60 institutions with cloud solutions for internet and mobile banking, internal systems […]

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