big data

May
15

Alibaba Cloud and TAS announce partnership to lead the way in cloud services for Financial Industry in Australia

TAS, a leading technology partner for the financial services sector and Alibaba Cloud, the cloud computing arm of Alibaba Group, have announced a partnership that marks a new era of cloud services to the financial services industry (FSI) in Australia. In this partnership, TAS and Alibaba Cloud will provide a managed, compliant and secure cloud system to further solidify TAS’s longstanding reputation of being a trusted technology partner for the financial services industry and help to further cement Alibaba’s entry into the Australian market. With TAS’s 30 years of deep industry experience and an excellent track record of delivering exceptional end-to-end outcomes for 60 financial institutions – together with Alibaba […]

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Apr
11

Australia lags on digital banking revolution: Oracle survey

Would you be prepared to give a little-known business access to your most sensitive financial data, if it meant getting a better deal on your home loan? This type of question is set to become increasingly relevant in the coming years, as the big data revolution joins forces with a push for greater competition in banking. Data is one of the most valuable assets in the financial world, and there’s a clear trend towards policies that put more of this value back into the hands of consumers, rather than large corporations. The only catch is that often, the way for consumers to squeeze more value from their data it to […]

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Jan
31

Pocketbook connects to Macquarie in data sharing deal

Retail banking data is flowing between a bank and a fintech in Australia for the first time, after the budgeting app Pocketbook connected with Macquarie Bank’s new ‘open banking’ platform in a move the fintech says will improve its offering to customers. The data-sharing deal will allow Pocketbook, which has 400,000 users, to provide real-time notifications about spending patterns to its customers who bank with Macquarie. The connection into Macquarie’s banking systems via an application programming interface (API) is an improvement on the process Pocketbook uses to access data from other banks, which is only made available overnight. Pocketbook, which was acquired by ASX-listed Zip in 2016, would not disclose […]

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Oct
31

Data revolution to transform four pillars model

You’re browsing through Facebook when a message pops up, asking if you’d like to check whether you’re getting a decent interest rate on your savings. Curious, you tap the screen to find out more. It asks you to provide a bit more information about your financial goals – you’re saving for a deposit on a house and hope to buy in about two years. You are then asked to give consent to securely share some key bits of financial information online: your income over the last six months, and your spending over this period. Within seconds, the app has a recommendation: it’s found a bank account and term deposit that […]

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Oct
09

Netwealth founders say AI, data mining to shape $750b platform market

The founders of financial planning platform Netwealth predict artificial intelligence and data mining will lead innovation in the fast-growing platform market, ahead of an expected $900 million sharemarket listing of the family company later this year, which could catapult its founders onto the Financial Review Rich List. Michael Heine, his brother Leslie Heine and and Michael’s son Matt Heine, founded the company, which provides software and financial products to non-bank aligned financial planners, in 1999. Since then, Netwealth, which now has funds under management, administration and advice of $15.5 billion and employs 220 staff, is among a clutch of increasingly influential companies that have built businesses by signing up advisers […]

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Oct
09

Banks want to charge for handing over customer data

Major banks want to charge fintech businesses in exchange for handing over data on the banks’ customers, a sign of the likely tensions to emerge as the government looks to break open the banks’ information vaults. In a move that could have far-reaching implications for banks and their customers alike, Treasurer Scott Morrison earlier this year ordered an investigation into “open banking”, a system that would allow customers to securely share their financial data with rivals. While the banks are supportive of the general move, submissions to a Treasury have highlighted the cost of making more transaction data available, with suggestions banks could face costs in the hundreds of millions […]

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Sep
27

Nothing to fear from robo-advice: Magellan

Hamish Douglass believes financial advisers should not fear robo-advice in an era where artificial intelligence and big data can dominate discussion.

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Sep
25

Sexiest Job of the 21st Century: Data Scientist

Data miner? Web analyst? Information wrangler? Harvard Business Review[1] labelled it the “sexiest job of the 21st Century” and the opportunities are exploding and salaries rocketing for astute professionals choosing “data science” as their career. As industries and governments worldwide race into the era of Big Data, James Cook University (JCU) is giving its students a head start with a fast, fully online and keenly priced Master of Data Science that offers students a potentially rapid return on their investment. Graduates will enjoy up-to-the-minute skills in the scientific methods, systems and processes used to unlock the secrets hidden in data. This ability to deliver insights and solutions by analysing data will give graduates an edge […]

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