A quarter of bank revenue may be lost to disrupters: PwC
Incumbent banks throughout the world are bracing for the loss of almost a quarter of their revenue to financial technology disrupters during the next five years, a global survey by PwC has found. PwC’s global fintech report, published on Tuesday, finds 95 per cent of bankers believe at least some of their business will be given up to fintech players in the coming years. PwC’s Asia Fintech leader, John Shipman, said he was surprised the number wasn’t 100 per cent. “Almost all of the financial services clients I’ve spoken to acknowledge that fintechs either now or very shortly will have the ability to disrupt the majority of their business,” Mr […]
Decimal ‘pivots’ to institutional market
Nic Pollock, who commenced as Decimal’s new chief executive on 23 November 2015, spoke to InvestorDaily about Decimal’s change in strategy as well as its new executive structure. Decimal began the marketing push last week, with the announcement it now has over $3 billion in funds under advice on its platform. Along with the staffing changes, Decimal has also abandoned its adviser-targeted strategy (which saw it competing with the likes of IRESS, Rubik and Midwinter) by shifting its focus to building relationships with financial institutions. “In the second half of last year, that’s when we decided to pivot back to the enterprise view of the world and really make our […]
Australian fintech Activistic is tapping in to church donations
Micro-donations platform Activistic has signed Church Army UK to its soon-to-launch Ralli app, providing an entry into the significant church giving market. Donations to churches last year topped $100 billion in the US alone. Ralli ensures the lowest possible cost of fundraising via an efficient collection technology which enables regular payments via the giver’s phone bill. There is no need for credit cards or bank information. Church Army is made up of 11 independent Church Army societies in the UK, Australia, Barbados, Canada (called Threshold Ministries), Denmark, East Africa, Jamaica, Malawi, New Zealand, USA, Ireland, and Vanuatu. Its president is the former Archbishop of Canterbury, Rowan Williams, and its patron […]
Fintechs push Morrison to enhance quality of credit data
Treasurer Scott Morrison has been urged to turn his encouraging words about fintech into action by pushing the big banks to share more information about customers to boost competition. In an article published in Thursday’s The Australian Financial Review, Mr Morrison said fintech could become a driver of economic growth and said the quality of data was important to those companies seeking to disrupt incumbents. Exactly two years since the comprehensive credit reporting (CCR) regime came into force, the fintech industry wants the government to mandate the regime and to extend the categories of data it captures. Data reported under the CCR allows competitors to the big banks to price […]
Meet the Australian robot financial adviser managing $3 billion
Decimal Software’s white label robot financial adviser platform now has more than $3 billion in funds under advice. The latest $1 billion was gathered since December, according to a market update today. The first $2 billion came in the six months since it was launched in June last year. The growth came without an official marketing launch for the robotic adviser on investments, superannuation, insurance and loans. Robo advice promises lower overheads for financial services companies. And for those making investments online, there’s no comfortable chat with an adviser but, hopefully, it means lower fees. Decimal Software CEO Nic Pollock says real people are using cloud-based robo-advice in Australia. “We’re […]
2016 SelectUSA Investment Summit
2016 SelectUSA Investment Summit Taking place 19-21 June 2016 in Washington DC, The SelectUSA Summit is for investors of all sizes – including established multinationals, small or medium-sized enterprises, and high-growth start-ups. The United States is incredibly diverse, and the Summit brings that diversity together into one building: any company can find the people, the resources, and the market it needs to be successful. The Summit will showcase investment opportunities from every corner of the United States, while high-profile business and government leaders share insight on the latest business trends. Participants will find the practical tools, information and connections they need to move investments forward. This link provides more information on the […]
Australian FinTech Startup Credit Savvy hits 100,000 Members
PRESS RELEASE: Australian Fintech Startup Credit Savvy Hits 100,000 Members Financial services startup Credit Savvy announced today that it has reached 100,000 users just shy of its first birthday, cementing its place in Australia’s booming ‘fintech’ sector. Credit Savvy provides Australian consumers with free access to their Experian credit score, a summary of their credit file and a marketplace of credit products. It also allows its users to track their credit score over time with free monthly score updates and alerts when key changes are made to their credit file. The startup has already made available over 600,000 free credit scores to its member base, with its highly active users […]
Fintech the next wave of growth
This is an interesting opinion piece by Australia’s Treasurer, Mr Scott Morrison who says that Australia’s fintech sector can play a vital role in aiding the positive transition that is occurring in the national economy. “At the recent World Economic Forum it was noted that 90 per cent of the data we use today has been created in the past two years. The ability of new technology to capture and process data, in real time, is changing how business is done, how products and services are conceived in the new economy and the way consumers participate in this process. Financial technology, or fintech, is lubricating this transformation. The catalytic impacts […]
