Blockchain technology to hit bank profits
Revolutionary blockchain technology threatens to slash the profits of banks and wipe out lenders which fail to quickly adopt the online record-keeping innovation, a high-powered panel of finance and technology experts warned. Jose Fernandez Da Ponte, global digital business executive at Spanish banking giant BBVA, said digital disruption to financial institutions by blockchain posed “extremely large” threats and opportunities. “Those institutions not up to that are likely to cease to exist,” he said at a conference in Washington. At a panel convened by the International Monetary Fund, financiers, technologists and regulators debated the ramifications of the evolving blockchain. IMF deputy managing director David Lipton said banks and regulators were grappling […]
Banks still beat fintech firms on trust
Australia’s big banks have some breathing room compared to global markets when it comes to financial technology competitors but more needs to be done, according to a new report into world banking trends. Australia is slightly behind when it comes to picking up financial tech products, but those using them are far more likely to recommend them to friends, according to a 2016 World Retail Banking Report. The report suggested real strength could be found in collaborations between tech firms and banks. “Where they (banks) were strong in some areas, fintechs were strong in others and there was a real opportunity to partner,” Sharon Rode of consultancy firm Capgemeni told […]
Data sharing struggles between banks and fintechs
Fintech companies want your Internet banking logins. Banks don’t want you to give it to them. Find out why the answer isn’t as simple as security. The issue of data crops up time and time again in the fintech market. Whether it’s the banks not sharing their data, fintech companies not providing enough protection of the data they’re asking for, or discussion of the myriad data that waits to be taken advantage of by fintech opportunists. With data being such a hot commodity, it should come as no surprise that the only thing that is not happening with data is sharing. In a recent article in the Australian Financial Review, […]
Apple Pay may be coming to Australian banks
Reports have emerged that ANZ Bank are currently testing Apple Pay’s paymemt technology. Although the mobile payment service was launched in Australia late last year, only American Express card holders were able to access the service. Neither tech giant Apple, nor ANZ bank have confirmed the speculation, however some bank customers are reportedly receiving confirmation emails and text messages that suggest the bank is testing both Apple and Android Pay functionality. On the other hand, on a recently blog post, Google has said that its service, Android Pay was coming to Australian banks, including ANZ, St. George and Westpac “some time in the first half of 2016.” Source: East & […]
Fintech threatens Australia’s biggest banks – Roy Morgan Research
The global fintech phenomenon threatens Australia’s traditional banks by stealing their most valuable customers. This new digital market is growing exponentially leaving traditional banks looking dangerously like commodity utilities. According to Accenture investment in fintech grew globally by 201% in 2014. [1] Australia has the fifth highest rate of fintech use in the world. [2] Fintech is the digital, often peer-to-peer, channel enabling tech-savvy consumers to borrow or invest without ever having to deal with a traditional bank. In early April Australian peer-to-peer start-up SocietyOne reportedly reached $100m of loans on its digital platform. The burning question for the traditional Australian banks is, which of their customers are most at […]
Forget Melbourne v Sydney, Australian fintech must take a global view
In 1901 there was such a massive spat between Sydneysiders and Melburnians over which city should be capital of the newly federated Australia that a whole new city (and territory) was formed. Fast forward more than 100 years and nothing has really changed. Squabbling continues around everything from which city has the better cuisine to which has the better events. All good, natural competitiveness, but then last year it encroached on one of our most promising industries – the emerging fintech startup ecosystem. This Sydney-Melbourne fintech civil war risked diverting founders and investors away from the global opportunity. Domestic squabbling was followed shortly by another irrational fear of overseas markets […]
Accenture calling for fintech entrants
Fintech startups are being asked to apply for a place in a 12-week program that will see the young companies gain exposure to executives at big global banks. Accenture is taking applicants for its third annual Asia-Pacific FinTech Innovation Lab, a program for entrepreneurs that are developing technologies for the financial services sector. It focuses specifically on new technologies in the areas such as big data, analytics and cognitive computing, security and identity management, risk management and compliance, blockchain technology, and Internet of Things applications. Accenture says investments in Asia-Pacific fintech companies are on the rise, totalling $2.7 billion in Q1, 2016 – representing 51 per cent of the $5.3 […]
Beyond Bank and Avoka Celebrate Celent Model Bank 2016 Award Win
Beyond Bank, one of Australia’s largest customer owned banks, has achieved international recognition as a Celent Model Bank for 2016. The award was made for its omni-channel customer engagement platform, designed and delivered by Avoka, the leader in digital customer acquisition for financial services. The Celent Model Bank Awards recognize excellence in the use of technology by financial institutions across the globe. Beyond Bank is one of the first financial institutions in Australia to launch an omni-channel customer engagement platform, transforming how it interacts with customers. The project, built on the Avoka Transact platform, has helped Beyond Bank achieve a truly customer-centric, digital engagement strategy, eliminating manual processing across key […]
