ANZ vows to take fight to fintech start-ups | The Australian
ANZ has hit back at suggestions that banks only innovate for short-term gains, declaring other industries should be worried about being put out of business by the banking sector. Meanwhile, Westpac chief Brian Hartzer said it was actually important for banks to not get too “mesmerised” by innovation and “inventing cool new stuff”, remembering that customers were at the heart of banking. Last week, Danny Gilligan, managing director of Reinventure Group, said banks and other financial services players would struggle to battle disruptive “fintech” start-ups because their pay packets and investment policies were short-term focused. Source: ANZ vows to take fight to fintech start-ups | The Australian
ANZ, Bendigo join Matchi fintech platform | afr.com
Here’s another article on how some of the big incumbent banks are getting in on the fintech act… ANZ Banking Group and Bendigo and Adelaide Bank have joined a global matchmaking platform called Matchi, to help them link with global start-ups, in a sign incumbents are not limiting their engagement with fintech to local hubs like Stone & Chalk. KMPG last week announced a deal with Matchi that will provide clients of the firm with access to the tech platform, which serves as a bridge for traditional banks and start-ups to identifying partnership opportunities. Source: ANZ, Bendigo join Matchi fintech platform | afr.com
Bruce Billson endorses disruptive online SME lenders
Fantastic article featuring many Australian FinTech companies and their ability to cause disruption to the big banks. Also great news to see the Australian government supporting this disruption. The Minister for Small Business Bruce Billson has backed a flurry of new online lenders targeting small and medium businesses to pressure the big banks to extend more credit to the often ignored sector. Mr Billson gave a ringing endorsement of the fintech start-ups’ ability to stir the forces of banking competition, after the big banks were stung by criticism at the National Reform Summit last Wednesday. Source: Bruce Billson endorses disruptive online SME lenders
Start-up delivers access to cheap mortgages
Australian fintech companies like HashChing are great disruptors to the mortgage industry. The banks should be very wary of companies like these… It is a never-ending battle for consumers to seek out the cheapest home loans in the market. With interest rates at record low levels, consumers are actively searching to lock in mortgages for as long as possible before interest rates start to rise and property prices begin to fall. Besides trawling through the regular financial institutions such as banks and established mortgage lenders online for the best deal, a range of loan comparison websites have entered the market. HashChing is one such company claiming to be ‘Australia’s first […]
Disrupters in battle for access to credit data
This is will be an ongoing battle for all players in the industry! Control of customer credit data is emerging as a flashpoint between banks and peer-to-peer lenders despite the introduction of the comprehensive credit reporting regime, which disrupters say is inadequate to allow competition to thrive in the digital world. Matt Symons, the chief executive of Australia’s largest P2P lender SocietyOne, has called for the government to monitor closely the quality of reporting by banks into the comprehensive credit reporting (CCR) regime. Source: Disrupters in battle for access to credit data
Mobile banking tipped to wipe out 600 branches
This is a very interesting scenario… Great for banking but not so great for bank employees… The proliferation of smartphones provides banks with an unprecedented opportunity to slash overheads and boost profits and will lead to the widespread closure of branches as more customers bank on the move, a survey by investment bank UBS shows. UBS analysts from London, New York, Hong Kong and Japan worked with KPMG on the 54-page report, published in July, which surveyed 67 bank management teams in 18 countries. Those banks on average expect a 5.6 per cent reduction in branches as a direct consequence of their mobile banking strategy.But in Australia, where bank branch […]
NAB Ventures created to invest $50m in fintech
It seems the big banks are getting behind Australian FinTech which is great to see! National Australia Bank has created an “innovation fund” that plans to invest $50 million over the next three years in Australian and offshore start-ups to enhance the bank’s development of customer-centric products and applications. Source: NAB Ventures created to invest $50m in fintech
Square thinks outside the box in Australia
Big investments in chip and PIN cards and tap-and-go payment terminals by Australia’s dominant banks and supermarkets has slowed the advance of Jack Dorsey-led payment upstart Square, but it claims it has found another chink in their armour.Square has had an office in Australia since May – its fourth country after the US, Japan and Canada, since it was started by Twitter co-founder Dorsey in 2009. Australian companies have been able to use beta versions of its free apps for years, but Square – which is rumoured to be heading for a listing in the US – announced its second product offer in Australia, a “digital dashboard” for small business, […]
