9 Giant Banks Make a Deal on Blockchain: What It Means | Alex Salkever
Here’s a follow-up article to yesterday’s article on the blockchain, but this explains it all even further… When Goldman Sachs talks, people all over the world listen. Today Goldman is talking about the blockchain. What the heck is the “blockchain”? Only the next biggest thing since the Internet, according to such tech visionaries such as noted venture capitalist Marc Andreessen. For most of those outside of Silicon Valley and other tech centers, the blockchain is some mysterious computer thing that works with Bitcoin. What they may fail to realize is that the blockchain could completely change the world by allowing us to finally establish true trust and accountability online. Source: […]
The CBA has joined eight other massive banks to take the technology behind bitcoin mainstream | Business Insider
Nine of the world’s biggest banks on Tuesday threw their weight behind blockchain, the technology that powers bitcoin. Barclays, BBVA, Commonwealth Bank of Australia, Credit Suisse, JPMorgan, State Street, Royal Bank of Scotland, and UBS have all formed a partnership to draw up industry standards and protocols for using the blockchain in banking. The partnership is being led by R3, a startup with offices in New York and London headed by David Rutter, the former CEO of ICAP Electronic Broking and a 32-year veteran of Wall Street. Source: The CBA has joined eight other massive banks to take the technology behind bitcoin mainstream | Business Insider
Bitcoin could disrupt banks warns Westpac boss | afr.com
How long will it be until Bitcoin starts to make a real impact on the incumbent banks…??? Westpac Banking Corp chief Brian Hartzer describes bitcoin and the blockchain as “potentially disruptive” technologies which could be “quite powerful from an efficiency point of view” but says there’s no need for banks to panic about being cut out from the monetary system because any impact will only come in the long term. The blockchain is technology that validates transactions made in bitcoin, digital money that is not controlled by any bank or government, but rather by an open network managed by its users. If it ever takes off, bitcoin could transform the […]
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
