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, […]
Fintech might be hot right now, but banks are still winning
Banks are still way out in front, but FinTech is on the improve in Australia… The term “fintech” – the marriage of financial services with technology companies – has only recently come into vogue in Australia, with venture capital starting to flow into the sector. It was only around October 2014 that the term fintech started to appear in Australia’s mainstream media – rather late given it was just two months later peer-to-peer lending platform LendingClub listed on the New York Stock Exchange. Source: Fintech might be hot right now, but banks are still winning
P&N Bank to trial Decimal’s financial advice platform
Decimal Software, an Australian Securities Exchange-listed company that has developed a robo-advice platform, has entered the mutual banking market, striking an agreement with WA-based P&N Bank. Under the deal, which could be announced to the ASX as early as Tuesday, P&N will evaluate Decimal’s cloud-based platform with a view to implementing it to enhance the experience of customers shopping for financial advice. Decimal’s software is already being used by QSuper and Mercer, and the Sydney-based company has plans to sell into other financial services business, including banks, in Australia and the United States. It is hoping to capitalise on the need for financial institutions to accelerate their response to consumer-driven […]
Australia a hotbed for digital banking tests: Citi
Banks are “all moving too slow” when it comes to providing digital products that are relevant to customers, according to Heather Cox, the head of digital for one of the world’s most powerful consumer banks, Citi.”We’re all moving too slow – and we have to figure out how we are going to be really relevant in people’s lives,” Ms Cox, who was recently named Digital Banker of the Year by American Banker in 2015 Source: Australia a hotbed for digital banking tests: Citi
UBank opens door to start-ups
Lee Hatton, the new chief of National Australia Bank subsidiary UBank, has opened the door to partnering with financial technology start ups to enter the small business market, as she eyes longer-term growth opportunities… Source: The Australian news
AMP advises fintechs to seek bigger partners
Australian fintech start-ups looking to expand their businesses will need to partner with big companies that already boast large customer bases for a better chance of success, wealth giant AMP says.Craig Meller, chief executive of AMP, said it was unlikely a large “disruptor” would swoop into the Australian financial services sector and shake up the market, so smaller fintech companies should seek large corporates to tap their distribution footprint. Source: AMP advises fintechs to seek bigger partners
