Fintech start-up enters third-party channel
A new online mortgage platform has decided to partner with brokers – rather than compete with them — by offering a new digital solution that drives efficiencies in the third-party channel. In the ongoing battle between innovative fintechs and mortgage brokers, Sydney-based start-up LoanFlare has bucked the trend by launching a digital platform to help brokers do the best possible job. LoanFlare provides dynamic home loan rates for consumers to enquire about, empowers clients to enter their application details and provides instant serviceability calculations — all through an engaging website. On the broker side, it also automates workflows and data entry, provides actionable intelligence and minimizes fraud through a comprehensive […]
ANZ Apple Pay users hit 250,000
Around a quarter of a million ANZ Banking Group customers are understood to be using Apple Pay, a number that exceeds the bank’s expectations four months after the service was launched. It’s also a number that’s set to rise, with ANZ to announce on Tuesday that its Mastercard customers are also able to load their credit cards into Apple’s digital wallet. Apple has restricted ANZ’s reporting of the number of cards that have been loaded onto Apple Pay since it jumped ahead of its rivals at the end of April and struck a deal with the tech giant to allow ANZ Visa and American Express cards to be loaded onto […]
The blockchain revolution in banking and trading
A change is coming to financial services that its proponents compare to the introduction of the internet: its effects will be dramatic, but it’s hard to see all its potential yet. The change is the introduction of blockchain, or distributed ledger, technology, which could have broad impacts across banking and trading for both individuals and institutions. For private investors, the technology could allow for cheaper share trading and faster settlement. It could also help provide confidence to market participants in times of stress and allow more issuance of stock, particularly from smaller companies. Blockchain technology is best known for its role underpinning digital currency bitcoin, but its uses are much […]
ANZ Bank ups cloud focus with open networks for fintech collaboration
ANZ Banking Group has upped the ante in its adoption of cloud-based services in order to pursue a more flexible technology strategy, with Netflix-developed software to stop outages and the door left open to collaborate more openly with emerging fintech start-ups. The bank’s general manager of consumer digital technology Christian Venter told The Australian Financial Review it has significantly increased its use of cloud platforms – most notably the Amazon Web Services (AWS) Cloud – to host more dynamic content on its websites and mobile apps, and was designing new systems that would allow access for data sharing with external organisations. The move to open up systems comes amid a […]
Just don’t call us payday lenders
More than 20,000 Australian small business owners have trouble accessing finance (Deloitte Access Economics). Are they denied access because they aren’t good candidates for loans? Yes, in some cases. However, a significant number (37%) of these businesses are denied finance because they don’t have collateral (be it a home or considerable assets) to secure a loan against. Interestingly more than 40 per cent of rejected applications examined by the NSW Business Chamber were for amounts less than $100,000 – it seems traditional providers aren’t interested in small loans, or small business. Archaic systems and processes which serve the interests of incumbent big business are being dismantled in the current global […]
Fintechs ‘on the front line’ for brokers
A recent meeting has highlighted that when it comes to serving customers in the third-party channel, “there’s a space for everyone”, and that fintechs can act to bolster and expand the businesses of their broker counterparts. The meeting last week was attended by both brokers and fintechs in Sydney and asked the question: “Disintermediation and diversification: what impact will fintech have on finance brokers?” On the night, founder and CEO of uno Vince Turner highlighted that technology has firmly entered it’s “third wave”. “The first wave was simply building the internet. HTML, dial-up, all this kind of stuff in the ‘90s,” Mr Turner explained. “The second wave was building an […]
InvestSMART records profit surge as investors flock to robo advice
InvestSMART Group Ltd (ASX: INV), Australia’s largest provider of automated investment advice to retail clients and self-managed super funds, today announced its profit had surged in the year to June 30, 2016 as the group expanded its range of robo advice tools and content services. In a year that was focused on business consolidation, cost restructure and systems development to improve scalability, InvestSMART’s operating profit before tax and amortisation jumped from $131,204 to $2.41 million. The result, and the focus on improving services to members, set the scene for organic growth in member engagement and revenue in FY2017 as the numbers of investors turning to the group’s sophisticated robo advice […]
IFAs and accountants seek out robo-advice
Stockspot, Australia’s leading automated investment adviser, has launched its partners programme for advisers, accountants and other professionals. The programme will allow selected financial professionals to partner with Stockspot for their clients. Stockspot will managethe client’s portfolio including all advice, investing, compliance, rebalancing and tax reporting. The IFA or accountant has full visibility of their clients’ portfolios via an online investment dashboard and receives updates on the strategy and client’s financial profile. Stockspot also simplifies tax reporting via its recently announced integration with Class Super. Stockspot CEO and founder, Chris Brycki said: “In the last 12 months, with the increased spotlight on the robo-advice industry in Australia, we’ve had a lot […]
