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
Robo-adviser Stockspot raises capital from H2, Rocket Internet
Stockspot, a robo-adviser seeking to disrupt wealth managers by offering a low-cost, automated financial advice process, has completed a capital raising and welcomed onto its register the Berlin-based start-up investor Rocket Internet, and H2 Ventures, the new fintech venture capital fund run by brothers Ben and Toby Heap.Stockspot, founded in 2013 by former UBS portfolio manager Chris Brycki, has 3000 registered users after launching in May last year. It won’t disclose funds under management but says these have tripled this calendar year. Source: Robo-adviser Stockspot raises capital from H2, Rocket Internet
Caitlyn Argyle crowd-funding Gold Coast house deposit on Indiegogo | Gold Coast Bulletin
THE property market on the Gold Coast can be near-impossible to break into for young people but a savvy 17-year-old might have come up with an ingenious solution. Caitlin Argyle wants to crowd fund her first home deposit. Source: Caitlyn Argyle crowd-funding Gold Coast house deposit on Indiegogo | Gold Coast Bulletin
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
Westpac asks Gen Y to help it find the next fintech start-up
As all banks grapple with the impact of huge technological shifts, Westpac hopes to get an edge over rivals by tapping into the ideas of bright, young non-bankers. With the bank admitting it needs to be more nimble in the face of growing competition from technology-based firms, senior Westpac executives will next week be presented with business proposals on digital disruption in finance from a group of people aged 18 to 35 , from Australia and China.But none of those pitching the ideas on digital disruption are bankers. Source: Westpac asks Gen Y to help it find the next fintech start-up
ASIC set sights on growing fintech sector
The Australian Securities and Investments Commission is setting up a Digital Finance Advisory Committee manned by members of the fintech community, as the corporate regulator ramps up its attention on the technology sector and cyber risk.ASIC chairman Greg Medcraft said the regulator wanted to make it easier for start-ups and fintech businesses to navigate the regulatory system, one of which was through its “innovation hub” that was revealed last month. Source: ASIC set sights on growing fintech sector
Finance disrupters still rely on big banks, but bitcoin may replace
Start-ups, telecommunications giants, supermarkets and postal services are all getting into banking, but they concede they are not really disrupting big lenders or dominant card networks because most have to rely on banks or Visa and MasterCard to provide financial services. Source: Finance disrupters still rely on big banks, but bitcoin may replace
