Blockchain technology to hit bank profits
Revolutionary blockchain technology threatens to slash the profits of banks and wipe out lenders which fail to quickly adopt the online record-keeping innovation, a high-powered panel of finance and technology experts warned. Jose Fernandez Da Ponte, global digital business executive at Spanish banking giant BBVA, said digital disruption to financial institutions by blockchain posed “extremely large” threats and opportunities. “Those institutions not up to that are likely to cease to exist,” he said at a conference in Washington. At a panel convened by the International Monetary Fund, financiers, technologists and regulators debated the ramifications of the evolving blockchain. IMF deputy managing director David Lipton said banks and regulators were grappling […]
Resisting Fintech disruption amounts to a loss of $13 billion in aggregated revenues
Sydney, Australia, 4 April 2016 – The Australian Banking sector is heavily regulated to prevent monopolies and collapses, and is guided by the Four Pillars Policy of the Australian Government which maintains the viability and separation of the “Big Four” banks: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (WBC), National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ). Following the global financial crisis, in 2008, for reasons motivated by stability rather than customer satisfaction, consumers flocked to the ‘Big Four’ who benefited by recovering market share previously lost to the smaller financial institutions. While the Big Four are more dominant than ever, future bank profitability is more […]
Standardisation of data access crucial to development of Australian fintech industry
Media Release: Sydney, 4 April 2016 – One of the major challenges facing the emerging Australian fintech sector is the lack of a standardised format for accessing financial data. The complexities of accessing sufficient institutional and client data will be a major limiting factor for many of the fintech companies now trying to establish themselves in the Australian and international markets. Earlier this month, in its statement on the fintech sector, the Government highlighted the need to increase data availability across the financial service sector, to allow new products and services to be developed and support new offerings made available to the market. While supporting the Government’s initiative, InvestmentLink Chief […]
AWI buys Eureka Report
Paul Clitheroe’s Australasian Wealth Investments has purchased News Corp Australia’s investor advice newsletter and website Eureka Report. AWI will add the Alan Kohler-founded Eureka Report to its stable which includes InvestSMART and Intelligent Investor. The sale price was not disclosed. “I’ve always admired Eureka Report for its exceptional ability to connect with private investors across Australia; we know the publication will thrive afresh under this new structure”, Mr Clitheroe, who is chairman of AWI, said. Mr Clitheroe, a financial analyst and TV presenter, best known for hosting former Nine Network program Money, says the takeover of Eureka Report is part of his plan to ride the wave of a tech-driven […]
Westpac looks to blockchain, robots and drones in fight for the future
“Blockchain is a technology that is clearly disruptive, but what it will be we don’t know. We do know that $970 million has been spent on blockchain by fintechs,” Curran said. Right now he likens blockchain to Napster – pioneering technology – not necessarily the end point. The tech expo and board update is part of Curran’s bid to ensure he and his team are recognised by the bank as “game-changing technologists”. But it’s not all toys and what-ifs. Tess (Test Enabling Super Simulator) developed in association with tech firm Infosys, is testing new systems and updates – making sure human interfaces such as ATMs, keyboards, note counters and the […]
Congratulations Fintech 100
The financial services industry is facing a wave of digital disruption that is starting to reshape the sector. The Fintech 100 celebrates the top companies this bold new space: the 50 leading established players creating change within financial services, and 50 of the emerging fintech stars of tomorrow. The Fintech 100 offers an in-depth view of the most exciting startups and organisations taking advantage of technology to revolutionise the industry. The report is a collaborative effort between H2 Ventures and KPMG. Click below to see the entire list. Source: Fintech 100
Six trends shaking up transaction banking
Fintech We are in the middle of a digital revolution, evident in the rise of fintech companies and technologies. For the first time, new technology such as Blockchain and Cloud based solutions were very visible at SIBOS (Swift International Banking Operations Seminar) and technology was the most talked about topic everywhere you went. Despite the buzz on technology, everyone is still trying to make sense of what this means for their customers and their business. Fintechs have forced banks to look at the competitive environment in a completely new way and banks are working out how they can make this work for them. Ultimately, fintechs rely on banks for basic […]
