How to embrace change and survive digital disruption
Digital disruption is a trend that’s here to stay and no industry is safe. Traditional industries like manufacturing, transport, retail, tourism and hospitality, print media and entertainment may have been hit first, and hit hard, but it’s only a matter of time before others, including the advice industry, feel the heat. The banking and finance industry could lose almost a quarter of its revenue to fintech disrupters by 2021, based on a new report by PricewaterhouseCoopers. The report, ‘Blurred lines: How Fintech is shaping financial services’, says the disruption of the financial sector is already underway. It’s currently reshaping the nature of consumer banking and payments, and a second wave […]
Payment solution: corporates embrace virtual credit cards
For some time now, the dominant theme in digital payments for retail customers has been: “build it and they will come”. It’s a different story for corporates, where the rate of mobile payments innovation and adoption has been much slower, apart from some key emerging niches including virtual credit cards. A virtual card is exactly what the name implies: instead of the traditional plastic, a random card number is generated by software provided to the corporate customer. The 16-digit number can be accessed through an app on a mobile device, or directly by the company for a business-to-business purchase online. In most cases the number is used only once, it […]
UK experts kick off week of FinTech in Australia
Chris Woolard and Shaul David bring cutting-edge insight and expertise on FinTech regulation and innovation to Australian audiences. Chris Woolard, Director of Strategy and Competition at the UK’s Financial Conduct Authority (FCA), and UK Trade and Investment’s FinTech specialist Shaul David are in Australia this week to take part in a range of events to strengthen links with the Australian FinTech community. Both visitors spoke at UK Trade and Investment’s sell-out event on FinTech Innovation and Regulation at Sydney’s FinTech hub, Stone & Chalk, this evening. The event attracted over 150 of Sydney’s brightest in FinTech and focused on navigating the regulatory challenges facing both Australia and the UK. Earlier […]
UK fintech startup truRating knew Australia would be a prime market
“Australia was in our sights early on as a prime market for truRating to launch in following our early success in the UK. Our local market research demonstrated that consumers want a simple and anonymous way to provide feedback about their experiences to businesses and truRating is committed to delivering that capability via our world-first technology. The rapidly growing fintech scene and market potential we identified here cemented Australia as the natural next step. Australia has a flourishing startup ecosystem which is producing world-class technologies and truRating is proud to join the mix.” – Georgina Nelson – CEO & Founder truRating
Target market for robo-advisers to grow with net usage
Robo-advice does not work well in complex situations but suits people in their 30s and 40s who are already using the internet to manage their finances and are starting to save serious money toward retirement. Robos work very well where the investor’s situation is not complex and a person neatly fits into one of several predetermined categories. For example, the small but relatively focused subset of people in their 30s and 40s who are starting to save serious money toward retirement are perfect for robos. They may have already looked at negative gearing and margin lending to grow their savings but feel disinclined to take on the added risk in […]
Fintech adoption tipped to double in 2016
The level of fintech adoption among consumers is set to grow significantly in the next 12 months, new research has revealed. EY’s inaugural FinTech Adoption Index – a survey of 10,131 digitally-active consumers in Australia, Canada, Hong Kong, Singapore, the UK and the US – found that 15.5 per cent had used at least two fintech services (financial services products developed by non-bank, non-insurance, online companies) in the past six months. It also suggested that adoption rates among digitally active consumers could double within the next 12 months. EY Australia’s fintech leader, Anita Kimber, said it is a change that will require traditional financial services companies to revisit their product, […]
Blockchain and how it will change everything
In May, British billionaire Richard Branson invited a select posse of entrepreneurs, venture capitalists and technology advisers to his Caribbean residence for an exclusive pow wow on an issue occupying some of the top markets minds in the world. The topic for discussion on the picturesque Necker Island was the “blockchain”. “Every now and then, something comes along that might just change everything. And this is one of those moments,” ASX chief executive Elmer Funke Kupper. In case you’re one of the many yet to wrap your head around the promising technology, blockchain, on a simple level, uses computer code to engender trust in digital-economy transactions. One of the attendees […]
Fintech’s advantages: financial technology revolution is a boon for investors
There are definitely a lot of exciting new opportunities for investors to get involved in FinTech. Whether its investing capital in the products that are offered by new FinTech companies or direct investment in these companies now is the time. We are starting to see more and more articles about the opportunities in main stream media and we must surely be about to reach the tipping point. In my own experience the mention of FinTech is drawing fewer and fewer blank stares today than it was even a few months ago. A ‘Financial Revolution’ is a great way to describe our current position. We would love to hear your thoughts […]
