Six Park appoints partnerships lead, shifts B2B business
Data suggests Bitcoin price will rise as investor demographics shift
Data shows that a sharp shift in investor demographics and monetary power could propel the Bitcoin price to new highs.
Frost & Sullivan: The great shift towards a cashless society
Banknote producers and mints are starting to consolidate and merchants are seeing the merits to cashless payments, shifting in favour of consumer demands
Power has shifted from banks to consumers: Bendigo Bank MD
A fundamental change in banking has occurred in a relatively short period of time: power has shifted from large financial institutions to consumers. In response, banks need to rethink how they serve their customers. That’s the view of Marnie Baker, managing director, Bendigo and Adelaide Bank. “The times are gone now where the power sits with the financial institution. The power is absolutely in consumers hands and they are dictating what they expect to see in an experience,” Baker told Which-50. Notably, the days of going to see a bank in their time and at their instruction have passed, Baker said, and today financial services need to be embedded into […]
Bankwest accelerates shift to digital cards
Australian retail banks are accelerating their push towards deploying virtualised payment cards to replace vulnerable legacy plastic, as the pace and scale of breaches intensifies sharply. Commonwealth Bank subsidiary Bankwest revealed on Monday it has gone live with a ‘digital card’ feature that can activate a credit card in a digital wallet via the Bankwest Mobile app within 24 hours rather than having to wait for embossed plastic to arrive via snail mail. It’s a small but significant move because it signals the transition by banks to a truly digital-first payments footing as major card schemes American Express, Mastercard and Visa all heavily push tokenisation efforts that remove the need […]
Mastercard shifts tech hub to Sydney
Payment cards giant Mastercard has moved to shift a significant portion of its research and development work to Sydney, announcing today it will combine a new ‘global tech hub’ with its corporate and operations offices in St Leonards. The launch of the new facility, which will house more than 550 Mastercard employees, comes as card schemes try to keep up with local bank investments in various fintech ventures that are increasingly being run out of state government supported start-up hubs like Stone and Chalk. Mastercard certainly isn’t sparing the optics, roping in NSW Treasurer Dominic Perrottet to cut the ribbon on the facility as the government seeks to push its […]
Fintech forcing major shifts in banking strategies
The banking sector is undergoing many changes currently, as technology is becoming increasingly important to keep up with fintech competition. It has become apparent that the space is evolving in a way that will see new technologies have an outsized impact in the next few years, according to a report from Temenos and The Economist Intelligence Unit. Additionally, the report examined the impact of open banking and how banks are shifting their business models, among other things. Here are some of the key takeaways from the report: Tech and digitization will have a bigger impact than regulation. Forty-eight percent of banking executives think new technologies, such as blockchain and AI, will have the […]
Banks shift priorities toward digitalisation and innovation for future growth
Eighty percent of Australian banks and 85% globally cite implementation of a digital transformation program as a business priority for 2018, with investment in technology to drive efficiency, growth and manage evolving risks increasingly seen as critical for sustainable success, according to the EY Global Banking Outlook 2018. The survey of senior executives at 221 banking institutions across Asia-Pacific, Europe, North America and emerging markets, found that globally just 19% of banks surveyed currently view themselves as being either digitally mature or a digital leader, while in Australian none of those surveyed did. However, it also showed there is an obvious recognition among banks of the urgency of continuing […]
