A look inside AMP’s new goals-based advice business
AMP today officially launches its long-awaited AMP Advice business, after a long development period during which the financial services giant substantially re-engineered its advice process and technology infrastructure. AMP Advice currently has 11 operating practices around the country, and aims to have as many as 30 by the end of the year as ipac Securities practices transition to the new model, and as other AMP-aligned practices voluntarily make the move. The ipac brand will eventually disappear as the new advice business expands. AMP Advice is built on a goals-based approach to advice, with fees charged by advisers in a range according to the complexity of the advice ultimately provided, and […]
Mutual bank has ‘agility and attitude’ to embrace fintech
A listed Australian bank is collaborating with some of Australia’s most promising fintech start-ups to harness the power of new digital technologies. Heritage Bank is one of seven customer-owned mortgage providers that have joined the new KPMG mLabs program, which will see the mutuals collaborate with 14 fintech start-up companies. The 12-week immersive program provides a structured forum in which they can collaborate on developing commercial solutions to business challenges. The mLabs environment encourages them to ideate new solutions, test assumptions and co-create and prototype products and services. Mr James Mabbott, head of KPMG Innovate, said the KPMG Mutuals Review 2015 noted that mutuals are well placed to implement new […]
Robo-advice and mobile alerts are the future of banking
New app aimed at reducing trader errors, while Westpac banks on bots. Banks and financial institutions are ramping up competitiveness and improving their mobile offerings in an effort to maintain and assist customers, traders and employees. A new report by US market research company Forrester says banks will increasingly use banking apps to provide money management tips to consumers, the SMH reported. This sentiment has been realised in Australia. A team of behavioural finance and math experts launched the first ever robotic trading coach, PsyQuation. The robo coach provides a feedback loop alert system that points out costly trading mistakes. How traders interact with the alert and the ways in […]
Fintech has chance to capitalise on Whatsapp, WeChat and more, says Citi’s Linda Duncombe
Integrating financial services into messaging applications such as Whatsapp and WeChat is the next big opportunity for the fintech sector, Citibank global fintech chief marketing officer Linda Duncombe says. The environment where consumers are communicating is changing and the financial services sector needs to develop its products to changing habits. “Look at messaging apps and their growth, it is phenomenal,” Ms Duncombe told The Australian Financial Review. “I think about my life, living in New York, Whatsapp is a huge part of my life and how I stay engaged and connected to my family and friends in Australia. “When you hear the word disruption … no consumer is saying that. […]
