Fintechs target millennials with online financial services
Millennials, a demographic group born between 1980 and 2000, make up one of the largest living generations and have now overtaken the baby boomers. Millennials are likely to fall into three categories: • Inheritors: With wealthy parents, they are major consumers while they wait to inherit. • Strivers: Coming from a more modest background, they are studying, saving and working hard with ambitions for promotion. They will borrow to support their lifestyle, not unlike inheritors. • Given-ups: They are more likely earning a low salary but continue to consume as much as the other two categories. Buying a house is not on the agenda, so they do not see the […]
Moroku teams up with banking software giant Temenos to help parents help their children win financially
Swiss based Temenos today announce that it is making Moroku’s ChoreScout app available to its banking customers via the Temenos Marketplace to help banks educate the next generation on better money management and invest in long term relationships. The announcement sees ChoreScout integrated with the Temenos core banking platform, whilst marketplace availability means that existing Temenos banks are able to login to the marketplace, review background material, request a free trial and be provided with test accounts. With over 2,000 firms across the globe, including 41 of the top 50 banks, relying on Temenos to process the daily transactions of more than 500 million banking customers, the agreement gives […]
Tap and Go Technology Reigns in Australia
The latest Mastercard Digital Purchasing Survey reveals that Australian consumers are continuously embracing digital payment technology, with more than four in five (82 percent) Australians using tap and go to make payments every week. In fact, over one third (33 percent) of Australians have been annoyed when a store didn’t offer tap and go, and one in ten have even gone as far as avoiding a store that they knew didn’t offer it. Australians are most frequently using contactless cards at supermarkets (54 percent), general retail stores (22 percent) and petrol stations (11 percent). Garry Duursma, Head of Market Development and Payment Innovation for Mastercard Australia and New […]
Peer-to-peer lender Harmoney coming to Aussie shores
Peer-to-peer lender Harmoney has recently set up shop in Australia, with Brisbane the first lucky city to host the fast growing company. According to Harmoney Australia General Manager Ben Taylor, the lender is expecting to be popular with Aussie homeowners 40 years and older. “Early signs following our beta testing in Australia show that mom-and-pop borrowers will be quick to embrace a competitive, customer service focussed marketplace lending solution for debt consolidation, home improvement and travel,” he said. Initially, the platform will be open to borrowers only, for loans between $5,000 and $35,000 with terms of 36 and 60 months. Rates on unsecured loans start at 8.99% p.a., with no […]
Peer to peer economy now worth over $15 billion a year
Higher levels of consumer trust in the sharing economy, have coincided with a $600 million increase in size over the past six months, according to a newly released report. The bi-annual Sharing Economy Trust Index, produced by peer-to-peer lender RateSetter, showed that trust in ride sharing platforms such as Uber and online marketplaces like eBay have grown the most. “Our research found that trust levels in the sharing economy have increased substantially over the last six months,” said Daniel Foggo, RateSetter CEO. With the sharing economy now worth over $15 billion a year, the study revealed that over two thirds of Australians actively participate in the market – whether by […]
Fintech launches robo-planner for SMSFs
Australian fintech start-up, A.S.A.P, is launching a digital advisory platform for SMSFs in response to the removal of the accountants’ exemption from the financial services licensing regime. A.S.A.P chief executive, Jim Hennington, said that the eponymous platform had been developed to fit the changing needs of SMSF clients and accountants. “We… have found a way to use technology as the elegant solution to disruptive changes in the law,” he said. “It helps SMSF trustees and their accountants, while supporting an important public policy objective.” Hennington said plenty of SMSF accountants had yet to decide whether to refer client questions to licensed advisers in the period from 1 July, or whether […]
Can robots beat humans as financial advisers?
Jason Lim wants to save enough for a deposit on an apartment but was earning next to nothing by having his money with his bank. He wanted to get some advice on where to invest his money, but a traditional adviser was not for him. “I wanted to earn more than I could get with the bank but was not confident about the level of professionalism in financial advice,” Lim says. The 24-year-old from Melbourne opted for “robo-advice” instead. Robo-advice, or automated advice, is provided online as well as usually on smartphones and iPads. Investors answer a series of questions about themselves and, in response, they receive an investment recommendation. […]
HashChing surpasses $1billion of home loans
Australia’s first marketplace for home loans, HashChing has today announced it has surpassed its $1 Billion of home loans milestone as momentum builds for the Sydney FinTech. The team also welcomes corporate heavyweight, Claire Wivell Plater of The Fold Legal to its Advisory Board, further strengthening its position in the market. Dubbed the Mortgage Whisperers, Mandeep Sodhi and Atul Narang are the founders of HashChing – an online marketplace for pre-negotiated home loan deals so good the banks don’t want you to know about them. HashChing offers home loans with interest rates below 4 per cent and well below banks’ standard advertised variable rates. The platform initially launched in August with […]
