Sort by: Ben Ford

FinTech

post-image

Two Thirds Of Consumers Would Use Open Banking To Change Banks
Open Banking FinTech Frollo's latest consumer report suggests two thirds of consumers would consider changing banks if the process was easier and friction was removed.The report surveyed consumers from a range of backgrounds, and not just those who already use FinTech products, supporting the hypothesis that if banks offers products & services that have hitherto been offered only by FinTechs, consumer appetite would be high.Recent changes to the Open Banking accreditation process have seen a flurry of activity outside the banking section, offering further vindication and traction of the CDR (consumer data right) regime.https://www.frollo.com.au/blog/two-thirds-of-australians-want-to-use-open-banking-to-switch-banks/
19 May 2022 by Ben Ford

FinTech

post-image

To Scrape Or Not To Scrape - Open Banking Debate Gets Spicy
As the Australian Open Banking regime starts to gather some much-needed momentum, part of the discussion circles back around to the thorny issue of Electronic Data Capture (aka screen-scraping).Screen-scraping is universally loathed by banks as it involves the sharing of online banking log-in credentials which, banks say, breaches their T&Cs.However, in the absence of any other mechanisms for consumers to share their data to achieve "better" financial outcomes, screen-scraping has become ubiquitous in the Fintech space.Can Open Banking and screen-scraping coalesce in harmony? Ben 'Fintech' Ford weights up the pros and cons.https://www.fintechbusiness.com/blogs/2245-screen-scraping-and-the-future-of-open-finance-in-australia
13 April 2022 by Ben Ford

FinTech

post-image

UK Open Banking Accelerates To Hit 5m Users
The UK's roll-out of the Open Banking, which, given its two-year head-start on Australia's regime, is often used as a pointer for future adoption and success, hit a major milestone last week as it was announced that 5m users have now engaged with and used Open Banking.Particularly impressive was that growth from 4m to 5m was achieved in just 4 months, much faster than previous 1m user increments.This suggests that consumers & businesses are moving to embrace tools and services that enables them to move and manage their money much more readily.https://www.openbanking.org.uk/news/open-banking-passes-the-5-million-users-milestone/
22 February 2022 by Ben Ford

FinTech

post-image

Spriggy Diversifies Its Portfolio
Leading pocket money app, Spriggy, has made its first move outside of kids money management with the launch of Spriggy Invest, aimed at enabling parents to invest for their children's future.The app initially offers simple ETF-based options, either locally in Australia or in Global Technology shares.Spriggy benefits from a rapidly loyal customer-based of circa 400,000 Australian households, so the idea to futher monetise this base by offering additional services to families is likely to have been a no-brainer.The investments are managed by the Cache Invest - investment-as-a-service - platform.
20 October 2021 by Ben Ford

FinTech

post-image

Brokers One Of New Beneficiaries of Open Banking Rule Changes
The Government confirmed the proposed rule changes to the Open Banking regime this week with mortgage brokers being one of the early beneficiaries.The rule changes are designed to make Open Banking data easier to access for a broader set of participants.Mortgage brokers and financial advisers will now be able to operate under the newly created 'Trusted Advisor' role, allowing them to more readily access their customers' consented financial data to speed up the mortgage application process.Minister Jane Hume said the new rules are "an important step in supporting the  development of a vibrant data economy that provides benefits to business and consumers".
8 October 2021 by Ben Ford

FinTech

post-image

4 Day Week To Boost Productivity: InDebted Makes The Move
Local FinTech scale-up, InDebted, has switched to a four day working week for all employees, making it one of the first local companies to adopt what has been up to now a broader (yet still nascent) global trend.Founder, Josh Foreman, is looking to bolster productivity by having fresher, less burnt-out, employees, as well as stand out from the crowd to prospective new-hires.The tech debt management business is in hyper-growth phase and recently raised $25m in its Series B funding round. Foreman hopes it can maintain this trajectory by becoming a workplace-of-choice as employees fully recharge.https://www.smartcompany.com.au/startupsmart/news/indebted-four-day-work-week/
16 September 2021 by Ben Ford