Rich Data Co establishes North America Strategic Advisory Board to accelerate market entry

Rich Data Co (RDC), leading AI decisioning company, today announced the establishment of a North America Strategic Advisory Board to help guide the company as it accelerates its entry into the North American market.

RDC announced two inaugural members of the Strategic Advisory Board, US-based global banking and transformation executives Ciaran McMullan and Jeffery Bray.

The Strategic Advisory Board will work closely with RDC’s leadership to successfully identify, secure and deliver to customers and increase North American market penetration. In the immediate term, the Advisory Board will provide context to the market and support the company to appropriately adapt its messaging and product roadmap.

As RDC expands across markets, balancing cross-cultural regulatory, product and market-related nuances remains a key challenge. RDC will also draw on the expertise and experience of the Strategic Advisory Board to ensure consistency of company culture into the North American market and seek advice on recruitment and talent-management matters.

RDC Chief Executive Officer and Co-Founder, Ada Guan, commented: 

We are thrilled to announce the launch of the RDC North America Strategic Advisory Board and its inaugural members, Ciaran and Jeff. RDC’s advisory boards have always been very active in shaping RDC growth, and we believe the calibre of Jeff and Ciaran’s expertise and experience will be invaluable as we embark on this exciting journey.

“This initiative is a natural evolution of our learnings from the Austrade market entry program, held in May 2022, which provided an excellent introduction to the US market. The Strategic Advisory Board will help to accelerate the momentum we are already seeing in the market.

Advisory Board Member, Ciaran McMullan, commented: 

RDC’s AI based credit decisioning toolset meets a significant need and market opportunity in the US small business lending sector. The timing of their North American market entry could not be more ideal and I’m very excited to be part of the journey.

Advisory Board Member, Jeffrey Bray, said:

It is an honor to be part of a very dynamic and innovative organisation. RDC’s AI solutions will assist financial institutions in leveraging their business data and unlocking insights to help provide better outcomes for their clients.

The inaugural members of the RDC North America Strategic Advisory Board bring a wealth of expertise:

Ciaran McMullan:

Ciaran has held multiple CEO roles in the U.S. community and regional banking market and has extensive international experience at multi-national banking organizations, financial technology companies and advisory firms. He was most recently President and CEO of Suncrest Bank in California prior to its sale earlier this year, leading the bank through a period of significant growth with Suncrest being recognized as one of the top performing publicly traded banks in the U.S. With almost 30 years of financial services experience, Ciaran brings a wealth of U.S. market knowledge and global industry connections to RDC.

Jeffery Bray: Jeff has over 25 years’ experience in executing significant change across multiple and diverse businesses. He has led 20+ M&A Integrations at Bank of America, DFC Global, and Seacoast Bank, and implemented more than 50 business and technology transformations. As a technology and transformation expert, Jeff will help RDC with its scaling in North America and considerations in this regulatory environment.

Joust partners with Nectar Mortgages to give Australians a smooth home loan application process

28 NOVEMBER 2022, SYDNEY – Joust.com.au, Australia’s leading online home loan marketplace, today announced a partnership with Nectar Mortgages, one of the fastest growing mortgage brokering businesses in Australia.

The two companies will work together to provide Australian borrowers with a fast, easy, seamless home loan application process.

Joust helps borrowers connect with the right lenders and brokers, empowering them to make informed decisions so they can reach their financial goals. Borrowers who use the Joust platform to refinance their loans save on average $3,500 per year on their monthly repayments.

The Joust platform also enables brokers to obtain highly qualified leads in real-time, enabling a faster customer experience for the customer, but also ensuring a constant flow of lead generation for brokers to scale their businesses.

Nectar Mortgages will obtain highly qualified prospective customers through Joust’s Instant Match and Live Auction platforms. The aggregator will provide Joust customers with a transparent, world-class customer experience and a fantastic range of options for their home loan needs without the stress and hassle of comparing different lender offers.

Nectar Mortgages General Manager Stephen Harris said, “Partnering with Joust gives us access to more customers who we can help save time and money in the home loan process.”

The Joust platform helps our brokers to scale their businesses, monitor and improve business performance and target the right customers. This is a great opportunity for us to grow our franchises, and for our broker network to build long term relationships with clients.

Joust CEO Carl Hammerschmidt said, “This partnership comes as the broker market continues to grow in scale with borrowers increasingly wanting the personalised service that brokers can provide. Partnering with Nectar will allow Joust to provide consumers with a fantastic choice and breadth of offerings through the Nectar network, while at the same time the Joust platform will provide Nectar brokers with fantastic market share.”


About Joust: www.joust.com.au 

Joust is an online home loan marketplace that can help borrowers connect with the right lenders and brokers for their home loan needs. Through an open and transparent competitive process, Joust helps Australians uncover the most suitable home loan products and lowest rates based on their individual profile and needs, potentially saving them thousands.

Its Live Auction service connects home loan customers directly with lenders and brokers who apply their best home loan rate to bid for the customer. In doing so, prospects are able to access the most competitive home loan rate. This reverse auction model saves borrowers time and money, and enables any lender to access customers fairly and on the same terms.

Its Instant Match service allows Australians to save time by instantly accessing the top three (3) home loans suited to their needs (from thousands of different products). Through the Joust platform, customer submissions are immediately matched to lenders. The lender/s can then engage the customer to guide them through the home loan process.

About Nectar: https://www.nectarmortgages.com.au/ 

Nectar was established to deliver a fresh, honest, customer-focused approach to mortgage broking.

We are Australia’s fastest growing mortgage broking company and now have brokers operating across all regions.

Our focus on delivering world-class customer service directs everything we do at Nectar, and since launching in 2013, we’re proud to have helped thousands of satisfied customers across Australia achieve fantastic financial outcomes.

Our ambition is to be the leading mortgage broking group in Australia, as judged by the experience of our customers.

 

 

Introducing the next generation of IAG’s leading InsurTech Accelerator programme

Since inception in 2020, fmX (previously known as Firemark Accelerate) has successfully graduated 28 start-ups across four Seasons.

The programme lays the foundations for start-ups to land and expand into new markets, find new potential partners and investors, and test their insurance use cases with Australia and New Zealand’s largest general insurer, IAG. (more…)

The Progressive Modernization Playbook

In this guide you’ll find:

The benefits of the cloud – Discover key benefits FIs will see as they move their technology stack to the cloud

An overview of migration options – Examine different methods of modernizing your technology stack

A guide on getting started – Learn key considerations for a strategic move to a future-proof payments infrastructure

JOIN HERE 

Contactless Payments For Banks

Developments in technology and ease of use contribute to the growing popularity of contactless payments in all their forms. What does it mean for banks? Over 50% of Gen-Z and baby boomers prefer contactless payments over any other payment method. As a result of preference shifting across all age sectors, issuing banks started to launch contactless cards. However, consumer demand and competition from digital wallets such as Alipay or Google Pay have heated up the competition in contactless payments availability across regions.


Smartphones turning into payment terminals

Technology giants like Apple will soon allow their gadgets to accept payments.

On-demand economy

Contactless payments are slowly becoming part of the ‘on-demand economy’. They allow users to connect a card to an app once and then make unscheduled recurring payments.

Banking competition

Banks must adapt to the rising customer demand for contactless payments. If not, they stand to lose clients to more agile competitors.

FULL ARTICLE HERE

DOXAI APPOINTS NEW EXECUTIVE VICE PRESIDENT NORTH AMERICA TO CONTINUE ITS US EXPANSION

DoxAI has appointed Lisbeth Hadingham to be its new Executive Vice President North America. Based in New York, Lis commenced her role on November 7, 2022.

Commenting on the appointment DoxAI’s CEO and Managing Director, Adrian Vallino, said ‘Lisbeth’s appointment as our EVP is a further demonstration of our commitment and growth strategy as we continue to add US “boots on the ground”. It’s an important phase, and we’re extremely excited to have someone of Lis’ calibre and exceptional US experience across investment banking and software start-ups. She will accelerate our plans as we expand our market share, delivering extraordinary digital solutions to our clients and their customers’. (more…)

Fintech coaXion signs equipment finance pilot agreement with non-bank lender, opens new funding round

November 18, 2022 – coaXion has opened a new $3.5m+ funding round to refine and launch its usage-based heavy equipment finance platform to lenders and leasing companies in the US.

coaXion will white-label their system, initiating pilot programs in 2023 then scaling rapidly from late 2024. coaXion plans to test and develop the white-label approach first in Australia. It has executed a pilot agreement with specialist non-bank lender Yellowgate Equipment Finance and is in talks with other non-bank and bank lenders to join the pilot.

Yellowgate Group managing director Chris McRae said the pilot program will allow them to offer select customers this new technology to better manage their operations while also providing Yellowgate with insights that improve risk management in their portfolio.

The Australian fintech provides ground-breaking usage-based finance for heavy mobile equipment (HME) lenders, using its proprietary real-time asset degradation and valuation technology.

coaXion CEO Colin Armbruster said this has been well received in Australia, with the first $2m of assets financed ahead of plan, and the path to finance another $20m of assets using coaXion technology is in train.

coaXion’s traction with our tech-enabled usage-based lease and chattel mortgage solutions show that lenders can achieve premium pricing by providing a better, flexible outcome for end-user customers,” Mr Armbruster said.

Industry interest in the investment round has been so strong that coaXion has carved out segments in this funding raise to accommodate investment from stakeholders in the asset finance and civil construction industry.

One area of interest relates to the recent changes in lease accounting via IFRS 16 whereby traditional operating leases models that were treated as off-balance sheet now need to be brought back onto the balance sheet. The usage-based finance model may bring some relief here for those looking to minimize this impact, with the variable portion of the usage-based payments not included in the on-balance sheet calculation of lease liability, thereby remaining classified as operating expenses.

We’ve delivered on all our validation milestones: our tech is live and working with different asset classes for excavators, dozers and graders and customers are choosing our flexible usage-based solution,” Mr Armbruster said.

We’ve had strong demand and great engagement from brokers sourcing customers for us, and we’ve been market tested to prove customers value the insights they gain for their business,” he said.

Machine-learning tech behind coaXion

Initial customers will provide a $20 million sandbox to refine the technology solution to enable largescale deployment to other lenders. coaXion co-founder Chris Maycock said their 12-month focus will be on scale preparation and onboarding initial SaaS customers, refining the technology and processes to support scale deployment.

The end-to-end technology solution is now in production and is delivering real-time degraded asset value and usage-based finance analytics,” Mr Maycock said.

Our proprietary technology comprises IoT hardware, cloud-based machine-learning and a customerfacing app.

Beyond lending, there’s the potential for coaXion’s tech to further disrupt the market and provide additional revenue streams with real-time fleet equity/valuations, usage-based rental pricing and an equity redraw.

Strong upside in buoyant HME market

The HME finance market is wide open for lenders to innovate, with coaXion’s platform allowing lenders to change the game in the HME finance market, Mr Maycock said.

The market is buoyant, with new heavy mobile equipment financing growing at above 20% in the last financial year,” he said.

Under coaXion’s current forecast we will have 4000 assets under finance using our technology by the end of 2025.” In 2021/22 Australia’s HME market was $AU8b assets financed, with the US market at $US113b+.

While most fintechs are focused on the origination side of lending, coaXion’s platform means lenders can deliver a new type of finance to the marketplace in a way that reduces risk for all parties and adds real value to the entire asset finance ecosystem,” he said.


About coaXion

coaXion is an Australian fintech start-up offering usage-based finance for heavy earthmoving and construction equipment. Their innovative proprietary technology is underpinned by machine-learning, artificial intelligence and the Internet of Things (IoT).

coaXion’s leadership team has 30 years of heavy machinery industry experience – this combined with the tech solution allows coaXion to provide a variable payment model based on how much and how a machine is used.

How coaXion’s technology works for heavy machinery business owners

coaXion’s IoT device can be installed on most operating equipment, providing coaXion with the data to feed the machine learning algorithms that drive the refined degradation model for the asset. This calculation of degraded value is measured in near real-time and is what allows coaXion to manage the variable-based finance offering.

This technology gives business owners valuable data they could not previously access, delivering better cashflow management and a clearer understanding of their equity in the equipment.

The technology will deliver a platform for lenders to take an innovative and desirable equipment finance solution to market. Applying the technology provides improved risk-management solutions for both lenders and customers.

Five Fintechs On Friday November 18, 2022

FinTech Australia is building stronger ties with the Japanese fintech ecosystem through our upcoming signing of an MOU. We’ll be hosting a networking event (21 Nov) at Stone & Chalk, coupled with Australian Trade and Investment Commission (Austrade)’s launch of the Fintech Playbook Japan by Austrade GM North East Asia, Elizabeth Cox.

Please reach out to stu@fintechaustralia.org.au if you wish to join us. (more…)

Frollo disables screen-scraping for 20 additional banks in favour of Open Banking

Open Banking powers 70% of new account connections in the Frollo app

Sydney, 17 November 2022 – In a move that shows the growing maturity of Open Banking in Australia, Frollo has disabled screen scraping for 20 more banks in its free money management app and instead will rely on Open Banking data for those banks. Additionally, Frollo has updated its app to make CDR account linking the default for any provider that supports it.

In the third edition of its yearly State of Open Banking report, Frollo called on the government to launch a consumer awareness campaign for Open Banking, noting that the ecosystem is mature enough to provide a superior alternative to screen scraping. After initially removing screen-scraping for ANZ, CBA, NAB and Westpac in October, the fintech is now pushing ahead by making Open Banking the only option for users to link their accounts with 20 more banks – including Macquarie Bank, St.George, Beyond Bank and P&N Bank.

Frollo’s Chief Customer Officer Simon Docherty explains why now is the time to push ahead with Open Banking: “In the two and a half years we’ve been live with Open Banking, it has progressively improved: Better coverage, improved reliability and richer data. We’re now at a point where in many cases, Open Banking is a superior alternative to other ways of sharing financial information.

Recent high-profile breaches in telco and insurance have brought security and privacy in data sharing top of mind for many consumers. Open Banking provides a more secure, privacy-focused way to share financial data that gives control of data to the customer, so it makes sense for us to make Open Banking the default and phase out screen-scraping where possible.

It’s exciting to see that the market is finally moving to Open Banking. For example, innovators like Beyond Bank and P&N Bank have recently launched financial-wellbeing apps, providing customers with a complete view of their finances using Open Banking.”


About Frollo

Frollo is a purpose-driven fintech on a quest to help people feel good about money. We’re doing this by helping businesses use Open Banking data to deliver better customer outcomes: From reducing debt and increasing savings, to reducing financial stress and providing a better, more transparent lending experience.

Trusted by clients like Beyond Bank, P&N Bank, Finsure and bcu, Frollo is an Australian market leader in Open Banking.

Frollo provides its money management app to consumers for free, as part of its mission to help improve the financial well-being of 5 Million Australians by 2026.

Non-bank lender Bridgit expands broker offering through new partnership with award-winning aggregator Finsure

Wednesday 16 November 2022, Sydney, Australia: Tech-driven non-bank lender Bridgit has expanded its broker network this month by partnering with one of Australia’s largest mortgage broking groups, Finsure. The new partnership sees Bridgit join the aggregator’s lender panel as its first tech-driven bridging solution.

Bridgit is revolutionising property lending with its simple online loan application, 24-hour approval and three-month interest-free period. This expansion of its broker offering will provide more Australian homeowners access to better finance solutions. Finsure is a tech-focused company and one of the fastest-growing aggregator groups in Australia.

Bridgit will fill the gap for Finsure brokers to provide clients with a revolutionary bridging loan solution and more diverse products. Brokers will also benefit from Bridgit’s resources, tools and innovative technology to simplify and streamline the bridging process.

This partnership sees Bridgit triple its exposure to the broker network, with Finsure providing access to over 2,400 brokers. It marks the second aggregator partnership for Bridgit.

Bridgit CEO and Co-Founder Aaron Bassin says: “The Bridgit team is thrilled to be growing our partner network and helping more Australian homeowners progress in their property journey. We have seen the strength of working with aggregators and are excited to start working with the high-calibre Finsure broker network.

“Our partnership with Finsure is solidified by our shared vision of providing Australian homeowners more flexible and accessible ways to access property financing. Our bridging loan product has diversified the product offering of Finsure’s quality network of over 2,400 brokers, giving them and their clients more opportunity to buy first, sell later.”

Finsure CEO Simon Bednar says: “Bridging finance has always been a challenge for brokers due to the complex process and traditionally short turnaround times required by the customers. Thanks to their innovative technology and streamlined process, Bridgit has developed a service offering that overcomes these hurdles and places them as a market-leader in the bridging finance space.

“We believe their comprehensive solution will help our brokers better support their customers as they embark on the home buying journey, alleviating some of the time pressures should Lender SLAs increase, or the property market clearance rates continue to drop.”

Bridgit Head of Distribution Stephen Doyle says: “The team and I are very excited to work with Finsure. They have proven themselves to be a top class group, growing into one of the biggest aggregators in Australia. At Bridgit we combine amazing service, technology and a brilliant product, which I am confident will add value to the Finsure panel and allow us to build a brilliant partnership.”


About Bridgit:

Bridgit is a tech-driven, non-bank lender revolutionising property lending via bridging loans and equity release with its simple online loan application, 24-hour approval and three-month interest-free period. It provides Australian homeowners access to better finance solutions, so they can secure their next home before selling their existing property. In doing so, homeowners can act fast and not miss out on opportunities to purchase their next dream home.

Bridgit was co-founded in 2021 after mortgage broker Nick Jacobs and capital markets specialist Aaron Bassin saw the industry was lagging and customers were paying the price for traditional slow and manual finance processes for property loans. Since their launch, Bridgit has raised nearly $113 million in capital and processed more than $1 billion in loan applications within the first 12 months of operation. Bridgit won the Finder Innovation Awards 2022 for ‘Best Lending Innovation’. It was also named as finalists in the 2022 Finnies Award for Emerging Fintech Organisation of the Year and 2022 FinTech Awards for Best Innovation in Proptech. For more information, visit Bridgit.com.au

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