On the 19th of December, BANO PTY LTD was issued an Australian Financial Services Licence (AFSL) by The Australian Securities and Investments Commission (ASIC). 

“With the AFSL, we are able to strive for our mission of facilitating a healthier relationship between our users and their finances,” said Randall Maccan, Head of Financial Markets & Treasury of Bano and one of the responsible managers under the Bano AFSL.  (more…)

GoCardless becomes first ‘PayTo ready’ international payments company

GoCardless, a global leader in direct bank payment solutions, has today announced it is officially live in the market with PayTo, an instant account-to-account payment method that has been designed to replace Australia’s traditional Direct Debit network in approximately three to five years. PayTo has already been welcomed by the payments industry as a game-changer, featuring faster and more secure transactions than ever before. PayTo is already available across more than 29 million bank accounts across 40 banks.

PayTo allows merchants and businesses to initiate instant, verified payments from their customer’s bank accounts – except the customer now has full control and visibility over billing by authorising payments from within their banking app or online account. Once authorised, the customer will be able to see any agreement within their banking app. The platform has the potential to greatly reduce hidden fees, merchant costs, fraud and failed payments.

While some financial services within Australia are already ‘PayTo ready’, GoCardless is the first provider of their scale and international presence to go live with the payments infrastructure, offering the new payment network alongside their Direct Debit solution. This allows GoCardless to provide a range of additional functionality such as refunds, international payments and more, all with the option to sit side by side with traditional Direct Debit. As of today, merchants are able to sign up to GoCardless and immediately make PayTo available as an option within their payments tech stack.

GoCardless General Manager of Australia and New Zealand Luke Fossett, says the GoCardless team are thrilled to have gone live with ‘the future of payments’.

This is a significant milestone for us as we’ve been huge advocates for PayTo since its design and inception a few years ago. We launched PayTo Uni earlier this year with the goal of playing a significant role in the education of PayTo. What it is, why it exists, and the benefits of this technology. To now successfully be helping merchants in Australia and around the world to easily make PayTo available gives us great pleasure” he said.

With the conventional Direct Debit system set to be replaced by PayTo in the coming years, Australian businesses are being urged to educate themselves on PayTo and to integrate it into their payments infrastructure early. This will allow them to gain a competitive advantage while also reaping the platform’s clear benefits, compared to preexisting payment platforms in Australia.

Our recent ‘State of Pay report indicated that 51 per cent of businesses want to reduce payments processed by credit card. Similarly, 52 per cent of consumers would use a new payment technology if it were more secure than what they currently use. The eventual industry-wide adoption of PayTo will allow for many businesses to adjust their approach and payment systems to benefit both themselves and their customers and I think we’ll see some significant industry-wide improvements in the months following the New Payments Platform’s (NPP) April deadline for PayTo integration.”

For more information about PayTo, see:

About GoCardless

GoCardless is a global leader in direct bank payment solutions, making it easy to collect both recurring and one-off payments directly from customers’ bank accounts through direct debit and open banking. The GoCardless global payments network and technology platform take the pain out of getting paid for 70,000 businesses worldwide, from multinational corporations to small businesses. Each year GoCardless processes over US$30 billion of payments across more than 30 countries. GoCardless is headquartered in the UK, with additional offices in Australia, France, Germany and the United States. For more information, please visit and follow us on Twitter @GoCardless.

© 2022 GoCardless Ltd. All Rights Reserved. GoCardless is a registered trademark of GoCardless Ltd in multiple countries. Third party trademarks mentioned above are owned by their respective companies. Unless explicitly identified as such, nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of GoCardless Ltd. or any aspect of this press release.

FinTech leaders share their predictions for 2023

2022 was undeniably a turbulent year in the fintech space, with plenty of highs and lows. But even amidst the trials and tribulations that caught headlines, the industry has collectively made some enormous leaps – especially across the payments and automation spaces.

As this year comes to a close, there’s plenty on the cards for businesses, industry leaders and consumers to all be excited for. We spoke to some key figures in the fintech world to find out what’s on their list of predictions for the months ahead.

AI, machine learning, and automation are trendy buzzwords that have been dominating the past year, especially post-pandemic. They have improved and streamlined services in fintech such as payments, financial planning, borrowing and lending, amongst many others. While they are crucial to business strategy, we cannot ignore the critical human element that enhances the experience. As digital lenders at WLTH, we find value of having our experienced lending specialists guiding our customers throughout the process. The pandemic introduced us to a more digital world, but we have learned that consumers still respond well to that personal interaction.

Marco Zande, Head of Marketing, WLTH

As we head into the new year, we also approach an inflection point in the industry; the maturation of a cohort of fintechs, as well as the slashing of business budgets. Because of these factors, we’ll increasingly see the convergence of products and providers across the fintech sector. For example, Zeller, initially only offered merchant payments and has now expanded to provide credit and debit cards and expense management tools.


We’re at a point in the industry where fintechs who started by doing one thing well to disrupt one area of legacy finance are now reaching scale. With the availability of venture capital falling away, there is a renewed focus towards profitability amongst these scaled players.


To achieve this in the sector of ‘expensive to acquire’ SMEs, fintech will need to find ways to increase customer lifetime value by adding additional revenue streams. This will inevitably lead to intruding other territories to gain more attention from SMBs, creating fintech ‘frenemies’ as we’ve seen in international markets.


The paradox is that these fintechs need to integrate and pass data to each other in order to create slick digital experiences and be compatible with the vast number of tools a typical business uses, but compete at the same time. As a provider of the integration layer between the systems that small businesses use, at Codat we have seen this trend grow firsthand. We expect to see more collaboration (and stepping on each other’s toes) in the new year as fintechs seek to meet increasing customer demands.

Matthew Tyrrell, APAC Commerical Director, Codat

Most of 2022 was considered a bear market for crypto, which led to more product development in the space. As markets look to hopefully warm up in 2023, we anticipate there’ll be some great innovations. The momentum behind Web3 is already picking up pace and will continue to benefit from organisations working towards mainstream adoption. Of course, the use of cryptocurrencies to make streamlined, everyday purchases – such as through the CoinSpot Mastercard, will also continue to build in popularity, as more users are looking for utility behind their crypto.

Ray Brown, Head of Marketing, CoinSpot

One of the most significant breakthroughs in Australian fintech in 2023 will no doubt be the integration of the new PayTo platform by the banks – due to be accomplished across the board by April. As widespread roll-out continues, companies and consumers will experience see greater efficiency, security and transparency for payments across the retail, online and subscription sectors. This will help to drive mass adoption of PayTo.


Businesses are increasingly concerned about the risk of fraud incurred from credit cards. Our recent ‘State of Pay’ report indicated that 51% of businesses want to reduce payments processed by credit card. Similarly, 52% of consumers would use a new payment technology if it were more secure than what they currently use. The eventual industry-wide adoption of PayTo will allow for many businesses to adjust their approach and payment systems to benefit both themselves and their customers and I think we’ll see some significant industry-wide improvements in the months following April.

Luke Fossett, Director of Australia and New Zealand Sales, GoCardless


FeeSynergy and FilePro now integrate to provide end-to-end solutions for legal firms

Fintech Australia member FeeSynergy is proud to announce integration of its flagship FeeSynergy Collect platform with leading Australian legal practice management system FilePro.  This integration adds to FeeSynergy’s impressive library of legal and accounting practice management system integrations.

FeeSynergy Founder and Managing Director Malcolm Ebb says:

This is an important integration for both FeeSynergy and FilePro. It brings together two powerful and proven software platforms that will solve many of the day-to-day challenges faced by legal firms across Australia.

FilePro Director and CEO Todd Keeler says:

As a leading legal practice management system provider we recognise that managing cashflow is a big issue for many legal firms.  Current economic conditions have highlighted that timely payment of invoices is more important than ever before. Our partnership with FeeSynergy provides our clients with access to integrated debtor management, online card payments and fee financing.


FeeSynergy Collect is used by hundreds of legal and accounting firms across Australia and New Zealand to automate debtor management, transact online payments and direct debits, and manage financial risk.

FilePro is used by hundreds of legal firms across Australia to manage their practices’ client and matter management processes

For more information please visit FeeSynergy or FilePro 

Sign of the times – trade receivables point to subdued December trading period

The November 2022 CreditorWatch Business Risk Index (BRI) reveals that the usual trade momentum going into December has failed to materialise and businesses should brace for a more subdued Christmas trading period.

On the positive side, a number of economic commentators have noted that the RBA’s ‘hard and fast’ approach to interest rate rises is having an effect and October’s below-expectation headline inflation figure of 6.9% indicates we are at or near the peak. Australia has also been one of the better performing economies internationally and, unlike the US and the UK, seems likely to avoid recession.

Employment and GDP growth also remain strong and consumers are still sitting on high levels of savings, albeit lower since interest rates began rising.

According to the NAB Monthly Business Survey for November, “There was a slight softening across a number of industries but the level of business conditions really still remains elevated across the board including in key consumer-facing sectors such as retail and recreation & personal services, and across the states.”

Nevertheless, CreditorWatch’s key trade indicator, trade receivables, continues to trend downwards while external administrations leapt 26% from October to November, and are up 24% year-on-year.

The number of credit enquiries undertaken by businesses have increased by a massive 87% year-on-year and are up 61% since last month, reflecting increased caution among businesses and consistent with declining business confidence reported by the NAB Business Confidence Index.

A lack of trade momentum in November is a strong indicator of a muted Christmas period for Australian businesses.

Key Business Risk Index insights for November:

  1. B2B trade receivables are down 16% quarter-on-quarter.
  2. Credit enquiries are up 87% YoY and are up 61% since last month.
  3. External administrations increased 26% since last month and are up 24% year-on-year.
  4. Month on month B2B payment defaults continue to show a high degree of volatility decreasing by 25% from last month, whilst following a generally increasing trend.
  5. Court actions are down 6% year on year.
  6. Yarra Ranges in Victoria is the region with the lowest insolvency risk (across regions with more than 5,000 businesses), followed by Cottesloe-Claremont in Western Australia.
  7. The Western Sydney regions of Merrylands–Guildford and Canterbury are the regions at highest risk of default across Australia (for regions with more than 5,000 businesses).

CreditorWatch CEO Patrick Coghlan says businesses are right to take a cautious approach ahead of the Christmas/New Year period.

Flat year-on-year trade growth in the month of November points to subdued trade activity in December, however, it appears that the RBA’s rate rises this year are beginning to bite and having the desired impact on inflation. There are still a lot of challenges out there for businesses but bringing inflation down would bode well for 2023.

Trade receivables

External Administrations

CreditorWatch Chief Economist, Anneke Thompson, says that while the November BRI data covers businesses across all industries, the subdued trade receivables data does mirror October’s Retail Trade data.

Monthly turnover fell across all the major retail trade categories, with the exception of food retailing. Department stores recorded the biggest drop in turnover, at 2.4% followed by clothing, footwear and personal accessory retailing, which dropped by 0.6%.

While we are likely to see a bump up in retail trade activity when November data is released due to Black Friday sales, it seems that interest rate rises and a general higher cost of living are now starting to be felt by both consumers and businesses. This will be positive news for the RBA, whose board members will be closely watching for all signs of a slowdown in the economy, and hopefully, a fall in the inflation rate.

“If the RBA Board sees good evidence of a slowdown in both the economy and inflation by their next meeting on the first Tuesday of February, we may just see a pause in cash rate movements. However, a lot can happen between now and then, with the decision effectively in the hands of Australian consumers.”

This month’s Westpac Consumer Sentiment Index, has shown some improvement in consumer sentiment which is positive news for the economy. Anneke said, “Westpac consumer sentiment implies that at least some consumers feel the worst of interest rises are behind us. Importantly, consumers are more confident in the job market. High employment rates are very important for overall economic stability and consumer spending, particularly in times of high inflation.

Probability of default by region

The five regions* at least risk of default over the next 12 months are:

  1. Yarra Ranges (VIC): 4.80%
  2. Cottesloe-Claremont (WA): 4.90%
  3. Adelaide City (SA): 4.95%
  4. Geelong (VIC): 5.01%
  5. Ku-ring-gai (NSW): 5.03%

The five regions* most at risk of default over the next 12 months are:

  1. Merrylands-Guildford (NSW): 7.79%
  2. Canterbury (NSW): 7.56%
  3. Auburn (NSW): 7.45%
  4. Surfers Paradise (NSW): 7.44%
  5. Ormeau-Oxenford (QLD): 7.40%

Once again, areas with high levels of personal insolvency are most exposed to business insolvency. These areas also have a lot of self-employed people, whose personal and business expenses are more closely linked.

The areas with the lowest risk of insolvency tend to be those that are either experiencing a high level of both business and infrastructure investment (such as Adelaide City and Geelong), or are seen as very desirable places to live and visit (Yarra Ranges, Cottlesloe-Claremont, Kuring-gai).

Probability of default by industry

The industries with the highest probability of default over the next 12 months are:

Food and Beverage Services: 7.2%

  1. Arts and Recreation Services: 4.6%
  2. Transport, Postal and Warehousing: 4.5%

The industries with the lowest probability of default over the next 12 months are:

  1. Health Care and Social Assistance: 3.2%
  2. Agriculture, Forestry and Fishing: 3.5%
  3. Manufacturing: 3.5%


The November Business Risk Index data illustrates almost conclusively that Australian businesses will experience far more challenging conditions in 2023. We are seeing a clear rise in businesses recording trade defaults against another business, with no commensurate rise in trade activity.

Coupled with slowing retail trade data, near record-low consumer confidence and falling business confidence, the signs are all there that the RBA’s monetary policy tightening cycle is now having its desired impact. It is too early to say how hard the landing will be for the Australian economy in 2023, although conditions here certainly look brighter than in other parts of the world, which is something Australian businesses should be mindful of.

Employment is still very strong, although we are now seeing a plateau, or fall in some cases, of jobs available, and more people applying for jobs that do come up. Nevertheless, most people who want a job at the moment can get one, and incomes are rising, albeit at levels far below that of the rate of inflation.

Anecdotally, businesses are not yet in a position where they are having to laying off workers (as is happening in some parts of the world – particularly the tech sector in the US), however, it is likely, and we are hearing of businesses pausing hiring activity at least for the next few months until a clearer picture of economic conditions in 2023 materialises.


The Business Risk Index is a predictive economic indicator to help guide businesses when making future growth plans and inform public policy. It is a new credit rating that ranks more than 300 Australian geographies by relative insolvency risk, providing unique insights into the health of Australian businesses by region.

Each region is ranked from best to worst in terms of the potential for businesses in it to become insolvent. The index can also measure the potential for insolvency risk at a national, state and individual business level.

Regions are ranked on a scale from zero to 100, where 100 represents the best credit quality regions, that is, the lowest risk of insolvency, and zero represents the weakest credit quality regions, that is, the highest insolvency risk.

The index is calibrated by data from approximately 1.1 million ASIC-registered, credit-active businesses. It combines these insights with CreditorWatch’s proprietary data, previously published as the monthly Business Risk Review.

Subscribe to the Business Risk Index to be the first to receive our monthly updates.

Yondr and Bill hero partner to help customers save money on rising energy costs

We’re excited to announce that Yondr has partnered with Bill Hero to help customers save money on rising energy costs.

As inflation bites and energy prices increase, it’s more important than ever to get on top of your energy consumption. In Australia, we’ve already seen dramatic retail price increases, and unfortunately, things only look to be getting worse.

Retail electricity prices are expected to rise by 50 per cent over the next two years, dealing households and businesses another cost-of-living blow.

The best way to save is often to switch from your current plan to a better value deal. And while that may sound like a lot of work, it doesn’t have to be.

Through this new partnership, customers can pay and monitor their energy bills through Yondr. Bill Hero will then run a market-wide comparison on every bill received, so customers can get the best deal across the entire market.

Reasons to get excited about Yondr x Bill Hero:

  1. Monitor your energy spending on demand through the Yondr app.
  2. Bill Hero automatically monitors every energy bill for you and helps you switch whenever you can save – the average customer saves $350 on their first switch.
  3. Pay your energy bills through your Yondr card and get a 30% discount on your subscription.

Meme stocks, a lithium frenzy and a bubbling tech sector : Superhero reveals its most-traded stocks of 2022

Superhero, a leading share trading and superannuation platform, has today released its annual Year in Trades review, digging into the most-traded assets on its platform in 2022.

Every day, Superhero’s platform sees thousands of trades made with its 220,000 customers investing across all sectors – from resources to financial services to technology and more.

In a shake up from 2021, last year’s most traded Australian company, Zip (ASX:Z1P) has fallen off the most traded list for 2022. Instead, it looks to be the year of lithium and resources with four of the top five most traded AU shares all in the resources sector.

The top five most traded Australian companies between 1 January 2022 and 30 November 2022 (inclusive) were:

  1. Core Lithium (ASX:CXO)

  2. Pilbara Minerals (ASX:PLS)

  3. Fortescue Metals Group (ASX:FMG)

  4. Brainchip Holdings (ASX:BRN)

  5. BHP (ASX:BHP)

Core Lithium (ASX:CXO) was popular across Australia, taking home the coveted position of the most traded stock in seven of the eight states and territories. Tasmania was the only state to deviate, but not too far from the lithium craze with Lithium Energy Limited (ASX:LEL), the most traded Australian stock in the island state.

Over on Wall Street, Tesla (NASDAQ:TSLA) held onto its title as the most traded US share in 2022 with Apple (NASDAQ:AAPL), Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) making up the rest of the top five. For ETFs, the ProShares UltraPro QQQ ETF (NASDAQ:TQQQ) overtook the Vanguard S&P 500 ETF (NYSE:VOO) to be the most traded US ETF in 2022.

CEO and co-founder of Superhero, John Winters said, “Despite ongoing volatility throughout the year, our customers continued to invest with trading volumes consistently up month-on-month. Locally there was a clear interest in resources – particularly lithium – with the top two traded Australian shares both being lithium stocks.

“On Wall Street, tech remained a huge focus for Superhero investors. Interestingly, following on from 2021, where three EV (electric vehicle) companies made the top five most traded US share list, only Tesla managed to hold its place on 2022’s list.”

Both Core Lithium and Tesla were the two most followed companies on the Superhero platform – referring to the Follow feature available on the Superhero platform. Furthermore, customers with Minor Accounts looked to follow on from their strategies with their personal investments with Core Lithium and Tesla the most traded Australian and U.S. shares for Minor Accounts. There was deviation with ETFs with the Vanguard Australian Shares Index ETF (ASX:VAS) and Vanguard S&P 500 ETF (NYSE:VOO) the most traded Australian and U.S. ETFs for Minor Accounts in 2022.


Overall in 2022, net buy trades significantly outnumbered net sell trades – with seven out of 10 trades on Superhero this year a buy trade. Interestingly, when it came to ETFs (both Australian and U.S.), 83 per cent of trades were buys, indicating that investors were continuing to build their portfolios through the diversification provided by ETFs.

Mr Winters said, “Over the last two years Superhero has been in market, we’ve seen our customers grow and evolve. There’s an understanding that markets work in cycles and as such the volatility we saw this year has been accepted as a natural market event – and an opportunity to continue building their wealth through investing. We have not seen the volatility deterring investors.”


Generationally, there were clear trends in how Superhero customers invested. For both Gen Z and Millennials, the Betashares Nasdaq 100 ETF (ASX:NDQ) was the most traded stock. Gen Z investors had a distinct preference for ETFs, with the Vanguard Australian Shares Index ETF (ASX:VAS) and the Vanguard Diversified Balanced Index ETF (ASX:VDBA) making up the top three most traded stocks for 18 to 25 year olds on the platform.

ETFs were more popular with younger investors with approximately half of Superhero customers between 18 and 32 trading either Australian or U.S. ETFs in 2022.

“Given the volatility in the market this year, it’s unsurprising to see our investors, particularly younger investors, look to ETFs as a way to build their portfolios. Overall we’ve seen more buy trades over sell trades and for ETFs, four in five trades made by Gen Z’s and Millennials were buys, indicating a long term strategy to consistently build their portfolios,’ commented Mr Winters.

Meanwhile, Gen X investors looked to Tesla (NASDAQ:TSLA) followed by Core Lithium (ASX:CXO) – with the latter the top traded Australian stock for Gen X. Baby Boomers on Superhero were more inclined to invest in shares over ETFs, with Fortescue Metal Group (ASX:FMG), Core Lithium (ASX:CXO) and Pilbara Minerals (ASX:PLS) the top three traded stocks for over 55s


2022 also saw the re-emergence of meme stocks, particularly in the US market, with Reddit and social media platforms once again sparking interest in certain companies.

In August, we saw a 345 per cent spike in trades of Bed Bath and Beyond (NASDAQ:BBBY) week-on-week, making it the second-most traded US stock that month after perennial favourite Tesla.

Companies like Revlon, AMC (NYSE:AMC) and Gamestop (NYSE:GME) also saw renewed interest from investors with both Bed Bath and Beyond and AMC making the Top 10 most traded stocks in August. Interestingly, Bed Bath and Beyond saw the biggest percentage increase in trade volumes year on year for US shares.

Mr Winters noted, “The popularity of so-called meme stocks in August 2022 was a fascinating event. We saw investors flock to Bed Bath and Beyond in the first half of the month and the continued hype around these meme stocks throughout the month, catapulted them into our top traded lists for August.”

About Superhero

Co-founded by CEO John Winters and CTO Wayne Baskin in 2018, Superhero’s mission is to make investing affordable, accessible, and understandable. Superhero’s ASX trading platform went live in September 2020 and now has 220,000 investors. Superhero Super was made available in July 2021, designed to meet the high expectations of a new generation of investors by giving Australians the ability to invest their super in their chosen shares and exchange traded funds.

Nauggets app launches in Australia making gold more accessible with instant account-toaccount payments powered by Azupay

Gold savings app Nauggets has partnered with Azupay, a specialist real-time payments fintech, putting gold in reach of anyone with an Australian bank account 24/7 365 days a year.

From buying and spending gold, to sharing with friends, Nauggets’ mission is to democratise gold via a digital platform that has been designed to simplify every aspect of transacting with the yellow metal. And in partnership with Azupay, the payment experience has been further streamlined by integrating to the New Payments Platform PayID and PayTo instant account-to-account

Nauggets Head of APAC, Phoebe Tooker, said by bridging the gap between the experts and the everyday consumers, we’re allowing our users to buy gold with the same benefits that the big players get.

We want to stand out from other fintech apps by making our user experience fun, fresh and simple. We want members to feel it’s as easy as saving in fiat currency, like your regular savings account.


With many investment options being extremely volatile we can see gold has proven to hold its purchasing power over time and be a good hedge against inflation. Gold is a safe haven, and we want to encourage a habit in people to diversify and save in an asset
that is stable.

Wanting to remove fraud, dishonours and chargebacks, Nauggets turned to Azupay to provide a faster and simpler alternative to credit cards. With more than 12 million Australians having adopted PayID and unlike legacy payment methods, PayID brings instant payments to their customers while gaining straight-through-reconciliation along the way.

Another innovation that Nauggets is offering its customers is PayTo, a giant leap forward in how Australian businesses and consumers pay and get paid. PayTo one touch payments allow instant wallet top-ups with much greater flexibility and control while dramatically reducing missed payments and processing costs. Azupay Chief Product Officer, Tom Rundle, said it’s exciting to see new and innovative partnerships like Nauggets bringing new use cases to the table.

Instant and easy to use PayTo and PayID payments help Nauggets’ deliver the promise of investing in gold being as easy as saving in your regular bank account, said Mr Rundle.

Nauggets is also encouraging their members to save the planet’s future while saving for theirs with their proud partner, One Tree Planted. As part of the initiative, One Tree Planted will plant a tree for every activated account and 1 tree for every $1,000 of gold purchased. For more information, visit

About Azupay

Azupay are specialists in real-time payments and the first to offer consumer-to-business payment solutions using the New Payments Platform (NPP) and PayID. Driven by innovation, Azupay enables Australian businesses to improve their cash flow, reduce fraud. Azupay is proud to be ‘genuinely Australian’, certified Australian Made, and encourages responsible spending.

About Nauggets

Phoebe Tooker, Head of APAC

Nauggets is a global, digital gold platform that allows consumers to buy, save, send and spend gold. With the vision of democratising gold, Nauggets is providing everyday consumers with commissionless gold and many other benefits. Now launching in Australia with Azupay to make owning gold even simpler.

2023 Financial Trends: Big tech to enable Australian banks to become more customer-centric

Leading SaaS cloud banking platform Mambu has launched its annual Partner Predictions report, which highlights the top financial trends expected to influence the industry in 2023 as businesses attempt to survive and thrive in a volatile macroeconomic environment.

The report includes insightful commentary from industry leaders from across the fintech and financial services sectors, including executives from AWS, Backbase, Deloitte, Google Cloud and many more, with participants sharing their insights on the key issues that are likely to shape the financial services sector in the year ahead.

In Australia, it is expected that ‘big tech’ will begin to have a more considerable impact on the financial services industry, as high-profile players – from both banking and technology – work to reposition themselves and clarify their offerings.

Stuart Houston, Director, Financial Services at Google Cloud said:

By re-imagining themselves as ‘data companies with a banking licence’, banks will have access to previously locked innovation opportunities; for example, a one-hour home loan, green lending products, frictionless onboarding, and ultra-flexible, customer-centric products. These capabilities will make banking platforms stickier and allow them to provide highly relevant products and services for customers…. … retail banking will be real time, customer-focused, and accessible directly from the bank or through an external ecosystem or super-app. The winners will be those that best understand their unique proposition to their customers and deliver that proposition securely, effectively, and efficiently.


 Paul Apolony, General Manager Australia and New Zealand at Mambu added:

The financial services industry in Australia has undergone enormous change over the last few years, with a hugely accelerated uptake of digital banking services. What we expect to see in the year ahead is a greater focus on how technology can help to ‘humanise’ banks, making them more customer-centric and relevant for consumers. Other key themes, which carry over from the last few years, is a continued focus on the advantages of cloud, the multitude of benefits of embedded finance, and how banks can leverage technology to provide seamless financial experiences for consumers. There’s been a fair bit of commentary lately around the risks associated with banking tech upgrades due to a couple of high-profile incidents in Australia, however what these issues really highlight is the difficulties financial institutions can face when they try to continue working with legacy technology.


William Stevns, Partner, Digital Banking at PWC said:

For those encumbered by legacy platforms, siloed operating models, and fragmented data, it is incredibly challenging. We expect to see further accelerated adoption of capabilities from the wider ecosystem to deliver in areas such as open banking affordability, dynamic pricing, and embedded financing, as well as the shift to cloud and SaaS platforms.

Other trends and issues expected to have a significant impact on the Australian financial services industry include:

  1. Low code / no code: This approach will drive faster speed to market for new digital banking products and services by empowering business teams to quickly protype and launch without the need for complex development processes and specialised coding skill sets.
  2. ESG and ethical impact finance: We will see a shift towards ESG globally, which will not only drive traditional banks towards more inclusive composable financial products and services, but also keep sustainability in mind for the benefit of their customers. In Australia, the country’s first Islamic banks is already seeing growing interest from potential customers outside of the Muslim faith who have a keen interest in ethical finance.
  3. The future of payments: Online, mobile, or digital payments have surged in Australia since the start of the pandemic. The year ahead will see a change in focus for banks around the payments theme, with greater emphasis placed on creating their own interfaces and making them more engaging, relevant, and interesting in order to increase brand loyalty, rather than integrating their products into external platforms.


The full list of the predicted trends for 2023 has been released on Mambu’s website. To learn about the seven key financial trends predicted for 2023, and to download the full report,


About Mambu

Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 900 employees​ that support 250 customers in over 65 countries – including Western Union, Commonwealth Bank of Australia, N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.

Former Choice Partnership Manager rejoins Group

Loan Market Group Asset Finance – a newly formed entity within Loan Market Group – has announced the appointment of former Choice Partnership Manager, Daniel Scollo as its new
State Manager for VIC/TAS.

Loan Market Group Asset Finance will lead the strategic direction for asset finance within the group, inclusive of the Nodifi loan origination platform. (more…)

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Ep 2: Fintechs Acceleration of Growth Since COVID

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