WeMoney Announces Winners of Inaugural Personal Loan & Car Loan Awards

Australia’s leading social financial wellness platform, WeMoney, has announced the winners of its inaugural awards for the Best Personal Loan and Car Loan Lenders in Australia.

The awards program attracted submissions from well-known lenders, including Wisr, NOW Finance, MoneyMe, Plenti and others, who battled it out to be recognised for the most competitive products in the market.

WeMoney ran the awards across 3 distinct categories; celebrating the best overall lender, alongside awards for best rates and fees, and outstanding customer service.

WeMoney Founder & CEO, Dan Jovevski said “Throughout the last year, we have listened closely to what our members have to say about lending products and supported them on their journey to consolidate debt. The next step was for us is to recognise the best lending products and innovators in the industry, providing Australians with more confidence when it comes to comparing various loan options.”

Wisr took out the pinnacle of the award of the program for ‘Non-Bank Lender of the Year – Personal Loans’, recognised for balancing fees, quality features, positive user experience, great customer support, and an excellent level of trust.

Anthony Nantes, Wisr CEO, said “We’re disrupting an entire industry by starting with a purpose to improve Australians’ financial wellness and helping our customers repay their loans earlier and faster with our financial wellness tools. By putting our customers first and providing access to smarter, fairer credit and encouraging them to pay down their debt faster, we’re going to build a company of significant size and scale. We aim to also have a major impact on the Australian community by simply always doing the right thing for our customers and acting in their best interest. Being recognised for this as the winner of WeMoney’s Non-Bank Lender of the Year Award is an incredible honour.”

NOW Finance won the award for ‘Excellent Rates & Fees’ for their personal loan product, recognised for exceptional value with their ‘no fees’ approach.

Richard Blumberg, NOW Finance Founder & CEO, said “We pride ourselves as being Australia’s ‘no fee and none of the bank’ lender, and we’re rapidly becoming the most awarded too. To win the Excellent Rates and Fees award from WeMoney is particularly satisfying as it directly recognises the great value on offer to customers by having no fees on our product at all, whilst still providing market leading interest rates. The entire team at NOW Finance is dedicated to giving our customers the best possible personal loan and this award is fantastic recognition of that.”

The awards program was supported by a panel of independent judges with a diverse background across fintech, venture capital and lending. The judges included Lynda Coker (Entrepreneur in Residence, 1835i), Cam Sinclair (Director, Ammo Marketing) and Ben Ford (Head of Growth, Frollo).

As demand from WeMoney members to identify trusted brands continues to grow, there will be a broader set of awards launching throughout the coming months.

Full List of Winners of the 2022 WeMoney Personal Loan & Car Loan Awards:

Personal Loans

Non-Bank Lender of the Year

  • Winner: Wisr
  • Runner-up: NOW Finance

Excellent Rates & Fees

  • Winner: NOW Finance
  • Runner-up: Wisr

Outstanding Customer Service

  • Winner: MoneyMe
  • Runner-up: Wisr

Car Loans

Non-Bank Lender of the Year

  • Winner: Loans.com.au
  • Runner-up: MoneyMe

Excellent Rates & Fees

  • Winner: Loans.com.au
  • Runner-up: Plenti

Outstanding Customer Service

  • Winner: Finance One
  • Runner-up: Wisr

To learn more about the awards and winners: 

https://www.wemoney.com.au/car-loan-awards

https://www.wemoney.com.au/personal-loan-awards


For further information from the WeMoney team, please contact:

WeMoney

Media and Awards Team

hello@wemoney.com.au

CommBank partners with Mambu to develop Unloan, the CBA group’s new digital home loan

Australia’s leading bank, Commonwealth Bank of Australia (CBA), has selected market-leading SaaS cloud banking platform Mambu as the technology foundation of its next-gen digital mortgage brand, Unloan.

“We’ve selected Mambu to underpin our new home loan brand, Unloan, and look forward to working closely with Mambu as we continue to digitally transform our suite of CBA Group brands,” explained Brendan Harrap, Chief Architect at CBA. “Partnering with Mambu is an investment in future-proofing CBA. Mambu’s SaaS cloud banking platform will enable us to bring in best-in-class solutions from other high-performing fintechs and vendors, build financial solutions that meet the demands and expectations of our customers, and retain our position as Australia’s leading bank.”

Mambu is a true SaaS cloud banking platform and has a uniquely composable approach that enables the assembly of independent components, systems, and connectors to meet business needs and end-user demands. This approach aligns perfectly with CBA’s goal to understand and anticipate its customers’ evolving needs, utilising next-gen technology like data analytics, AI and cloud to deliver personalised, agile and flexible finance solutions to consumers.

“We are thrilled to be working with CBA,” said Myles Bertrand, Mambu’s Managing Director, APAC, “an organisation that has already demonstrated a deep understanding and respect for the power of technology and taken a lead role in Australia’s digital banking revolution, as evidenced by its proactive investment in digital technologies. Working with organisations that want to make banking better for everyone is at the heart of what we do at Mambu, and this new partnership with CBA fits that bill perfectly.”

“There has been a profound shift in the way people think about their finances over the last two years,” added Paul Apolony, General Manager Australia and New Zealand at Mambu, “with significant acceleration in the adoption of digital technologies and greater expectations from consumers. People aren’t content to just get what they’re given anymore; they want personalised customer service and products that are tailored to their circumstances. That’s what Mambu can enable, at a fraction of the cost and much more quickly than traditional banking technology. We are so excited to be working with CBA as it takes this next leap into the digital future.”

Unloan is set to be a revolutionary force in the Australian mortgage industry, with the new offering able to provide loan refinancing applications in as little as 10 minutes and a discount that increases every year for up to 30 years. Unloan was launched to the Australian market in May 2022.


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. The Mambu team of 900 is spread across the globe and supports over 230 customers in 65 countries, including Western Union, N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam, Orange Bank and Commonwealth Bank of Australia. With 400 deployments to date and 100% year-on-year growth, Mambu’s API-first, cloud-native platform is currently used by more than 65 million end customers around the world.


About Commonwealth Bank of Australia

The Commonwealth Bank of Australia (ASX:CBA) is one of Australia’s leading providers of personal banking, business and institutional banking and share broking services. With more than 15 million customers and a history spanning more than a century, the Group’s purpose is to improve the financial wellbeing of its customers and communities. The Commonwealth Bank is Australia’s leader in digital banking and maintains the largest branch network across the country. Headquartered in Sydney, Australia, the Bank operates brands including Bankwest in Australia and ASB in New Zealand. For more information on Commonwealth Bank, visit www.commbank.com.au.


About Unloan

Unloan is a new kind of home loan built for a digital world. We believe home loans should be easy to get and easier to live with. That’s why we built a home loan with a low variable rate, an increasing discount^, and an easy online application. For more information visit www.unloan.com.au

Nano digital home loans extends its 10-minute home loan product to help homebuyers avoid the stress and anxiety of the lengthy finance process

Over 70% said their lender took over a week to grant them home loan approval citing “too much paperwork” and “slow response times” as the key reasons for the delay 

  • Meanwhile, time in market for properties nationally has dropped from a median 33 days in  early 2021 to 28 days in May 2022 – after reaching an all-time low of 20 days in November  2021, meaning 20% – 30% risked missing out on a property because their lender was too slow 
  • 1 in 5 Australian borrowers missed out on their property due to a delay in securing finance,  causing them stress and anxiety 
  • Nano’s new digital home loan solution provides full loan approval (bypassing the need for pre approval), in a sub 10 minutes 

SYDNEY, AUSTRALIA, 14 June 2022: Australia’s first truly end-to-end digital home loan lender Nano is disrupting the $2 trillion Australian mortgage market by extending its product suite to help  home buyers and property investors navigate Australia’s complex housing market, with fast upfront  full approval, not pre-approval. 

According to the latest Australian homeowner research by Nano1, over 70% said their lender took  over a week to approve their home loan, while 1 in 5 stated it took over 3 weeks, citing “too much  paperwork” and “slow response times” as key reasons for the delay.  

The research also found that 1 in 5 Australian homeowners actually missed out on a property due to  a delay in financing, sometimes even more than once – leaving them “angry” and “disappointed”.  

This comes as a report published by CoreLogic showed that Australian properties were selling at  their fastest rate in almost two decades, as the median time on market dropped to an all-time low of  20 days in November 2021 and has increased to 28 days in May 2022. This is still well below the  rolling national 5-year average that peaked at almost 45 days on market.  

According to Andrew Walker, co-founder and CEO of Nano digital home loans: “traditional lenders  slow approval times add an unnecessary layer of anxiety to an already complex process. When you  combine this with a fast-moving property market, it makes an already stressful process even more  daunting. 

1 Consumer research commissioned by Nano and Pureprofile in April 2022 of over 1000 Australians aged 30+ who  have purchased a residential property in the past 5 years with a total household income of over $100,000 

“If we compare home loan approval times to the median days’ properties spend in market, 20% to  30% of borrowers are at risk of missing out. 

“Unnecessary paperwork and manual credit-underwriting slow things down, and it’s at this point that  home buyers start to feel the stress and anxiety that comes with waiting for their loan to be approved.” 

Today, Nano gives potential home buyers the ability to secure full approval in minutes not weeks.  Their digital end-to-end home loan is not an online application, it’s a digital decision engine that  delivers an answer in real time.  

Their proprietary automated decision engine checks each borrower’s credit history, serviceability, and identity, as well as completing a digital property valuation, so full upfront approval can be  achieved in minutes, not weeks.  

“Our record time for full approval is sub 10 minutes, making it the fastest loan approval in Australia,  if not in the world.  

“We’re using technology to innovate so we can give borrowers confidence and peace of mind when  buying a property’ added Mr Walker.  

The recently launched product enables approved home buyers to borrow up to $2.5 million or 80%  of the valuation with terms out to 30 years at a competitive loan rate from just 2.24% per annum. 

This follows from Nano’s success of saving Australian’s over $65 million in interest since launching  their refinance product in June 2021.  

Australian home buyers have a ‘fear of no approval’ 

For more than half (56%) of Australian borrowers the lengthy home loan approval process starts with  pre-approval, with 94% believing it gave them the confidence that their loan would be approved faster.  

However, despite having pre-approval, 1 in 5 missed out on a property due to a delay in securing  financing and for 1 in 10 that happened more than once.  

According to Mr Walker, ‘pre-approval is still considered an important first step for many buyers,  however it comes as no surprise, that the confidence pre-approval gives buyers is short lived, as pre approval is not full approval. 

“Our research shows that 33% of borrowers worried they would lose their deposit. Like one of our  recent customers who came to us after his lender of 25 years said he had no chance of getting  approved in time to meet his 21-day settlement clause. The fastest they could do was 46 business  days, despite already having pre-approval.  

“We can give buyers the confidence to purchase fast with full home loan approval in sub 10 minutes,  bypassing the need for a pre-approval. Speed and ‘time to yes’ is the new battleground in lending,  and we’re leading the way,” he added. 

With their new offering, Nano customers have the additional flexibility of being able to get more than  one loan and use equity from another property as cross collateral. 

Nano also offers a low rate, fee free, full feature home loan at no extra cost. Every home loan comes  with the added benefit of a free offset sub-account – which typically comes at an additional cost with other lenders.  

“Our goal at Nano is to enable buyers to bid, offer and buy with confidence, so the home loan approval  process doesn’t cause buyers to miss out on their dream property or risk losing their deposit.  

“In the end, it’s all about giving buyers flexibility, transparency, and confidence for one of the biggest  investments in their lives” concluded Mr Walker. 


Media enquiries:  

Louise Priddle 

Honner 

+61 458 751 023 

louise@honner.com.au 


About Nano digital home loans  

Nano digital home loans is an Australia-based financial technology company licensed to provide loans  under the National Consumer Credit Protection Act. It employs Nano’s advanced data and innovative  digital technologies to offer consumers better financial services exemplified by simplicity, fairness and  innovation. Nano Digital Home Loans is provided by Digital Mortgage Solutions Pty Ltd and has an  Australian Credit Licence (ACL) 511406, meaning the business can provide lending products.  www.nano.com.au

LAB Group Integrates with Praemium to Deliver Secure Onboarding and Improve User Experience, with First Use at Marcus Today

Australia’s most connected account opening platform provider, LAB Group (“LAB” or “the Company”), is pleased to announce that it has delivered a new integration via partnership with Praemium Ltd (ASX: PPS) (“Praemium”), which will simplify digital client management for users of Praemium’s platform.

Praemium (ASX: PPS) is a leader in the provision of technology platforms for managed accounts, investment administration and reporting. Praemium services more than 300,000 investor accounts covering over $260 billion in funds for more than 1,000 financial institutions and intermediaries, including some of the world’s largest financial institutions. This strategic integration between LAB Group’s KYC and onboarding platform and Premium’s platform technology creates efficiencies for the users of both systems by further enhancing the connectivity and the automated data flow of both platforms.

Financial planners and advisers using Praemium can now benefit from LAB Group’s unprecedented and comprehensive oversight of the new client application process.

Marcus Today, a leading independent Australian stock market newsletter and provider of Separately Managed Accounts (SMAs) who uses Praemium’s platform technology to administer its clients SMAs was seeking an integration to facilitate their non-advised clients onboarding and LAB Group was the preferred solution to automate, enhance and gain insights into its clients onboarding process.

Marcus Today founder and director, Marcus Padley, said:

“We are delighted by the impact LAB Group has had on our operations. Its platform has transformed how onboarding is managed within Marcus Today and has measurably improved our user experience.

“Building on our history together, we couldn’t be happier to now see LAB and Praemium integrate, as this will streamline the user experience further for all of our investors. We have long viewed this integration as a key part of our strategic journey and are glad to report it is now working as planned, providing us with immediate insight into our new clients’ onboarding journey. LAB Group has proven itself to be a strong partner to Marcus Today and the market leader in secure onboarding.”

Nick Boudrie, CEO of LAB Group, said:

“Through our new partnership with Praemium, we are excited to deliver another integration for our digital onboarding platform. With Praemium an increasingly strong independent wealth technology platform provider in Australia, we see immediate potential to expand the scope of this integration to LAB clients around the globe.

“As the most connected digital onboarding platform in Australia, we are firmly committed to the rapid expansion of strategic integrations like this with Praemium, to continue enhancing our client’s product origination, distribution and fulfilment through the LAB Network.

“We remain committed to maintaining our advantage as Australia’s most connected digital onboarding platform. As our network continues to strengthen across financial services and other industries, we look forward to building out more upstream and downstream connectivity as we work toward our strategic goal of leadership in data automation across our chosen markets.”


About LAB Group Services Pty Ltd

Where welcome onboard begins.

LAB is a RegTech providing an innovative KYC & Onboarding platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory needs whilst saving time and resources by providing a high degree of automation for account creation and customer lifecycle management using remediation and ongoing customer due diligence processes.

The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings.

Connect to more people in more places.

Connect into the LAB Network that leverages strategic partnerships and integrations to enhance product origination and distribution.

Hundreds of regulated entities around the globe connect through the LAB Network to accelerate customer registration, reduce onboarding time, increase security, and achieve higher completion rates.

The leaders in secure onboarding.

LAB’s continually advancing platform empowers our businesses to stay ahead of rapidly changing compliance regulations and evolving customer experience expectations.

Our Software-as-a-Service (SaaS) platform provides a fully compliant, end-to-end, multi product digital onboarding process. LAB seamlessly connects digital client acquisition, ID verification, biometrics, workflow management, fraud protection and compliance services on a single platform.

Become part of the most connected digital onboarding platform.

With LAB’s unmatched connectivity, we get you to market sooner through our sector-agnostic integrations and transformational data automation.

Discover more at  https://labgroup.com.au/


For all media enquiries please contact Tim Dohrmann, NWR Communications

Phone:  +61 468 420 846

Email: tim@nwrcommunications.com.au

https://nwrcommunications.com/

Western Union integrates Mambu into its new digital bank platform

Mambu, the cloud banking platform, has teamed up with Western Union, a global leader in cross-border, cross-currency money movement and payments, to integrate its solution into the latter’s next generation real time multi-currency digital wallet and digital banking platform in Europe.

Mambu will enable Western Union to extend the relationship with its customers and create a new banking experience. With its cloud-native platform, Mambu has 70 million daily users and over 230 banks and financial institutions as customers.

Built on Mambu, Western Union’s digital banking app WU+ will bring together a range of features that make it easy to move money, manage cards and view transactions.

Mambu gives Western Union full control to deploy new banking products and services that are easy to configure and integrate with external applications. In a single, native mobile app, customers can create a new account in minutes by selecting a subscription model and start saving and spending instantly.

The new digital banking offering will help Western Union transform the transactional relationships it has with customers, into closer customer-centric connections.

Thomas Mazzaferro, Chief Data & Innovation Officer at Western Union, said: “Our ambition is to provide market-leading financial solutions to our customers. By partnering with Mambu we have built our digital banking products and services starting in Europe with Germany and Romania. The Mambu and Western Union team have come together in a truly collaborative partnership accelerating our financial service ambitions, while building a product that can scale and is cloud agnostic.”

Western Union connects millions of consumers to their families and loved ones, as well as to the world economy, across more than 200 countries and territories and in over 130 currencies.

The company has a truly diversified omni-channel offering, bridging the digital and physical worlds with a global retail agent network consisting of hundreds of thousands of locations, combined with one of the largest cross-border, person-to-person digital global networks, reaching billions of bank accounts, as well as millions of digital wallets and cards.

Eugene Danilkis, CEO and co-founder of Mambu, commented: “The industry has reached a tipping point for cloud adoption. Large financial institutions have started a global trend of moving to cloud-native, nimble tech stacks and are becoming part of the ecosystem. Western Union adopted the cloud because they recognised that FIs of the future need to engage their customers with excellent new products. We are looking forward to seeing Western Union wow their customers with modern and secure banking services.”


Notes to Editors

For media enquiries, please contact rachel@whitehatagency.com.au


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 230 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank. www.mambu.com

Five Fintechs on Friday – 10 June, 2022

The new edition of the five fintechs on Friday is here!

But first, news from the industry…

Basiq launches Smart Payments to accelerate Australian fintech ecosystem. MyBond turns one, celebrated its first anniversary recently in Sydney. Currencycloud gains ASIC licence to operate in Australia. Change Financial bolsters card capabilities for New Zealand mutuals.

 

Below are five fintechs to know about this fortnight!

Kraken

Kraken is one of the world’s largest global digital asset platforms and a leader in euro volume and liquidity. Globally, Kraken’s client base trades more than 100 digital assets and 7 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF and AUD. Kraken, now 3,000 employees, was founded in 2011 and was one of the first exchanges to offer spot trading with margin, parachain auctions, staking, regulated derivatives and index services. Kraken is trusted by over 8 million traders and institutions around the world and offers professional, round-the-clock online support.

APLYiD

APLYiD‘s new Digital Verification Of Identity (VOI) product uses ARNECC’s identity document requirements as the parameters for ID verification. APLYiD VOI is completed on a mobile device in under 3 minutes making the process seamless for customers throughout the home loan process and can capture documents like: driver’s licence, passport, medicare card, and name change certificate to assist in meeting regulatory requirements for lenders.

APLYiD’s leading biometric and document tampering technology can give you the confidence to know that the person making the application is who they say they are and their documents have not been falsified – while also accessing government data and other trusted sources to give the most complete, secure ID document verification in the world.

For a demonstration please get in touch with the team via www.aplyid.com

Azupay

Azupay are specialists in real-time payments and the first to offer an Australian made consumer-to-business payment solution using the New Payments Platform (NPP) and PayID. We provide a fast, efficient and cost-effective way for Australians to pay and get paid in real-time, 24/7, 365 days a year. With Azupay, we make sure your payments are faster, safer and smarter. Website: https://azupay.com.au/

oneZero

oneZero develops multi-asset class enterprise trading technology for retail brokers, institutional brokers, banks and liquidity providers. We offer a liquidity neutral solution for trading technology, distribution and analytics. Our technology handles $100B+ ADV, 6M+ transactions/day, and billions of quotes/day.

oneZero was founded in 2009 by Andrew Ralich and Jesse Johnson. Headquartered in Boston, Massachusetts, we have 120+ global employees delivering superior results for 200+ customers. We have development and operations centers in Asia, Australia, Europe, North America and the United Kingdom. oneZero is backed by a top-tier growth private equity firm, Lovell Minnick Partners.

InDebted

InDebted is changing the world of consumer debt recovery for good.

We’re a global digital debt collection solution with the world’s most intelligent, customer centric collections platform. Using data science and digital communication, InDebted has built a scalable product that delivers tailored messaging and personalised support to produce exceptional customer experiences and optimal recoveries. We are focused on the financial health and wellbeing of customers, taking an empathetic and understanding approach to supporting their debt free journey.

InDebted was founded in Australia in 2016 by our CEO/Founder, Josh Foreman. Fast forward to today, and InDebted has completed three funding rounds totalling $50 million AUD, we’ve grown to a team of over 250 people living and working in 11 countries around the world, and we’re operational in five markets (with many more to come soon).

Check out our previous issues here

Change Financial bolsters card capabilities for New Zealand mutuals

  • Change is powering card capabilities in the underserviced New Zealand market,  providing mutuals greater access to digital and card payment solutions. 
  • More than 35,000 debit cards across four programs will be issued on the Mastercard  network and processed through Change’s Vertexon platform.
  • The announcement comes as New Zealand’s e-commerce market is projected to grow by  38% before 2025.

Australian based global fintech and Payments as a Service (PaaS) provider, Change Financial (Change), announced it has partnered with fellow fintech solutions provider Finzsoft to sign agreements with four New Zealand mutuals to offer direct issuing, processing, and card management solutions via its Vertexon platform. This partnership makes card payment solutions more accessible to the underserviced New Zealand payments space.

The instant issuance of digital cards and integrated cardholder API software are not widely accessible in the New Zealand market and First Credit Union, Nelson Building Society, Westforce Credit Union and Police Credit Union will leverage these technologies using Change’s Vertexon platform to improve efficiency and the overall user experience.

This follows Change’s recent partnership announcement with Mastercard, enabling them to deliver direct issuing capabilities for their Australian and New Zealand clients. More than 35,000 debit cards will be issued on the Mastercard network and processed through Change’s Vertexon platform.

Demand for digital and physical card payments capabilities in New Zealand is set to rise as their e-commerce market is projected to grow 38 percent between now and 2025, reaching $8.8 billion (USD), according to the March 2022 Global Payments Report. In addition to this, the report reveals buy now, pay later (BNPL) is the fastest growing online payment method and is set to account for 17 percent of e-commerce transaction value by 2025.

Change CEO and Managing Director, Alastair Wilkie said, businesses and consumers across New Zealand currently have limited access to contemporary card technologies and this partnership will expand available opportunities to advance the market overall.

“Change is among the first to offer digital wallets and modern payment solutions in New Zealand. Our landmark partnership with Finzsoft will address a clear shortcoming in the market by expanding the availability of card solutions outside of the major bank providers,” Mr Wilkie said.

Credit unions and traditional finance lenders are turning to alternative card providers, outside of the major banks for fast, reliable, and well-integrated exchanges. “By expanding this section of the market, businesses and consumers will have greater access to modern products and services,” Mr Wilkie remarked.

The instant issuance of digital cards will be available for consumers at launch and Change is already investigating opportunities to add Apple Pay, Google Pay and buy now pay later (BNPL) capabilities.

“BNPL is projected to be the fastest growing e-commerce payment platform before 2025.  Change can offer BNPL as a value added feature, and by increasing consumer access to digital cards and payment solutions, we are creating equity in the market while rivalling the services offered by major banks and traditional card lenders,” Mr Wilkie concluded.

Change will partner with Finzsoft, who will deliver core banking and mobile banking apps to the four mutuals.

Finzsoft Chief Executive, Helen Hatchard noted, “The partnership will allow these credit unions to offer a modern digital payment experience to their members and allow them to strongly compete with major banks and fintechs.

We are excited to be partnering with Change once again to deliver digital transactions for accounts, lending and cards.

Change’s payments experience, product roadmap and strong New Zealand presence will create a truly modern and innovative digital experience for members,” Ms Hatchard said.

First Credit Union General Manager, Simon Scott said, “By accessing Change’s Vertexon PaaS, Mastercard issuing and card holder API systems, we can provide modern card features that rival the major banks and fintechs.”

Nelson Building Society CEO, Tony Cadigan said, “Change’s digital payment features, and services will enable us to develop new payment products to retain and attract new clients.”

Westforce Credit Union General Manager, Victor Martick said, “This partnership will benefit our members by providing modern card features.”

Police Credit Union CEO, Craig Pomare said, “Digital payments are now an essential part of the global economy, so we are excited to work with Change and Finzsoft to co-develop innovative card products for our members.”

According to the third edition of Prime Time for Real Time 2022, published by ACI Worldwide, (NASDAQ: ACIW), in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research, Australia and New Zealand are looking to a new era of real-time payments with a renewed sense of urgency and need to modernise to stay competitive.


For media enquiries:

Jared Wright

change@honner.com.au

+61 411 690 221


About Change Financial Limited

Change Financial (Change) is an experienced global fintech, listed on the Australian Securities Exchange (ASX) providing tailored payment solutions, card issuing and testing to banks and fintechs. Partnering with over 154 clients across 41 countries, Change delivers simple, flexible, and fast-to-market payment solutions.

Managing and processing over 16 million credit, debit, and prepaid cards worldwide, Change also provides the default standard for payments testing for many Australian companies, including Australia’s domestic card payment service eftpos.

Learn more about Change at www.changefinancial.com

Over two thirds of Australians don’t believe they’ll ever be ‘wealthy’

…But men are twice as likely than women to believe they will be wealthy in their lifetimes.

Amid rising interest rates, surging inflation pushing already increasing cost of living pressures, and a housing affordability crisis, Australians are pessimistic that they’ll ever be wealthy. YouGov research commissioned by crypto wealth platform Dacxi has found that only 27% of Australians believe they will ever meet their own definition of ‘wealthy’ in their lifetime if they remain in this country. 

Men are almost twice as likely as women to believe that they’ll be wealthy in their lifetimes, while women are significantly more pessimistic about the state of their finances. Of course, how Australians define what “being wealthy” means differs greatly. Two in five (40%) Australian adults defined it as earning over $150,000 per year after tax, while over one in three (36%) define wealthy as having a net worth over $1 million. Meanwhile, nearly a quarter (23%) categorised it as owning a home outright. 

The pessimism shown is closely tied to how people perceive the best ways of growing wealth, with two of the three best indicators being out of reach for many. The best indicator of ability to grow wealth was found to be family wealth and inheritances, with 24% of Australians agreeing. This was followed by having a high performing investment strategy (23%) and outright property ownership (18%). Not surprisingly, those who defined ‘wealthy’ as outright home ownership (22%) are more likely to say the best indicator of Australians ability to grow their wealth is outright property ownership. Down the lower end of the spectrum, a lowly 5% of Australians believe that having a financial planner is the best indicator of ability to grow wealth.

Dacxi CEO, Ian Lowe, said: “It would be unfair to say Australians have given up entirely on being wealthy, but many are having to readjust expectations for what their retirements might look like based on how previous generations have lived past the age of 65. What’s clear is that the impact of generational wealth is becoming more stark, and that Australians who aren’t waiting for an inheritance and who aren’t already in the property market don’t have a lot of hope of attaining wealth in their lifetime.”

Overall women are also more pessimistic than men according to a multitude of metrics to come out of the study. One in two workers expect a pay raise in the next 12 months, but only 44% of women do. 92% of Australians are concerned about high inflation, but women are more likely to be concerned about high inflation than men (95% compared to 88%). The survey found that men take more risks with their asset choices too, and are more likely than women to invest in Australian stocks/shares (38% compared to 28%), precious metals (19% compared to 14%), International stocks/shares (19% compared to 12%) and cryptocurrency (15% compared to 10%).

Lowe continued: “The best performing assets of the last decade have been the more volatile ones, like cryptocurrency and stocks/shares. With Australian men more likely to choose these assets over women, we can explain a lot of the gap in confidence to become wealthy between men and women in their asset choices. But, with interest rate hikes and inflation ahead, perhaps this trend will reverse and in ten years we’ll be talking about why women have done so well with their more conservative investment strategies. Ultimately, the big advantage younger generations have is that they can purchase digital or tokenised versions of physical assets like gold and silver as easily as they can a cryptocurrency. Over the long term (multiple decades), diversified portfolios fair best, and it’s never been cheaper or easier to buy and manage one yourself.”

As debate continues to rage around use of and access to superannuation, there is significant concern around the ability of super in Australia to allow for a comfortable retirement. Only 29% of Australians under 65 say they would be able to retire comfortably on their superannuation by the age of 65, while 54% believe they will NEVER be able to rely on their superannuation to retire comfortably. The Association of Superannuation Funds of Australia (ASFA)’s estimate of annual expenses for a couple retiring comfortably at 65 is $64,771 a year (if you own your own home).

Concerningly, only two in three (66%) of Aussie adults are aware of how much money is in their superannuation fund. 12% admit they do not know how much they have and don’t check regularly, while 22% of Australians say they do not currently have a superannuation fund that they are aware of. Gen Z’s with a superannuation fund (29%) are more likely to not check their superannuation regularly and be unaware of how much they have, compared to Millennials (18%), Gen X (10%) and Baby Boomers (6%) with a super. 

Despite all of this, superannuation companies seem to be doing a good job with their PR. Among Australians with a superannuation fund, seven in ten (68%) are happy with their fund’s performance, with one in five (20%) very happy. Unsurprisingly, Australians who believe they will be wealthy in their lifetime are most likely to be happy with their super fund’s performance than those who do not believe so (86% compared to 58%). 

28% of Australians said that, if they had $10k to passively hold for the next 10 years, they’d invest it in their super or a term deposit respectively. One in three Australians (33%) claim they would invest $10K in Australian stocks/shares, one in four (25%) who said they would look to invest in property (e.g., REIT), and over one in six (17%) would invest in precious metals (e.g., Gold/Silver).

Lowe said: “Australians are rightly concerned about the ability of their superannuation to deliver a comfortable retirement, particularly by the age of 65. There is also a clear trend of disengagement with superannuation, particularly among younger Australians, but also across the board – as people look for alternative options for long term investing to deliver on returns for their retirement.


About Dacxi

Dacxi is a global technology company that empowers everyday investors to participate in the growing digital assets market. Its purpose-built platform provides access to a curated set of digital assets and asset classes, allowing investors to quickly and easily build and manage their investment portfolio. Dacxi is a global organisation with operations in Australia, New Zealand, UK, Europe, Brazil and Singapore.


Research Methodology: 

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 1030 adults. Fieldwork was undertaken between 23rd – 25th May 2022. The survey was carried out online. The figures have been weighted and are representative of all Australian adults (aged 18+).


For more information contact:

Zanda Wilson

Media & Capital Partners for Dacxi

zanda.wilson@mcpartners.com.au

+61 411 066 554

Basiq launches Smart Payments to accelerate Australian fintech ecosystem

Basiq has today announced an Australian first as it launches Smart Payments, integrating access to financial data with payment services on the Basiq platform. With a proven record in accessing financial data, the addition of payment services will enable both read and write services to be possible on the Basiq platform as Open Finance continues to evolve. This will help supercharge Fintechs as they accelerate the launch of new services in the market. 

Combining data and payments on the Basiq platform will address many challenges that Fintechs face. When on-boarding a consumer for payments services, Fintechs often need to conduct bank account verification to ensure it is the right owner, along with the correct bank account details (account number and BSB) to minimise errors. Other challenges include optimising the process of collecting two sets of consent from a consumer (one for data access and one for payments) and checking there are sufficient funds ahead of making a payment. 

Having upgraded its platform earlier this year with Basiq 3.0 to provide access to Open Banking data as well as data from non-CDR sources, the platform has now grown to provide payment services. Accessing financial data (read access) and executing payments (write access) are core services that Fintechs need to successfully launch their product to market. The ability to do this using a single platform saves time & money and enables Fintechs to focus on creating value for their end users. 

“We’ve been working closely with Fintechs in the market and the ability to have data and payments on the one platform is a problem that hasn’t been solved. Bringing these services together on the Basiq platform helps streamline payments, reduce fraud, and generate unique insights to deliver engaging customer experiences. It will speed up the time it takes a Fintech to build and launch their service to market, something we are really focussed on achieving” says Damir Cuca, CEO and founder of Basiq

The underlying payment execution on the Basiq platform will be powered by Zepto, an API led payments innovator. Damir Cuca said, “Payments are a very complex area and working with Zepto to power the payment execution is a great fit. Basiq’s focus is on Smart Payments, leveraging our years of experience in working with financial data and integrating payment services with this to deliver unique value and insights.” 

Chris Jewell, Zepto CEO said, “Our vision supports a global embedded payment ecosystem powered by real-time payments and informed and initiated by an open data framework. Against this backdrop our partnership with Basiq is underpinned by our mutual commitment to deliver best-in-class product offerings. It’s exciting to be partnering with Basiq in this space, and we look forward to powering their payment products and features.” 

Accessing financial data and executing payments has often meant the use of two different providers. Apart from two separate integrations and two consent management flows, there is a lack of context in knowing a consumer’s financial situation when payments are executed. One of the common challenges in payments is around failed payments. Issues such as incorrect bank account details due to manual errors and insufficient funds executing a payment occur on a regular basis. This often leads to a bad customer experience and in some cases, fees for businesses and/or consumers. Using data and payments together on the Basiq platform means these issues can be eliminated altogether, a win-win for both businesses and consumers.

Basiq also announced that it will continue to evolve Smart Payments with Payment orchestration services to be made available later this year. These services provide Fintechs with the ability to leverage insights from consumer’s financial data to gain context on how and when to make a payment. For example, knowing when a person’s salary has arrived in their bank account and with the consent of the consumer, automatically moving 10% of this into an investment account; or knowing not to execute a direct debit payment if there are insufficient funds. What this means is that Fintechs can still use the Basiq platform to access these insights and workflows, but continue using their existing provider to execute the actual payment. 


About Basiq 

At Basiq, our vision is to Make Finance Easy. Finance is complex and it can be hard for consumers to make informed financial decisions. We see a world where consumers are empowered to make smarter financial decisions and to engage with their finances in new and unique ways. 

Basiq enables this by providing an Open Finance API platform for businesses to build innovative financial solutions. Our customers include the fastest-growing fintechs and banks in the region. As the building blocks of financial services, the platform facilitates the relationship between fintechs and consumers by providing access to consented financial data with the tools to uncover valuable insights and take action.

Australia lagging on uptake of ‘green finance’ solutions, however 60% of consumers want their bank to become more sustainable

  • Globally, over two thirds of consumers want their bank or financial institution to become more sustainable in the future
  • Progress has been relatively slow in Australia and New Zealand to date – just 12% of consumers have banked with a sustainable financial institution or made use of sustainable banking products or services
  • More than half of consumers surveyed in Australia and New Zealand believe their current bank is guilty of ‘greenwashing’

While around 60% of Australian and New Zealand consumers want their bank or financial institution to become more sustainable in the future, just 12% knowingly bank with a sustainable bank or make use of sustainable banking products and services, according to a new report from cloud banking platform Mambu.

The Is the grass greener on the sustainable side? report surveyed over 6,000 consumers globally, including more than 500 in Australia and New Zealand, on their attitudes to green finance. It reveals that, while the majority are in favour of greener financial options, with more than one third (34%) of consumers in Australia and New Zealand stating access to green financial services has become more important over the last five years, many have little trust in the industry’s sustainability credentials, with more than half (57%) stating they believe that their current financial institution is guilty of ‘greenwashing’.

There’s also confusion around exactly what green finance means, with over a third (35%) of global consumers not fully understanding the difference between ‘green finance’ (a product that has been designed to protect the environment or to manage the impacts of finance and investments on the environment) and ‘ethical finance’ (finance which takes into account not only financial returns but also environmental, social and governance factors) indicating a need for greater education and communication within the industry. Respondents from Australia and New Zealand accounted for the second lowest percentage globally in terms of their understanding of ethical and green finance, with just 25% having heard of either term.

Adoption of green finance is far from mainstream. Just over one quarter (26%) of consumers globally have knowingly made use of a sustainable banking product or service. But, of those that have, the vast majority (84%) were more satisfied with these services than traditional banking products. In Australia and New Zealand, just 12% of consumers surveyed had made use of a sustainable banking product or service, however as with the global respondents, satisfaction was high for those consumers that did (76%).

The survey also shows that consumers want to have greater power in holding banks to account. 58% would like more control over how and where their money is invested, in order to align with their personal values, and 55% would like a say on the types of green financial products and services their financial institution develops in future.

Anna Krotova, Director of Sustainability at Mambu, said: “Our research shows that consumers are increasingly looking for ways to make greener financial decisions, but remain sceptical about how strongly banks are committed to the sustainability agenda. They want to play a more active role in making green finance the future of finance, and there’s a huge opportunity for forward-thinking players to get ahead in this transition. Mambu empowers financial institutions to do just that and build sustainable financial products quickly and cost-effectively to meet consumer demands.”

Paul Apolony, General Manager Australia and New Zealand at Mambu, said: “In Australia, in particular, we are seeing an incremental change in focus towards greener products and services from a number of banks and financial institutions. The new Albanese government’s climate policies are also placing a greater focus on this area, so we expect to see changes start to happen more quickly. However, this research shows that more education is needed to help consumers understand what green or ethical finance actually means, and how it can benefit individuals and society as a whole. The fintech industry also has an important role to play in building the credibility of sustainable finance solutions, which we at Mambu take very seriously.”

When it comes to the most in-demand green financial products, global consumers cite sustainable credit and debit cards (45%); green savings accounts and bonds (42%); green loans (31%) and green mortgages (31%) among the offerings they’d most like to see.

The findings also demonstrate the green finance opportunity for banks globally, with 49% of consumers saying they would consider switching to a provider with a stronger commitment to sustainability.

To read the full report, please visit https://mambu.com/insights/reports/disruption-diaries-green-banking.


Notes to editors

For all media enquiries, please contact rachel@whitehatagency.com.au


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, including sustainable products and services, for banks of all sizes, lenders, fintechs, retailers, telcos and more. A 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 200 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.

www.mambu.com

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