This week we hear from two leaders on the big 4 banks, discussing whether they are becoming redundant to small business. It is becoming increasingly challenging for small and medium enterprises to secure bank finance as rejection figures are on the rise. An analysis of business loans by financial comparison site Mozo.com.au has found staying loyal to […]
The challenge of securing bank finance is seeing a growing number of small and medium enterprises (SMEs) turn to online lenders. One in four SMEs have been knocked back for bank finance Among SMEs rejected by a bank, one in three have turned to family/friends or a credit card for funding Of those SMEs that […]
Staying with a Big 4 bank could cost you $6,007 in extra interest on a $250,000 business loan over 5 years The average Big 4 business loan rate is 88 basis points higher than the average of the challenger banks The Big 4 failed to pass on the 100 basis point cut to the official […]
Entrepreneurs Mario Hasanakos and Alex Badran have revolutionised the ‘piggy bank’ with Spriggy, a banking app for families to encourage children to ‘turn pocket money into practical life lessons’. Since its launch in November 2016, Spriggy has welcomed more than 200,000 members to its Spriggy family. The app provides children with a digital piggy bank, […]
The findings of the Royal Commission into the banking and financial services sector is expected to turn the finance industry on its head with fears of interest rate rises following a ban on broker commissions. Scottish Pacific CEO Peter Langham said that adding a broker fee for service would be detrimental to small business owners […]
The brains behind QPay, a payments app for uni students, have secured $570,000 in funding to challenge banks for the millennial market. Provided to QPay by high-profile investors including Sydney Angels and the Sydney Angels Sidecar Fund 2, the funding will enable the startup to release a student-targeted QPay MasterCard. According to QPay CTO and […]
The benefits small businesses derive from a competitive financial system are being reduced by the regulators in their “quest for stability”, the Productivity Commission (PC) has found. The finding, contained in a draft PC report titled Competition in the Australian Financial System, is supported by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate […]
The Australian Government’s proposal to make it easier for digital-first challenger banks to compete against industry incumbents is could be improved, according to the peak body for fintech startups. FinTech Australia has lodged a submission with the Australian Prudential Regulation Authority (APRA) in response to its discussion paper, entitled “A phased approach to authorising new entrants to […]
The financial services industry is in the midst of a digital revolution led by fintech startups. These nimble, customer-centric companies are rapidly establishing a new status quo as they hone in on the consumer and business pain points the large incumbents have failed to address. This week, for our exclusive “Let’s talk…” feature looking at […]
Businesses risk being disrupted if they don’t create environments where people can sit in their ‘challenge sweet spot’, have freedom to express crazy ideas and feel safe to fail meaningfully, according to Dr Amantha Imber, the CEO of innovation consultancy Inventium. Prior to founding Inventium a decade ago, Imber – a 2016 inductee into the […]
