Banking
Open Banking is here. It’s not scary, and it could save you money. I asked my 72-year-old Dad what he thought Open Banking was. With a daughter deep in the fintech industry, you would hope he’d know a thing or two about dollars and cents. Despite his enthusiasm for the topic, he thought Open Banking […]
ANZ today launched a new digital lending platform to provide a conditional $200,000 to small businesses in unsecured lending in as little as 20 minutes if they share their Accounting Software Platform. Developed in partnership with DemystData – an external data marketplace – ANZ Online Business Lending syncs with Accounting Software Platforms (ASPs) Xero, QuickBooks […]
Setting up a small business can be an exciting yet daunting experience. By the time you actually launch your business you have likely experienced a lot of uncharted waters, sleepless nights, caffeine highs and are generally left questioning your overall sanity. Trust me I know. In 2008 my brother and I started our business, Credit […]
Today we posed the question of competition, and whether the big financial institutions can survive without Fintech or not. We know that competition in the banking landscape is very low, with the big 4 still holding most of the power in the market. It’s been a subject that we have discussed a lot at Dynamic […]
Consumer confidence fell last week as Australians’ perception of the economy at large took a sharp negative turn following the central bank’s decision not to cut the cash rate, ANZ analysts say. The ANZ-Roy Morgan Australian Consumer Confidence index slid by 2.1 per cent from the previous week, with the “time to buy a household […]
Prime Minister Scott Morrison won’t be drawn on a possible interest rate cut by the Reserve Bank, saying any reduction is a decision for the independent central bank. Financial markets see an increased likelihood of a cut in the 1.5 per cent cash rate after inflation figures released this week showed the annual rate unexpectedly […]
Around 9 out of 10 Australian SMEs are frustrated about their business funding, naming onerous loan conditions, having to provide property security and a lack of flexibility as their major concerns. These are the findings of the latest SME Growth Index, conducted independently by banking market analysts East & Partners, on behalf of national working capital […]
Byline: Todd Handcock, President, Asia Pacific, Collinson Banks are facing increasing pressure to grow their business in the era of digital disruption and open innovation. Profound changes in consumer behaviour, technological innovations, the availability of a massive amount of data and the connected lifestyle of customers have led to a blurring of industry boundaries. Today’s consumers […]
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 […]
INVESTORS now have an opportunity to indirectly invest in cryptocurrency assets following today’s launch of the Helio Secured Income Fund – a regulated Managed Investment Scheme with an Australian Financial Services Licence. The new arm of Helio Lending is an Australian, unregistered, open-ended unit trust open to Wholesale Clients with a minimum investment of $50,000. […]
The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]
Due to the ‘gigantic profits’ banks derive from processing the ‘lion’s share’ of home loans in Australia, traditional lenders haven’t had a compelling case for servicing small businesses – rejecting around 50% of their loan requests, according to Simon Isaacs, founder and CEO of fintech startup ebroker. “Banks can lend $62.50 for every dollar* of their […]
National Australia Bank’s decision to introduce shorter, plain English loan contracts for small business borrowers has been welcomed by the Australian Small Business and Family Enterprise Ombudsman. According to the bank, more than 130,000 business owners will benefit from the complete overhaul of its existing business standard loan form contract, which involved simplifying contractual clauses, […]
The Commonwealth Bank has introduced a Real-time Alerts feature for their Business Transaction Accounts following a new study that revealed small businesses spend more 10 days a year managing finances. According to the survey of over 500 small business decision makers, 75 per cent of the time spent included tasks such as chasing payments, scheduling […]
Increased competition between the major banks on new lending following the global financial crisis is opening up a new opportunity for stable businesses seeking access to finance.
One of the keys to shake-up your business in the new financial year is to keep your records up to date. Doing this increases your business’ value, provides easier access to finance and allows a better insight into how you are performing. Business policy advisor at CPA Australia, Gavan Ord, told Dynamic Business that too […]
One of the most common issues faced by small businesses is keeping control of the businesses finances and ensuring that the business continues to be profitable.
Businesses enter into loan agreements on a regular basis, but it’s crucial that that you review any loan agreement you sign off on.
The federal government’s Super Clearing House has marked a $1 billion milestone making payments on behalf of small business.
