FinTech or FinOvate

Fintech or Financial Technology is the term used to describe technical solutions that make financial services more efficient and more personal.

Like it or not, and more to the point, whether we are aware of it or not, technology is paramount across all we do.  In the financial sector in particular, the rapid development, innovation and acceptance by client’s of technology is intended to make our lives easier, however it’s hard to keep up and rather than simplify, sometimes it seems to complicate things even more.

We spoke with Glen Kotopoulos, Cashwerkz Head of Sales, on Fintech – why, where and how it works for you.

The word ‘Fintech’ – isn’t this simply a pop culture buzzword?
Glen disagrees and confirms the phrase is here for the long term.  However he prefers to use the word FinOvate.
He explains this as ‘taking what we do everyday, identifying and removing the complications to re-invent a new methodology to increase efficiency.’ The ultimate goal – to improve client experience by unravelling and removing the complexities to deliver a service.
It’s re-shaping the way we do business by providing 24/7 access to technologies to re-assign parts of the process to automation, partnering this with human touch.

How does it work for me?
Aren’t we all looking for efficiencies that make life easier and give us what we want at the click of a button – it’s all about efficient use of our time.

Glen confirms that our 24/7 experiences with technology not only relate to the obvious time-saving, we are also looking for:

  • Transparency – we can see what we have and what we are doing;
  • Trust – we know who are dealing with and the security they will look after us;
  • Innovation – ongoing development to provide continual improvements that provide a benefit.

Plus one more important piece that is often misrepresented – the human element – that ‘value add’ of a voice at the end of the phone providing help and assistance that can’t be automated or built into a process.

That’s how Fintech works  – empowering through technology and engaging on a personal level for a better client experience – of course it works for you!

But how safe is it?
Glen asks, “Don’t you already provide your personal information to your bank, utilities provider, for online shopping, memberships and subscriptions?”  While some require more than simply an email address, there is an element of Fintech in all.
Financial institutions obviously hold the most ‘data’ about us so inevitably have the strongest compliance mechanisms in place and are leaders in ensuring this is kept safe, protected and used wisely and only as approved.  In addition, the finance industry as a whole is one of the most regulated – APRA/ ASIC/ ATO – the governing bodies with varying levels of responsibility and compulsory reporting in place to protect both clients and the institutions themselves.

So let’s introduce another term here – RegTech – a complement to Fintech.  We can describe this as the use of new technology to deliver regulatory requirements whilst providing an opportunity for innovation on a range of regulatory challenges.  Even ASIC  believes RegTech is a technology which has the potential to help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters.

The key, Glen says is remembering the more automation for ‘better-faster-cheaper’ client engagement and offerings, the more compliance to ensure the actions are equal to that of humans and the trust implicit in human transactions.
Taking into account what we aim to achieve through technology – not to relieve of responsibility but to provide empowerment whilst utilising the value of human engagement when required to provide clients with a secure, protected and personal experience.

Cashwerkz – how does that fit in?
Too easy, Glen confirms – Cashwerkz provides that unique Fintech offer for Term Deposits, providing innovative efficiencies and automation balanced with human touch for a great experience.  Simply Cashwerkz delivers the following:

  • Streamlined process – the hard work is taken out of your hands. Working with a growing group of term deposit providers, we manage the process for you, all you need to do is provide us with some details and leave it with us;
  • Security – all personal data provided is held securely in Australia utilising leading encryption methodologies. Further all invested funds are managed direct with the chosen term deposit provider or financial institutions, never held by the Cashwerkz platform to ensure full client protection. Combine this with a number of anti-fraud checks ensuring your funds are as safe as possible;
  • Transparency – visibility for managing and investing funds and providing the opportunity to choose your investment from a range of offers and promotional deals across a range of term deposit providers.

And anyone, anywhere and anytime can invest though our platform!
For Direct Clients, Self-Managed Super Fund Trustees and Organisations – providing a simple term deposit investment marketplace and answers the questions most clients considering a platform ask:

  • Where do I start? They all look the same!
  • Where can I find the most up-to-date and executable rates in one place?
  • Who can I trust?

For Financial Planners, Cashwerkz provides an easy solution for an investment that is necessary for a balanced portfolio and allows them to stay engaged and relevant with their clients.

Cashwerkz, together with our partners, RIM Securities and RedGate Asset Management, are continuing to FinOvate in the Fintech space by providing an easy to use marketplace containing term deposits, bonds and other income products.

Register with our online marketplace to invest your funds and become part of FinOvation.

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