Your clients may not know their cash management account (CMA) is acting as just a repository for their money, and…
Written by Katherine Sadler Published: April 12 2019 General
“There are 8,900,000 households in Australia, 97.4% of those households deal with a big bank. So, we hate the big banks, but we deal with them.”
– Paul Thomas, CEO Gateway Bank
Bank customers now have a first-in-a-lifetime opportunity to access a whole range of new ways to invest their money.
The combination of Open Banking and Artificial Intelligence could further automate and lead the way for Cashwerkz it is the key to a financial future where innovation and partnership with banks ensures everyone is a winner.
The vastly experienced Paul Thomas was one of the key speakers at a Cashwerkz Innovation Roundtable in Sydney – a high-level examination hosted by Cashwerkz CEO Hector Ortiz and featuring:
Luke Bunbury, Co-founder and Deputy CEO Volt Bank
Gustavo Quiroga, AI Leader ANZ, IBM Watson Customer Engagement
Karen Ganschow, Former GM Consumer Marketing &Strategy NAB and lecturer at Macquarie Graduate School of Management
Cashwerkz CEO Hector Ortiz said that disruption over the last five years has been one of the drivers for innovation.
Collaboration is the key even though banks traditionally shied away from it because they feared disruption. Now they’re embracing it because of the focus on customers, transparency and being nimble themselves.
Cashwerkz has an established reputation as Australia’s leading, reliable, and secure online platform for the seamless management of Term Deposits. Now it is reviewing AI to benefit its customers – investors – and the banks themselves.
Mr. Ortiz said: We want to enable consumers to be closer to the bank in a fast and transparent way so they can make better decisions as opposed to being forced to take a traditional solution, that’s been sold to them. That’s the key.”
“We solved one of the major issues – which is the know your client and the anti-money laundering requirements in an age of increasing regulatory requirements.”
“With transparency we enable consumers to search everything on term deposit rates, and with these funds are able to deliver on our commitment to support capital requirements for our banking system with an active source of funding for the banks. There’s a good match there, and through our platform we facilitate that very easily with innovation.”
Cashwerkz is working with around 41 banks on how best to provide seamless connectivity to the data they provide.
“We want to streamline the process and eliminate the paperwork for investors straight through and this we feel is a compelling investor benefit. So, there’s no reason why, if you have money in an account with the bank and you want to place it on term deposit with another bank, open banking will allow us to streamline that entire process.”
The first to embrace those competitive dynamics will be the winners, the banks and their consumers.
Bank costs are transformed– and consumers empowered with information.
As Artificial Intelligence grows that day draws steadily closer.
And as Hector Ortiz put it, there is no need to hate the big banks any more. The partnerships defining the future of Australian financial services and banking are those now taking place between the banks, and the innovators.