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Written by Matt Kirk Published: May 6 2020 Investments
Fascinating pictures of banking as it was, is and will be in the near future have emerged at a Cashwerkz Forum on Harnessing Innovation and the Evolution of Financial Services in Sydney.
The first came from the vastly experienced banker Paul Thomas, CEO of Gateway Bank.
It was this: “When I started my banking career in 1975, it took most banks seven to ten days to approve a home loan and that was pretty good. Today, people claim to do it in five minutes.”
So far, so good. That’s progress right?
Not so fast.
This from Luke Bunbury, Co-founder and Deputy CEO of Volt Bank: “You can have an entirely paperless mortgage. We have mapped it out, we can deliver it, and it will be rapid. And the whole experience for the customer, particularly for a refinance, would be breathtakingly simple as opposed to the excruciatingly painful refinance process that some of us has been through in this room, including myself, recently.”
He added, “It shouldn’t be like that. So, using things like OCI, using things like litmus tests, DVS checks and being able to create an account for a customer in less than 60 seconds is a possibility.”
Hector Ortiz, CEO of Cashwerkz put it all in focus– based on Cashwerkz’s already established reputation as a customer-focused and progress-led innovator. The company’s customers being both investors – and the banks.
He revealed the company is surveying up to 41 banks to understand the importance of open banking – along the lines that the UK and some parts of Europe and Asia are already developing.
It could restore consumer confidence in the banking system – and allow the banks to be both nimble and shift costs as Artificial Intelligence enables more and more processes to be automated – to the benefit of all involved.
An open marketplace will create the best solutions for investors in real time because they’re able to see transparency in that market, be it equities or derivatives or over the counter-fixed interest or foreign exchange.
Mr. Ortiz said, “With innovation in a marketplace you’re able to influence both sides, both the buy side and the sell side and shower them with market transparency, choice and efficiencies.”
With open banking customers own their data and permission other providers to provide that data – in return they have greater control and freedom over how they interact with their financial services providers.
“What we’re doing is enabling the consumer to search for knowledge in terms of term deposit rates and we’re also providing funding for the banks, right? There’s a good match there, and through our platform, and with innovation we facilitate that very easily.”
The possibilities are endless and within reach: advanced advisory services, fraud detection, personal financial management, tailored and regulatory-approved recommendations and execution of product services.
Consumers are at the centre of strategy when banks and innovators accelerate collaboration.
As Hector Ortiz put it: the technology is there. It requires only the willpower.