Investors back Cashwerkz with $5million capital raise Investors have backed Cashwerkz despite the current market conditions, as the team are…
Written by Matt Kirk Published: May 6 2020 Investments
A recent online report lists over 20 trends and specific new products in Australian financial services representing innovation through advancing technology.
You have likely heard the noise for many of these trends and services – they’re frequent news topics. Some examples popping up most frequently are:
Conspicuous by its absence are ‘aggregations platforms’ for deposits – like Cashwerkz. By aggregating both investors and deposit institutions onto a single market place allows both parties to see benefits. This is a similar trend to other areas of the economy – think airline tickets.
By traditionally relying on only one or two banks, consumers may not be immediately aware of the platform’s full benefits. Trying to maintain deposit accounts at more than a few institutions is extremely cumbersome due to the customer identification processes required for banks to prevent money laundering. And the application process – too many questions and too confusing!
A secure online platform makes interacting with a large range of institutions possible – the hard work is taken out of your hands. From a banks perspective it also reduces the time needed to process investment applications leading either to higher profits and/ or increased deposit rates for customers.
While not drawing as much attention as some of the innovations exciting the media, the Cashwerkz platform has a big advantage. The benefits described don’t rely on mass adoption or a large change in market behaviour. They are available today.
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