Promoted by Cashwerkz.
Today there are 8,900,000 households in Australia, 97.4% of those households deal with a big bank. For some of us our relationship with our bank may be via a traditional offering – credit card, mortgage and saving account. For others it may be a saving account that monitors spending via an app – and segments how you spend money, an offset mortgage account and a debit/credit card that you can control.
One thing that is on the rise however is the desire for many of us to have a deeper relationship with our bank. Consumers are looking for financial partners to help them save and build wealth. Two key areas, technology and a search for greater value, is influencing how we save and who we choose as a financial services partner.
Open banking is a once in a lifetime opportunity
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 (AI) 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.
Cashwerkz CEO Hector Ortiz said at its recent Innovation Roundtable: “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. It recently launched a powerful new At Call savings account option offering up to 2.3% interest for investors. Today Cashwerkz offers a growing range of cash investment solutions from 41 Authorised Deposit-taking Institutions (ADIs) for investors. Its popularity has helped it reach a new $2 billion milestone for funds passed through the platform, plus a $1 billion milestone for cash currently waiting to mature.
Its future innovation roadmap is secure as it reviews 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.”
Open Banking gives investors more power
Cashwerkz is working with an ever increasing list of 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, the future is based on a more open relationship between investors and financial services providers across the board. The partnerships defining the future of Australian financial services and banking are those now taking place between the banks, and the innovators.
Find out more at - https://cashwerkz.com.au/