Commonwealth Bank of Australia (CBA) has partnered with Square Peg and Zetta Venture Partners to offer new digital banking services to its 15 million customers.
The bank has pledged $10m towards both the partners for sourcing, scaling and financing local fintechs, as well as developing upcoming artificial intelligence (AI) businesses in Australia.
The move overlaps with the launch of CBA’s X15 Ventures’ fourth new venture named Backr.
Backr provides digital guidance on starting a small business through a step-by-step process.
Venture capital fund Square Peg will partner with X15 on sourcing, scaling and financing of Australian fintechs.
On the other hand, American venture capital fund Zetta Venture Partners will continue investing in AI companies in Australia.
Improving customer experience: The top objective for financial innovation
Enterprise-wide innovation is required to compete with the likes of Apple, PayPal, Quicken Loans, Monzo, and even the likes of companies like Amazon, Facebook, and Walmart, as well as other digital disruptors whose presence is seeping into virtually every industry. The urgency to respond to customer demands is getting board-level attention. IDC estimates that globally the banking industry is spending almost $120 billion annually to provide better omnichannel and payment customer experiences. The financial implications are imperative as market share slips quickly between companies during times of disruption.
Innovators in all financial sectors are taking share from their competition with ingenious operating models that achieve astounding results. The cloud is helping to leverage these operating models to transform even further. From a recent IDC survey, 66.8% of global bank executives identified that they are using the cloud to develop innovative new cloud-native apps for external facing interactions and customer experiences, which exceeds the 54.2% of other industry executives who have turned to the cloud. Source: COVID-19 Impact on Spending Survey (Survey conducted during 21st May to 28th May period), IDC, May 2020
To capitalize on their best opportunities to delight customers and provide next best actions, enterprise leaders must break down back-office and front-office barriers to ensure a new agile operating model where fluid, real-time, smart, customer-centric processes can be assembled and disassembled with alacrity. Speedy, accurate response is often the difference between disappointment and delight. IDC predicts that by 2024, 60% of capital investment typically earmarked for operational efficiency will shift to investment in operational responsiveness to the market for services and customization.
Financial sector innovators are gaining share with operating models that achieve astounding results. A consumer bank grew credit card payments by 50% in value by offering mobile ability throughout the full customer financial journey.
This analyst paper takes an in-depth look at innovative models that use new technology solutions, data, and artificial intelligence (AI) capabilities that result in:
- Decreased customer acquisition costs.
- Faster response to new opportunities.
- Faster time to market for new services.
Billtrust Unveils Business Payments Network 3.0; Announces Record Volumes & New Partnerships
Billtrust, a fintech firm focused on B2B payment cycle management, announced on Monday the launch of its Business Payments Network (BPN) 3.0, which offers support for ACH and wire. According to Billtrust, the new version gives network participants the “flexibility” to automatically transact through the modalities they prefer.
“Released to Billtrust customers this week, BPN 3.0 furthers its ability to digitize commercial transactions for participants by adding support for ACH and wire transactions. While traditional ACH and wire payments often settle without the remittance details suppliers need to apply and reconcile transactions, BPN is taking a new approach to ensuring every payment arrives with data.”
Billtrust also reported that the network, which is in collaboration with Visa, has seen a 118% increase in payments volume in the first half of 2002, compared to the first half of 2019. Visa clients including Heartland Financial USA, Inc., M&T Bank and Regions Bank have notably begun participating in BPN in the first half of 2020. While sharing more details about the network and its partners, Flint Lane, Billtrust Founder and CEO, stated:
“Digital payments from buyers can often lead to more manual work for suppliers, whether it be extracting payment details from emails and web portals, or reconciling potentially hundreds or thousands of settlements that do not carry remittance information. The organizations partnering with Billtrust and Visa that are taking advantage of BPN are truly making digital payments touchless for both buyers and suppliers.”
Kevin Phalen, global head, Visa Business Solutions, added:
“The network’s growth and its innovative features further solidifies our ability to enable financial institutions and fintech partners seeking ‘last mile’ capabilities to gain increased supplier electronic B2B payments acceptance now when the demand for digital B2B payments is more critical than before.”
Founded in 2001, Billtrust claims to be the premier provider of Payment Cycle Management, helping businesses accelerate Invoice-to-Cash. The company provides a flexible, automated invoice-to-cash solution that meets diverse buyer requirements and speeds cash application through tailored invoice delivery, secure multi-channel payment enablement, and intelligent matching and payment posting.
SoFi Launches Program to Offer $200 Towards Emergency Savings To Those Who Open An Account With SoFi Money
SoFi, one of the most successful Fintechs in the US, recently announced it has launched a program to offer $200 towards emergency savings to all who open an account with SoFi Money. According to SoFi, the program headlines a COVID-19 pandemic-relief package that also includes enhanced cash-back benefits on “quarantine-essential” purchases and services, which includes 10% back on groceries, food delivery, streaming video, and live sports channels, as well as unlimited complimentary access to career coaching and financial planning sessions.
“This program is just the latest initiative SoFi has undertaken during this national crisis to help meet the full breadth of its members financial needs. From facilitating the distribution of Paycheck Protection Program funds to providing complimentary college-planning and estate-planning tools, SoFi has been committed to being responsive to members’ needs all throughout the pandemic, to supplement an already extensive array of financial-wellness tools and live advice. Through it all, SoFi is and has been actively involved with policy leaders to find additional ways to help society at large during these challenging times.”
While sharing more details about the program, Anthony Noto, CEO of SoFi, stated:
“We have a responsibility to work tirelessly to find new ways to alleviate these financial pressures at an unprecedented time, at an urgent pace, for those who do not have the luxury of waiting for the government to extend and disburse benefits. We are here to remind our members: It is never too late to start getting your money right, and we will help you every step of the way.”
The $200 Emergency Savings vault is available to all who open an account now through August 14th, 2020.
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