IT service management company Smartpay has raised $13 million and will use the money to strengthen its balance sheet.
Approximately 30,952,381 new fully-paid shares were issued to institutional, professional and sophisticated investors at a price of 42 cents each.
The shares are expected to settle on May 27 and then be allocated on May 28.
As well as the placement, Smartpay intends to complete a share purchase plan and while there is limited information at this point, a further announcement will be made next week.
One thing that is known is that shares will be priced the same as the placement and no brokerage fees will incur.
Smartpay will use the money raised from both the placement and share purchase plan to capitalise on growth in both Australia and New Zealand.
Funds will also be used to strengthen its balance sheet through debt reduction.
To read more, please click on the link below…
How 5G will revolutionise consumer banking
Technology has been driving changes in consumer behaviour for years. While it may be a few more years until 5G wireless technology is readily available in the UK for consumers and institutions, we are moving, albeit slowly, towards this milestone. When 5G is part of our nationwide infrastructure, it will transform products and services. Banking will inevitably follow.
For a while brands have been competing to win and retain customers on the speed, smoothness and easy of use of their services. Consumers around our digital world demand immediate gratification. 5G, with its superfast connectivity and wide reach, will aid the banking deliver on these expectations and ultimately to serve customers better.
Facilitating banks to provide their customers with flawless, lightning speed experiences and exceptional response times, 5G has the potential to revolutionise banking. More specifically, here are four ways that banks can get ahead with this technology in coming times:
Improved mobile experience
5G may reduce latency times to under one millisecond, which will provide for a true real-time mobile banking experience. Exciting and creative new mobile banking use cases, such as the ability to scan an image of an item in a catalogue or on a website for instant purchase, are no longer just cool ideas, but imminent services.
Faster and simpler payments will like make mobile and digital payments even more appealing to the masses and merchants alike, further boosting usage. It’s also probable that many standard banking operations will extend to new channels such as wearables, internet of things (IoT) devices and virtual reality (VR) devices as these become more common and more sophisticated.
To capitalise on these technologies, it’s imperative that banks start thinking about how they can leverage these new possibilities.
Next-gen customer service
Awareness of 5G is high. Consumers are already quite clued up on what it can offer, such as hyper-personalised and instant service for users. Banks need to make sure they have the confidence in their ability to utilise the technology when it does become available. They must stay ahead of consumer expectations to ensure customers aren’t tempted by a more nimble rival.
With 5G connectivity, consumers are likely to expect banks to instantly resolve issues across all channels. Artificial intelligence (AI) and VR will likely become table stakes for the customer offering, so banks need to decide now how they will leverage automated capabilities while still offering a personalised, human touch for key clients.
Smarter security and fraud detection
Putting aside the well documented security concerns over 5G, there are ways it will greatly enhance security for both institutions and end consumers. For institutions, 5G will allow real-time updates without customer intervention and usage-disruptions. It will enable increased use of multi-modal biometric security measures that combine nuances like the user’s gait and the position in which one holds their mobile phone to carry out identity checks.
5G can significantly improve proactive fraud prevention. Tasks such as processing data in real-time, authenticating transaction amount, customer geolocation, and merchant ID all reduce fraud detection errors and false positives.
On the flip side rules around data management, protection and privacy are increasingly stringent. Banks need to conduct self-analysis on their data collection and usage practices and policies. Given that data protection regulation will only get stricter, banks need to be absolutely certain they are operating within the new rules if they are to successfully bring new 5G-enabled offerings to the market.
Streamlined lending and big-ticket purchases
5G has the potential to simplify cumbersome processes associated with obtaining credit for big-ticket purchases. Banks can handle higher volumes of requests. From applications to credit checks to tailored financing offers to loan sanction, 5G can make banks more efficient and profitable. The importance of this has been highlighted by the coronavirus pandemic, where banks are struggling to deal with the sheer volume of applications for loans.
Banks should invest in tools to marry AI, data and 5G – to run dozens of parallel processes in real-time. This will bring improvements in the speed and precision of lending decisions, and also enables personalised lending rates based on customer risk and reality.
Consumers should not lose sight of the tangible gains the banking and financial sectors will see from the next generations of wireless technology. To maximise the benefits, financial institutions need to ahead and taking steps to put relevant strategies in place now. Developing new processes and products can help banks to stay ahead of consumer demands and bring novel offerings once the technology reaches the consumers.
Personal Capital CEO Speaks Up About the Company’s Acquisition
If you missed the news earlier this week, here’s a recap: Personal Capital agreed to be acquired by Empower Retirement, the second-largest retirement services provider in the United States, for up to $1 billion, composed of $825 million on closing and up to $175 million for planned growth.
According to Forbes, the San Francisco-based fintech is selling for the same price as its valuation in February 2019. The deal is expected to close in the second half of this year.
After a bit of time to digest everything, Personal Capital CEO Jay Shah looked at the decision and what it means for the eleven-year-old company. Shah has been at Personal Capital since the company’s launch in 2009 and will now serve as President of Personal Capital and will also sit on the Executive Team at Empower.
Shah explained that, though many companies have expressed interest over the years in acquiring Personal Capital, none of the opportunities felt right. However, because Empower shares many of Personal Capital’s same “visions and values.”
He went on to describe how, in today’s uncertain world, the buy-out “will ensure extra strength and resources to grow Personal Capital, and bring [clients] more of the great technology and service [they’ve] come to expect. He added that combining the two companies will help Personal Capital support and further develop its features and service offerings.
As for what’s next, Shah said that Personal Capital will continue to operate as it always has. And because the company’s leadership team has committed to stay on for the long-term, the company’s culture will stay in-tact. “I recognize that this announcement feels like a major change, but I also want to assure you that your day-to-day experience with Personal Capital will remain the same,” he added.
Banking Software Luxembourg
The Luxembourg internationalized banking sector offers an unparalleled range of services and world-class financial infrastructure. As a global financial hub, Luxembourg has remained resilient and competitive, even in an increasingly complex regulatory environment.
But with new compliance challenges stemming from PSD2, Luxembourg’s banks need to reflect on their banking software, business strategy, and how they will operate in a world of open banking. A combination of changing consumer preferences and competition from fintech startups creates market pressure on Luxembourg banks to develop their digital capabilities.
According to Deloitte, Luxembourg is behind other countries in Europe in terms of digital banking maturity. Classified as a digital adopter, Luxembourg’s banks are still focused on transferring their existing services to digital while their competitors are creating financial and service ecosystems around their banking platforms and capturing market share.
Luxembourg is a digital adopter. Source: Deloitte
Digital latecomers in Luxembourg will need to move beyond their status quo and build their banking platforms or risk falling behind more digitally mature incumbents and fintechs. Given the investment necessary to develop a digital banking platform from scratch, many players decide to adapt existing solutions to their needs. You can find out more about what it takes to build a digital bank like Revolut in our previous article.
Companies like Sopra banking have been providing custom or ready-to-use banking platforms to help accelerate digital transformation for many clients worldwide. Many more worthy next-generation companies are helping banks develop modern digital banking software in Luxembourg. SDK.finance and their core banking platform has been particularly successful at leveraging advanced tools to help financial institutions modernize their services quickly and easily.
As entrants with stronger digital competencies begin to enter new markets, incumbents could be set for a shake-up as customer preferences evolve, and competition increases. Collaboration between incumbents and specialized fintechs can address these digitalization pressures and lead the way to the future of banking.
Global core banking software providers like SDK.finance can help banks in Luxembourg reach a broader market with modern solutions faster, cheaper, and more efficiently. The digital retail banking software is available in all popular formats: web, iOS, and Android applications that help to reach the new generation of mobile customers quicker.
Not to mention that the company is offering a 1-Year payment deferral for all companies with financial licenses issued by any country of the European Union to help minimize the negative economic impact of the global COVID-19 outbreak.
SDK.finance provides technology and supports banks of all kinds at every stage of the digital transformation from market research to product launch and scaling. Banking customers can benefit from a modern and secure experience guaranteed by two-factor authentication, biometric checks, security notifications, and Strong Customer Authorization for payments.
The Platform consists of 5 main components: a back-end wrapped in 400+ API endpoints, 3 front-end frameworks, and a web for system management with capabilities in iOS and Android for our clients.
Advantages of software that is built on API-first architecture:
- The speed of releasing new features and functionality is much faster
- The cost of ownership is more economical
- Fewer bugs and more stable products exist
- Better flexibility, scalability, and features are just some of the advantages of the SDK.finance core banking software ready for Luxembourg banking.
Click here to find out more about the Luxembourg banking software solution and how it can help your business unlock new opportunities.
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