finder fintech roundup: Data sharing, blockchain and Australian SMEs
Open data may become a reality by 2018 and Australian small businesses continue their struggle with banks.
Celebration in the fintech industry this week with the House Economics Committee recommending banks open their APIs to competitors, while an Australian startup is giving consumers trading power with solar energy using blockchain technology. Australian SMEs also had their "day in court", with the Big Four being grilled by the small business ombudsmen, which makes research into business's relationship with banks, released this week, less surprising.
Banks given D-Day for open data sharing
Contrary to a recent report from the Productivity Commission, the House Economics Committee has recommended banks be forced to share their data with competitors. If the recommendations are introduced, banks would have until July 2018 to get their APIs ready to be opened.
Banks grilled over treatment of small businesses
Small Business Ombudsmen Kate Carnell has examined each of the Big Four lenders over treatment of their small business customers. The inquiry came about after several cases of note were investigated by the Parliamentary Joint Committee.
1 in 10 Australian SMEs don't want to interact with their bank
New research from East & Partners has revealed the extent of business's disdain for banks, with 1 in 10 not wanting any interaction with their bank and 96% saying the Internet was their preferred contact method.
Blockchain to help Fremantle residents trade solar power
A new affordable housing development in Perth will allow residents to trade solar power surplus with their neighbours using blockchain. The blockchain platform will be hosted by Perth startup Power Ledger.
The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Friday to catch up.