finder fintech roundup: Digital identities, products retire and the impacts of cashless

Elizabeth Barry 3 March 2017 NEWS

reading fintech news

The biggest news from the past week in financial innovation.

The Big Four were heavily involved in fintech news this week, while robo advice and the cashless economy also came into the spotlight.

Commonwealth Bank helps customers verify their identity in the digital sharing economy

Big Four lender Commonwealth Bank announced a partnership with Airtasker to help the site's users verify their identities. The pilot program will allow CommBank to confirm users' personal information with their bank details, meaning they can better verify themselves.

Unnamed Big Four lender partners with interest-free payments platform zipMoney

zipMoney has announced a financing partnership with an unnamed Big Four lender that will see the payments provider receive a $200 million asset-backed securitisation warehouse program for consumer receivables. The new facility is expected to be in operation later this year.

Westpac's robo advice product Go-invest to go

The Big Four lender's robo advice product, launched in April 2015, will be completely phased out within two weeks. An internal review undertaken one year after the launch determined the product to be unviable.

The cashless economy is making Australians less generous

A survey from ME Bank suggested that the cashless trend taking hold in Australia is negatively affecting tradespeople, waiters and waitresses, charities and those who rely on cash to get by.

Are robo advisors an opportunity or a threat?

We spoke to Joshua Stega, also known as The Wealth Guy, about the impact robo advice is having on the financial advice industry.

The finder fintech roundup is a summary of the news in fintech from the past week. Check back every Friday to catch up.

Picture: Shutterstock

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