Amazing fintech products that we don’t have in Australia (yet)

Elizabeth Barry 2 June 2017

hoping for new products

Australian fintech has come a long way, but we still don't have a few things.

Fintech is a global phenomenon but the products, unfortunately, aren't. There are stark differences between markets. A product may not be introduced in a specific market because of regulatory barriers, a lack of demand, a lack of need or the financial system simply can't support it.

Still, those other markets are coming out with some seriously amazing products. Here are some fintech products from overseas markets that we don't have in Australia...yet.

bettervest

bettervest-150x150Where is it? 

Germany

What is it?

bettervest lets you invest in environmentally sustainable projects. You can invest in over 50 projects with as little as EUR€50 and earn returns between 5-12%.

Why would it work in Australia?

Fintech companies in Australia are opening us up to a whole new world of investing, and this would give Aussies a way to contribute directly to projects of value while earning a return.

Bought By Many

boughtbymany-150x150

Where is it?

The UK

What is it?

This company provides insurance based on user feedback. Bought By Many negotiates with insurance companies to design custom policies for their members. For example, their pet insurance policy has three types of cover that their members wanted the most. They also negotiate discounts directly from insurers.

Why would it work in Australia?

The insurance space is incredibly ripe for disruption in Australia.

Chillr

chillr-150x150

Where is it?

India

What is it?

Chillr is an app that partners with banks in India and allows users to send money instantly to anyone in their phone book, link multiple bank accounts together and enjoy a range of in-app services such as being able to book hotel rooms and flights as well as receive personalised deals.

Why would it work in Australia?

Many people have multiple accounts and it's still complicated to send someone money that's with a different bank (who knows their BSB and account numbers off by heart?).

Curve

curve-150x150

Where is it?

The UK

What is it?

An all-in-one Mastercard that brings together all of your separate bank cards and offers low international currency fees. It also comes with an app to track your spending and lock your card should you need to.

Why would it work in Australia?

While we have digital wallets, the Apple Pay wars mean there is still no all-in-one option. Plus, the low international currency fees are a big draw.

Dave

dave-150x150

Where is it?

Soon to launch in the US

What is it?

This app uses machine learning and links to your checking account to warn you when your account is likely to be overdrawn. It does this by analysing your spending and warning you about pending regular transactions, such as subscriptions, that will push your account into the negative.

Why would it work in Australia?

While we have apps, such as Pocketbook, that let you analyse and categorise your spending as well as send you notifications, this is a purpose-built app designed to keep you out of the red. There is likely to be a market for it here in Australia.

Digit

digit-150x150

Where is it?

The US

What is it?

By connecting to your bank account, Digit analyses your income and spending and then automatically sets aside money for you. It will never transfer more money than you can afford, so you never have to worry about overdrawing your account.

Why would it work in Australia?

While sweep facilities are available, this seems to be a more intuitive solution.

Final

final-150x150

Where is it?

The US

What is it?

Final is an innovative new credit card that creates a unique credit card number for every merchant. If there is a breach or any suspicious activity with that merchant or that purchase, it's only linked to that number. You can also receive notifications for all purchases and set limits for merchants.

Why would it work in Australia?

Credit card fraud is a worldwide issue, and this product could easily work globally.

UPDATE: Check out DiviPay for a close Australian equivalent to Final.

Friendsurance

friendsurance-150x150

Where is it?

Germany

What is it?

Friendsurance is a peer-to-peer insurance company. When you apply for a policy, you're placed in a group with other policyholders who have the same type of insurance. A part of the premiums are paid into a pool, and if no one makes a claim, everyone gets a percentage of their money back. If people do make small claims, the money is taken out of the pool. Larger claims are covered by the standard insurance company or by a stop-loss insurance policy.

Why would it work in Australia?

The peer-to-peer model has been proven to work with personal and business loans, so Australians are open to it. As mentioned earlier, the insurance space is ripe to be disrupted in many aspects. The good news is Friendsurance is going to launch soon in Australia.

Point

point-150x150

Where is it?

The US

What is it?

Point is a platform that allows homeowners to sell fractions of the equity in their home to investors. To safeguard their properties, homeowners must retain 20% of their equity.

Why would it work in Australia?

While this wouldn't be something for everyone, it would provide an option to capitalise on equity outside of traditional banks and lenders. Plus, Australians have already been introduced to the idea of fractional investment.

SalaryFinance

salary-finance-150x150

Where is it?

The UK

What is it?

SalaryFinance is a platform that lets you take out a debt consolidation loan using your pre-tax income. Employers sign up for free and can offer the service to their employees, who can apply at any time.

Why would it work in Australia?

Debt is a huge problem in Australia and this just gives people another way to pay it off at rates that are extremely competitive and in a way that is automated.

Squirrel

squirrel-150x150

Where is it?

The UK

What is it?

This app helps you "squirrel" away money in a few different ways. It keeps the money you need for bills separate until they are due and it pays you weekly so you always have money left at the end of the month. It's also done automatically, so you don't need to even think about it.

Why would it work in Australia?

The majority of Australians (60%) rely on credit to pay a household bill, and this would also be useful for anyone who is paid monthly.

Stocard

stocard-150x150

Where is it?

Germany

What is it?

The app allows you to store all of your loyalty cards and keeps you informed about discounts and points.

Why would it work in Australia?

While Australia has come a long way with debit and credit cards, we still rely heavily on plastic for loyalty programs. This would be a convenient way to bring all in-store loyalty programs together in a single app.


Picture: Shutterstock

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