New grants and support for Victorian SMEs theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.
Mortgage Business
Citi’s BNPL offering ‘Spot.’ to launch in October By Annie Kane 05 August 2021
Pre-registrations have opened for Citi’s upcoming buy now, pay later offering, Spot., which will launch in October.
Citi Australia (Citi) has announced that its ‘interest-free’ buy now, pay later (BNPL) product will go live in October under a new brand, Spot..
As previously reported, the bank is launching the new proposition to enable customers to pay for goods up to the value of $1,000 using the digital card, which can then be repaid in four fortnightly instalments.
For purchases of $200 or more, customers will also have the option to pay a $10 flat fee to break the payments into eight smaller fortnightly payments, should they so wish.
Association working to fix reference checking laws theadviser.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theadviser.com.au Daily Mail and Mail on Sunday newspapers.
People power: The changing face of customer-owned lenders
subscribe
A
A
The mutuals have undergone a huge amount of change in the past year, with lenders merging, new tech being released, and brokers highly rating their experiences with them.
In December 2020, as Australia was closing off one of the most disruptive years on record, the Customer Owned Banking Association was holding its annual conference. It was here when the deputy chair of the Australian Prudential Regulation Authority (APRA), John Lonsdale, warned that change may need to come in the mutual bank space in order for the sector to survive.
Noting that the coronavirus pandemic had resulted in a (somewhat short-lived) economic downturn and increased the need for lenders to have a digital offering, Mr Lonsdale suggested that a large number of the small banks – and not only mutuals – have business models that were “challenged” in the current environment.
Brokerage officially launches white-label loan
subscribe
A
A
North Sydney-based brokerage Shore Financial has officially launched its white-label mortgage, Shore Private, powered by Australian Mortgage.
The Shore Private offering has been developed and piloted by Shore Financial for the past two years.
Available to Shore Financial brokers, the white label utilises artificial intelligence via the Intelligent Credit solution, powered by non-bank lender Australian Mortgage (which was recently acquired by Volt Bank).
The technology can reportedly provide personalised interest rates to broker customers, and approve a mortgage in less than 15 minutes, by harnessing algorithmic-based credit assessment software, utilising live banking feeds, and automated valuations from property market data.