Bug Blog

In a financial world there are a range of measures, governance, and rules in place to reduce risk and financial impact of decisions being made based on bias or existing relationships. They are there to protect those which are making decisions based on the data. The most obvious example is where financial based organisations are required to use different companies for accounting and auditing.

Change is in the air. Disruption is the order of the day and not just the kind caused by advances in technology. The recent disruption of the financial markets caused by Britain's decision to leave the EU is a case in point. It is an important illustration of just how much finance and business in general relies on politics. But, not only is there hope in uncertain times, there is a business solution that has nothing to do with politics.

Digital technology is presenting both a challenge and opportunity for banks to reach out to customers in unique ways. As unconventional startups enter the financial industry and fintech continues to disrupt traditional finance, it is becoming increasingly important to keep up with customer demand plus increase income while still complying with complex regulations.

While the average person finds financial technology (fintech) a convenience, the powers that be are getting worried. For example, the Financial Stability Board of the G20 has taken enough interest to issue a report on the problems that fintech presents. We can be sure that fintech will be a subject for discussion when the G20 meet in China later this year.

Forbes has published an article regarding a report authored by BSA | The Software Alliance in conjunction with The Economist Intelligence Unit. The report states that software has grown at twice the rate of the rest of the US economy and that software directly added some 475 billion dollars to that economy in 2014.

Credit Union Australia Limited has become another major Australian financial services corporation to develop innovation through startup partnerships. CUA will be launching their first hackathon in Brisbane. The event will be open to entrepreneurs, startups, developers and CUA employees.

The modern business environment requires an unprecedented ability to adapt and change. CEOs rely on their CIOs to keep their companies current in matters of IT, but this isn’t always easy or even possible. Success depends on the type of business culture that is being fostered and while there is no one perfect culture, some are better than others. This is where engaging startups can be a major advantage.

Bugwolf has been selected as one of the top four Australian startups to pitch at the Digital Strategy Summit that will take place June 8th and 9th at the Sydney Sheraton-on-the-Park. This is one of the most important events of the year and Bugwolf is honored to be a part of it.

Financial technology is global by its very nature, and is a major part of the increasing worldwide interdependence of the financial ecosystem. Fintech is also revealing some important, but often unacknowledged, aspects of money.

Fintech (financial technology) is having a considerable impact on the banking industry, both directly and indirectly. The advent of new payment options and unconventional sources of financing are calling the traditional role of banking into question.

Financial technology (Fintech) is doing more than just changing the way people pay for things, it is changing the very nature of what we mean by currency. While fintech is having an ever increasing effect on banking and commerce, its greatest effect to date has been in the area of payments.

Fintech is set to change finance as profoundly as the issuance of the first permanent banknotes by the Bank of England did, way back in 1695. Financial technology is not only changing the way people purchase and invest, it is changing the very definition of money as well.