Lodex FinSights

The Rise of Digital Wallets

Posted by Lodex on 19 Feb 19

Instant. Easy. Fast. Cashless. Low fees. Digital. Global. Money.

What comes to mind when you hear the words "digital wallet"? The way we interact with money has changed dramatically over the last few years (eg. cash vs. cards) and technology is driving the cashless and even cardless environment we see ourselves in today. So how are digital wallets facilitating this transition?

The growth in digital wallet usage is a global trend. All mobile users making a transaction using their devices have the same story to share. In the United States alone, 57 percent of users (which amounts to 60 million people) have used a mobile wallet at least once. In Australia, 72.4% of Aussies are using at least one form of digital payment, with adoption tipped to rise as society edges towards a cash and cardless environment.

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Topics: Industry News - Finance

The Impact of Customers Ditching Cash

Posted by Lodex on 7 Feb 19

Last year, major banks removed hundreds of ATMs, due to the scrapping of withdrawal fees and consumers further reducing their use of cash.

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Topics: Industry News - Finance

Is Banking Size a Liability in the Blockchain Era?

Posted by Lodex on 10 Jan 19

Size gives some Banks great power today and size looks like an obvious asset on a balance sheet. However, in the network and tech age, can their size actually be a liability? 

Below are some insights into the threats that can disrupt banking as we know. Read on to find out more.

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Topics: Industry News - Finance

10 Technology and Finance Trends - 2019 and Beyond

Posted by Lodex on 4 Jan 19

Technology is changing the face of many industries and services - including finance. Over the last few years, IoT and new technologies combined with customer needs, have opened up space for disruption. We believe there is still a lot more to happen as fintechs emerge and AI and blockchain gain adoption.

So we wanted to share with you 10 tech and finance trends that can change the way we do finance in the near future. Happy reading!

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Topics: Industry News - Finance, Industry News - Tech

Disrupting Traditional Models

Posted by Lodex on 29 Dec 18

We love tech and its potential to improve and advance the way we live and work. Below is a piece Blockchain Australia published on how Lodex and BLOCKLOAN are reshaping the traditional credit model. Read on to find out more!

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Topics: Industry News - Finance, Lodex News and Tools

APRA Removes Interest-Only Benchmark Cap

Posted by Lodex on 19 Dec 18

The Australian Prudential Regulation Authority (APRA) has recently announced that from 1 January 2019 it will abolish the 30% cap introduced to ADIs (Deposit Taking Institutions) for interest-only lending. 

The 30% limit was temporarily introduced in 2017 with the aim to re-enforce responsible lending practices and to protect consumers. 

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Topics: Industry News - Finance

Fewer Aussies Visiting Bank Branches - Roy Morgan

Posted by Lodex on 14 Dec 18

A new research from Roy Morgan found out that the number of Aussies using the services offered in banks' branches has been decreasing over the years. Read on to find out more.

  • Average number of Australians using bank branches has dropped by 27.2 per cent over the past four years.
  • Internet banking remains the most popular banking channel with 47.1 per cent of consumers using the service
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Topics: Industry News - Finance

5 Trends for the Future of Digital Payments

Posted by Lodex on 12 Dec 18

With increasing adoption of new technologies and focus on efficiency, the payments industry is rapidly changing to adapt to new consumers' behaviours and needs.

Read on to find out more about the trends that should shift the banking and payments scene by 2020.

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Topics: Industry News - Finance

Economists Flag Risks of Tighter Lending

Posted by Lodex on 7 Dec 18
  • A survey responded by economists found that 94% of the respondents believe that tighter access to credit could be detrimental to the overall economy
  • However, in the long term, some economists say tighter lending could be beneficial to economic stability 
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Topics: Industry News - Finance

What do Aussies Expect From Peer-to-Peer Lenders?

Posted by Aisha Hillary-Morgan on 9 Nov 18

As it becomes harder to borrow from traditional sources like banks and credit unions, more and more Aussies are considering alternatives like peer-to-peer lending.

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Topics: Industry News - Finance

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