Pulse Alert – News Pulse for January 10, 2019

A daily download of SME, startup, fintech and tax news from around Australia.

Credit crunch: Small businesses wary of bank loans

Akiva Szental and Noam Korbl want to be “masters of their own destiny” — which is one reason the Melbourne entrepreneurs have so far stayed clear of bank loans.

“You should never rely on outside funding, because you just don’t know what will happen,” Szental says.

‘Lost’ super wastes $2.8bn in fees

The independent Productivity Commission has called for the ­establishment of an online service to make it easier for Australians to consolidate superannuation savings, warning that multiple ­accounts were costing members $2.8 billion in excess insurance premiums and administration fees each year.

A commission inquiry report into superannuation also places pressure on Labor and the Greens to support stalled government legislation that combines lost ­accounts so that members are not paying more than one set of management fees.

Neobanks rise as satisfaction drops

More than 2.1 million Australians are looking to switch banks within the next six months, according to research from data analytics company Nielsen.

Sixty-seven percent of that figure are big four bank customers, with 16% of them looking to change to a digital bank like ING, ME Bank or UBank. Research from Roy Morgan this week showed that bank satisfaction was 3.1% lower than before the Royal Commission.

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