Pulse Alert – News Pulse for August 5, 2019

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

New data law will make banks ‘unrecognisable’: KPMG

When new technologies like machine learning are applied to data sets liberalised by the government’s consumer data right, which passed the Parliament on Thursday, aspects of banking will be “unrecognisable” by 2030, as lenders morph into providing personalised, data-related services to keep customers engaged.

That’s the view of KPMG, which published a thought-piece this week titled The Future of Digital Banking that has been circulated to the firm’s banking clients in over 50 countries. Commissioned by Commonwealth Bank, it suggests banks will be forced to move beyond their historical focus on lending and facilitating transactions, towards delivering customers personal, customised insights based on data analytics to maintain relationships, or risk being disrupted by industry outsiders.

Facebook’s Libra and why Australia’s banks should fear it

Banks should be afraid, very afraid, as Facebook will issue its cryptocurrency, the Libra, next year. Libra will function as a stable alternative currency tied to major government currencies. Its potential to disrupt banking in Australia is massive.

English regulators are harrumphing that they see no reason why Libra will succeed when such good payment options are available in pounds sterling. They are right and wrong. Right to suggest Libra’s usefulness will initially be limited in highly developed countries like England and Australia; and wrong to imply Libra won’t be a game changer. Some 1.7 billion people today lack access to the most basicAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. asic.gov.au financial services. Libra is mobile money in the Kenyan M-Pesa, mobile phone-based money transfer sense, on a global scale – it will take off in poor countries.

‘Won’t bother innovating’: Small business patent change sparks concern

A policy to axe a small business-focused patent scheme is moving through parliament and founders are warning it could stop them from developing innovative products, though the government says the current scheme simply isn’t working.

“We won’t bother innovating, we’ll just shop [what’s already available on] the market,” Gorilla Ladders managing director Gavin Rundle said.

Maintaining momentum for small business innovation

Small Business Minister Stuart Nash says the report of the Small Business Council will help maintain the momentum for innovation and improvements in the sector.

Mr Nash has thanked the members of the Small Business Council (SBC) who this week handed over their report, Empowering small businesses to aspire, succeed and thrive.

Mark Bouris on superannuation: Small business owners being left behind

With the sharemarket performing at record highs and savings accounts operating at record lows, superannuation finds itself at the top of the agenda for our politicians.

Some of them want to abandon plans to raise compulsory employer contributions to 12 per cent by 2025, while others want to make any superannuation voluntary for low-income earners.

And as that debate continues to rage, do you know what most of Australia’s 2.1 million small-business owners will thinking? “Who bloody cares.”

Open banking: What is it and how will it benefit SMEs?

Open banking is now here, having been passed by Federal Parliament. But what does this new legislation mean exactly, and what does it really mean for Australian SMEs and consumers?

Open banking is the common term for the Consumer Data Right Bill, which was passed in Canberra on Thursday (1 August 2019).

Introducing the bill’s second reading in the lower house on 24 July, Treasurer Josh FrydenbergThe Hon. Josh Frydenberg MP, Federal Member for Kooyong Minister for Resources, Energy and Northern Australia from 21.9.15 (pictured) proclaimed that “with this bill, Australia becomes a world leader in implementing an economy-wide right for consumers to access and use data that businesses hold about them”.

Big Four tech shops scramble as Consumer Data Right finally clears Senate unmolested

A degree of strategic investment certainty has returned to Australia’s multi-billion dollar banking and financial technology sector, after crucial Consumer Data Right (CDR) legislation finally cleared the Senate late Thursday, cementing in a February commencement date for the big shake up.

A personal crusade of Prime Minister Scott MorrisonThe Hon. Scott Morrison, Federal Member for Cook Treasurer from 21.9.15, the clearance of API-powered competition reforms is certain to trigger a race between competing institutions to get their product and CRM systems rapidly up to scratch to comply with the laws.

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