Earlier this month I attended the Sydney Demo Day as part of the Citi Mobile Challenge for Asia Pacific. The program is a virtual accelerator that includes both curriculum work and a mentorship program and is aimed at developers to inspire them to reimagine mobile banking. The program also provides participants exposure to a broad Fintech and start-up community.
In addition to gaining exposure to leading digital, telco, eCommerce and FinTech firms, Citi and leading technology companies will share their APIs to give developers an opportunity to ‘create solutions that reimagine the Digital Economy and the way we interact with money’.
The calibre of the finalists was seriously impressive and I want to highlight two apps that I believe are ones to watch…
McLowd is a free cloud-based accounting package built for SMSF practitioners and trustees to manage SMSF assets, liabilities, income and expenses. It also generates reports for accounting and tax compliance and fundamentally reduces the costs of day-to-day administration.
Developed by McLowd CTO Paul Lakhontov, the software is growing in maturity quickly as the team integrates new features and functionality from it growing community of users. McLowd also provides customers with access to a product and services marketplace which is a crowdsourced community of qualified professionals offering their services at extremely competitive rates. The marketplace is also the ideal location to go for help with the migration of your SMSF to McLowd.
With full ATO integration coming soon this is one very handy and sophisticated tool – and did I mention that its free? You can watch a demo here: https://www.youtube.com/watch?v=2qSMoCAedXs
Capital Preferences has been named by UBS as one of the top 12 fintech innovators in the world. They use economics and game theory to produce a consumer’s ‘Economic Fingerprint™’ that allows investment firms to better understand their clients.
Believing in the principle of “show me, don’t tell me”, Capital examines how clients make trade-offs between risk versus return, today versus tomorrow and themselves versus others. This enables Capital to assign a series of preference scores that reveal a client’s true preferences for risk, loss, time and social decisions.
Capital offers client profiling, compliance and portfolio recommendation solutions that replace questionnaires and mapping methodologies scattered across investment, insurance and credit businesses within global consumer finance. I encourage you to read their story and the journey of this solution to market.
I spoken for some time about the technological disruption that is forging its way into our industry and I encourage you to assess and evaluate what tools are right for you and what tools are gaining traction that may diminish your current offers to clients.
Chris Wrightson. Founder and CEO at Centurion Market Makers, the industry experts in the sale, acquisition and management of financial planning firms. If you’re planning on selling your firm in 2017, we’d love you to call us for a confidential discussion, or continue browsing our website for more tips, tools and info on the steps to take when buying or selling your financial planning firm.
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