FINANCE IS RIGID, INFLEXIBLE AND NOT KEEPING UP
If there’s one Australian industry that urgently needs re-invention, finance would have to be close to the top of the list. It often feels as if not a lot has changed since the first bank opened its doors here in 1817 (the Bank of New South Wales). It’s ripe for disruption.
CONSUMERS: LENDING IS RIGID, INFLEXIBLE AND BORING
“How we live and how we work are changing fast. But lending hasn’t kept up, and it’s cramping our lives and holding us back.”
Why isn’t it easy for me to change the term of a loan? Why can’t I borrow today against my salary next week or even next year? Why can’t my phone usage decide if I qualify for a loan? Why doesn’t the financial system work with me and for me – to improve my financial efficiency, help me power the life events that are important: first car, marriage, birth of my first child, my first home? Why do I have to revert to credit cards? Is the finance industry just lazy? Or is it bogged down by the past?
The classic 9-to-5 full-time job is becoming rarer and rarer. Flexible work, contracting, running a small business, working part-time to care for a family member – all these circumstances mean that many – most? – of us can’t access the finance we need at a fair rate. Why, given all the technology we have today – can’t lending be easier?
BUSINESSES: COMMERCIAL FINANCIAL SERVICES AREN’T KEEPING UP
“Our business operates in the world of 2017, so why does commercial financial services still operate like its 1817? Finding new growth is hard enough. Let’s grow the economy by reinventing this stuff.”
My customers want online contract execution, flexible payment terms, and end-to-end transaction management; I need to easily access trade credit, assess and manage commercial and currency risk, and do everything 100% online without paying an arm and a leg. Why can’t the finance industry give us the flexible commercial finance features we need?
And we don’t just want new features – the whole finance ecosystem needs re-invention. Just as startups have re-invented how businesses operate with new, agile services in all areas of 24x7x365, we also need startups to reinvent the finance ecosystem, giving us new ways to reduce the barriers to successful transactions, and new growth and partnership opportunities thanks to a better ‘operating system’ for commercial finance.
IT’S TIME TO FREE MONEY
Free us from expensive credit cards, from being knocked back due to opaque credit scoring, from needing armloads of documents and directors guarantees to use commercial financial products, from inflexible, complicated and time consuming bureaucracy.
Let’s free money from rigid and out-dated 19th century thinking. Let’s make finance more accessible, easier to use, and more agile. Let’s make it so that money helps us power our lives and businesses, and not the other way around.
CALLING ON ENTREPRENEURS WHO ARE READY TO DISRUPT FINANCE
Are you an entrepreneur working to transform some aspect of the ecosystem? You could be the founder of a fast-growing startup incubated by Pollenizer and partnered with Pepper Money.
Much more than just ‘fintech’, you have an idea that could fundamentally transform how both consumer and business transactions work to meet the needs of 2020 and beyond.
Come along and find out more at our Free | Money information event on November the 7th at 6:30pm.REGISTER