Monday 29 February 2016
Australasia’s first Alternative Finance Summit gave delegates the opportunity to take a deep dive into what is transforming the way that financial services function. Nearly 300 attendees heard lively discussion and debate from a host of leading international and domestic companies during a packed day.
Noah Breslow, CEO outlines why he feels lending to SMEs makes sense in Australia. He talks about the opportunity - with most offline credit decisions coming down to personal credit scores and the offline process being laborious. This can be transformed by online platforms. Noah tells us about the OnDeck score, using over 2000 inputs gives OnDeck the edge over traditional lenders.
Richard Wiles, equity analyst at Morgan Stanley gives a perspective from a bank equity investor. His unique insight takes us through how incumbent banks view the sector. Outlining what areas of lending banks care about and how their response to new technology employed by AltFi platforms may look.
In a Fireside chat with Peter Renton, Mitchel Harad from Society One explains his enthusiasm for the size of the opportunity in Australia. Mitchel draws on his experience at Lending Club where he cut his teeth, comparing and contrasting his US experience with that of Australia.
Paul Clitheroe, Chariman of the Australian Government Financial Literacy Board, draws on his extensive experience in financial advice to give a frank, no holds barred, view of the sector’s challenges when it comes to investor education. He makes and impassioned plea for simple language and transparency and shares some cautionary tales from past failures.
Toby Triebel, founder of Spotcap explains his reasoning for launching Spotcap’s operations in Australia, adding to those in Spain and the Netherlands. He outline the differences and similarities between Spotcap’s experience in the Australasian market vs Spain and the Netherlands and talks about future plans.
Listen to the Consumer Lending Panel, comprised of representatives from Harmoney, DirectMoney and Moneyplace, talk about the development of marketplace consumer lending in Australasia. They outline the unique features of their respective propositions and how they can compete in the consumer lending sphere by improving the customer experience.
Representatives from Funding Circle, Capify and Kikka Capital talk about their experiences in forming Strategic Partnerships. They tell us about the trials and tribulations, successes and failures and share the key ingredients of a successful partnership.
A panel of representatives from the banking industry - CBA, Macquarie and AusWide - discuss their interactions with Alternative Finance. Strategies range from using digital lenders to deploy bank’s capital to levering alternative finance platform technology to improve their own credit decision making processes with CBA admitting that “OnDeck may be ‘the one’”.
A light hearted presentation from RateSetter Australia CEO Daniel Foggo dealing with a very serious subject - the risks of P2P lending. Daniel relates how virtuous alternatives can negate the sins and guide the industry.
John Price of the Australian Securities and Investment Commission tells us about ASIC’s innovation hub and ASIC’s approach to marketplace lending, concluding with a short Q&A session.
Hear from representatives of ThinCats, Infrastructure Group, InvoiceX and Marketlend as they outline their thoughts on the spectrum of small business lending.
Sam Griffiths from AltFi Data announces the launch of the Australasian Liberum AltFi Volume Index, sharing insights into the growth of the Australasian industry and outline the benefits of transparency.
Geoff Miller and representatives from Liberum Capital, Victory Park Capital and Air Tree Venture talk about the Australasian opportunity from an institutional debt and equity investors’ perspective. Discussing various facets including risk and return dynamics and the application of leverage.
The alternative credit data sources panel talks technicalities around credit scoring in Australasia, sharing their thoughts on when positive credit scoring data will be routinely shared by the banks. The panel includes representatives of the major players in the industry - Experian, Dun & Bradstreet and Paypal.
The CEOs of OnDeck, Spotcap and Capify share their thoughts on the future of lending. Peering into their crystal balls the panel talks improved, realtime, credit data; big improvement in customer experience and speed of transaction; regulation; universal industry awareness and more partnerships.