June 02, 2020
Australian professional services firm Gen Advisory Pty Ltd has established an exciting, multi-year partnership with technology solutions expert Fintech Solutions & Services (Global) Pty Ltd to launch their “CDR Implementation and Digital Transformation” Business Alliance.
The Alliance’s objective is to accelerate Consumer Data Right implementation within Australia’s small-to-medium ADI and FinTech sectors, as well as drive digital transformation.
“From both organisations’ market research and recent regional activities, we identified an unmet need in small-to-medium ADIs and FinTechs which this Alliance will fulfil,” says Gen Advisory managing director Michael Lukman.
“The large professional services and technology giants have done a great job leveraging their global skills into the banking sector for the larger ADIs. but we feel no one is specifically catering to the smaller ADIs and FinTechs – which often have similar, yet less complex needs.
“More broadly, Gen Advisory’s decision to reach out to the ADI and FinTech sectors reflects our overarching philosophy that banking and FinTech are not a “zero-sum” game – they are, in fact, complementary.”
Combining local industry expertise with advanced technology
The new Alliance will draw on software, cloud solutions and technology expertise from FinSS Global, paired with the banking industry and regulatory expertise provided by Gen Advisory’s ADI advisors.
The Alliance will provide a series of platform-agonistic industry solutions, with the ability to work across multiple platforms, including Microsoft’s Azure, Amazon Web Services and Google Cloud. The Alliance will cover areas such as:
This partnership really extends the value-add we bring to our target market. Our technology solutions and expertise, combined with Gen Advisory’s banking and CDR advisory capability, makes for a powerful and cost-effective alternative to the larger heavyweight professional services firms trying to establish themselves in the smaller SMB and FinTech markets.
We believe our Alliance is particularly attractive for Australia’s smaller and/or newer ADIs and FinTechs with local needs. We feel such ADIs often have similar, but simpler, localised requirements and simply don’t have the budget for the larger service providers. The Gen Advisory and FinSS Global Alliance will provide true value-for-money, “fit for purpose” solutions to the smaller ADIs and FinTech sectors, helping them on their CDR and Digital Transformation journey.
FinSS Global Managing Director Dallas Newton
“FinSS Global and Gen Advisory are like-minded organisations which have established this Alliance in the spirit of collaboration and value creation. We look forward to supporting Australia’s small-to-medium ADIs and FinTechs, and to collaborating with our professional services peers. There is enough room for all of us.”
Gen Advisory Managing Director Michael Lukman
For further information, please contact:
Gen Advisory Managing Director Michael Lukman on 02-8088 0744.
FinSS Global Managing Director Dallas Newton on 03-9005 1030.
About Gen Advisory Pty Ltd
Gen Advisory Pty Ltd is a Sydney-headquartered, specialist professional services firm supporting Australian authorised deposit-taking institutions (ADIs). As banking specialists, our suite of services is designed to meet the ever-adapting demands of the Australian ADI sector.
Gen Advisory’s key services include helping ADIs:
- Implement the CDR regime.
- Adopt FinTech and RegTech.
- Adhere to the Hayne Royal Commission’s recommendations.
- Incorporate ESG criteria.
- Reduce gender pay gaps in Australian banking.
- Act as a “force for good”.
FinSS Global is a newly established Melbourne-based Financial Services Solution and Consulting company. It works directly and indirectly in the non-Tier 1 Financial Services domain, with a specific focus on CDR (Open Banking) use case adoption and implementation.
Through innovation, expertise, technology and automation, we help organisations with an “on-ramp” to CDR through a managed service for Comprehensive Credit Reporting (CCR) and digital solutions for Debt and Risk Management, along with establishing a portfolio of offerings to support use cases suitable for the smaller ADIs to participate and benefit from the emerging world of CDR.