Fintech launches headed by former NAB executive

  • By Christine St Anne

A fintech that will be providing consumers with a free digital service that gives them an aggregated view of all their banking providers has been launched.

Finspo CEO is former National Australia Bank executive Angus Gilfillan. Gilfillan was the executive general manager of consumer lending at the bank and was among a number of bankers who appeared at the royal commission hearings. He left NAB in October last year.

The team also includes former NAB bankers including chief experience officer Bill Armour, chief product officer Josh Brougham, chief operating officer Brad Gravell and general counsel Kristen Boulton.

Users of the service already have access to Finspo’s ‘rate my rate’ feature online.

This service will help people quickly compare their home loan interest rate against the average rate for all similar loans settled in the preceding month.

Finspo will also prompt users if it’s time to pay something down – or top something up – in order to avoid charges, showing them they have got ‘lazy’ cash.

The fintech will release its app mid this year and will provide people with the ability to get a single view of all their accounts and transactions across all linked banking providers.

Users can be alerted to fee and interest rate changes from their banks and lenders.

The service will also provide  ‘finsights’ that show them how much could be saved by banking differently, including how to avoid fees and pay less interest.

According to Finspo, people who use the service could save $4,500 a year –- equivalent of 2 years’ of petrol, or 1500 takeaway coffees.

Finspo’s service has come at a time when consumers are being forced to be smarter with their money particularly in the advent of open banking and the challenged economic environment.

According to RFi Group client insights manager Anna Shaw, an area that is becoming important for consumers is having a consolidated view of banking.

In fact, recent RFi Group data shows that 2 in 5 consumers hold more than one transaction account for a number of reasons including budgetary control and due to existing direct debits or bill payments being attached to secondary accounts.

“Finspo is looking to enable customers to have a single view of accounts and help them keep on top of their money, and this will be particularly beneficial in helping customers understand the many banking products and accounts they may hold,” Shaw said.

She highlighted a number of features offered by Finspo that supports RFi data.

RFi Group data shows that just under 1 in 3 consumers would find a push notification warning for upcoming bills to be ‘highly valuable’, as well as a service that can analyse bills and assess if there are better deals available on the market.

“This indicates that there is an opportunity out there for financial providers to leverage” she said.

“In the current environment of economic uncertainty, giving consumers control over their money and empowering them to better understand their transactions, bills and any fees they are paying is critical.”