A fintech company has predicted the Royal Commission will create a permanent shift in consumer behaviour.
In response, Sydney-based CashDeck has redirected its strategy and development resources to help firms deal with the change.
It has now developed Credit Ready, which it has dubbed the “financial equivalent of a Fitbit Fitness Tracker”.
The purpose of the app is not to take the place of a finance professional, but rather to make it easy for the user to take control over the basics. The user will receive regular reports which can show them whatever financial data they wish to keep track of. They will have transparency over items like super, expenses by category, goals, bank fees, property valuations, card balances, mortgage repayments and much more, all in real-time.
Owen Joyce, chief commercial officer at CashDeck, suggests the Royal Commission will result in a more financially literate consumer.
He added, “The sector isn’t waiting for the end of the commission, change is happening already. Look at how quickly the banks responded to the Living Expenses spotlight.
“What this means is that borrowers can no longer operate in ‘best guess’ mode, they will need to understand, prove and be able to explain their financial behaviours if they want to get credit.”
As well as reporting, the app can proactively recommend ways to do better, according to chief technology officer at Cash Deck, Wayne Robinson.
He added, “The app can notify the user when it thinks they should take an action that will help them. The innovations we’ve introduced mean that users can be as passive or active as they want to be. If a user just wants a regular report to stay on top of things they can get that. If a user wants to be alerted to potential actions they can take, they can get that too.
“The app can instruct the user to connect with their adviser based on a goal they create or it can suggest they review their energy provider based on a bill they’ve just paid. The possibilities are endless.”
Users do not need to share data or sacrifice their privacy to use the app and suggestions can be dismissed or turned off at will.
All of the company’s products can be white-labelled and customised, helping financial advisers or mortgage brokers distribute the technology.