Term deposits have become the latest sector in finance to be shaken up by a new technology platform aimed at assisting financial advisors and empowering SMSF consumers to switch their invested cash between term deposits more easily.
One of the most enterprising Australian fintech companies to date and backed by experienced investors and an aggressive multi-million-dollar marketing campaign, Cashwerkz, is looking to get a piece of the $1.2 trillion-dollar cash market.
Cashwerkz’ platform has created a new marketplace offering a quick and easy way for customers to research, buy, manage and switch term deposits.
John Edginton, CEO at Cashwerkz, talks about why it’s such an attractive proposition to financial advisors and SMSF customers: “Before Cashwerkz, the time and paperwork required to open or switch term deposits was a major disincentive and prevented many investors from achieving the best market return on their investment – we change all that.”
“As well as benefiting from some of the best term deposit rates in the market, Cashwerkz customers only need verify their identity once, and then have the flexibility of switching between different term deposits – usually without the need to provide additional paperwork. There is no need to go to the bank and fill out forms. It sounds very simple but this is quite revolutionary in the finance space.”
“We have attracted many of the top financial organisations to our platform including nab, Westpac, Macquarie and St George” Mr Edginton adds. “At this stage we offer term deposits but we will soon be adding other cash products such as high interest savings accounts, cash management accounts and potentially bonds.”
Now by only just scratching the surface of the huge market in cash products, the future looks bright for Cashwerkz. “With cash products there is massive potential not only in Australia – with its large reserves of superannuation savings – but also in overseas markets. As we grow our local business we will adapt our business model to move into Asia and Europe.
“There is little in the way of competition and we know there is a high barrier to entry for any competitors. We are looking to grow our brand and become the destination of choice for the buying and selling of cash products for customers and financial institutions,” Mr Edginton adds.
As one of many new fintech disruptors recently launched in Australia, Cashwerkz is part of a growing trend of technology empowered , self-directed investment. Mr Edginton adds: “We’re a proud member of the fintech community here in Sydney and Australia as a whole. There is real momentum in Australia and the level of investment that fintech is attracting in general is testament to the future this industry has.”
