Open banking

New technologies for financial planning – Open banking What is open banking? Open banking allows some customers to securely share their banking data with third parties that have been accredited by Australian Competition and Consumer Commission (ACCC). These would typically be other banks who are automatically accredited and fintechs who need to apply. It is
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Artificial intelligence and big data

New technologies for financial planning – AI What is artificial intelligence (AI)? Artificial intelligence (AI) is human-like intelligence that appears to learn, reason, plan and perceive. At the heart of AI are algorithms which are rules like; “if this condition is true then execute the following instruction (code), else execute some other instruction.” It is
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Blockchain and cryptocurrency

New technologies for financial planning – Blockchain What is blockchain? Blockchain at it’s simplest is a database. It is a very big database, housed on a powerful server which itself can comprise thousands of computers. A blockchain database A blockchain database is a collection of “groups”, known as blocks, which contain information. This system makes
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The internet of things

New technologies for financial planning – IoT What is the internet of things? The internet of things are all the “things” (devices) that are capable of connecting to the internet and communicating. These “things” are often called “smart devices”. They often communicate and share data without human intervention. An example would be your smart watch
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Virtual reality

New technologies for financial planning – Virtual reality Virtual and augmented reality Virtual reality completely replaces the user’s real-world environment with a simulated one. Augmented reality is mixed reality – a combination of real and virtual worlds. The ever-increasing computer power coupled with 5G’s ability to transfer large amounts of data very quickly will give
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