sean-pollock-PhYq704ffdA-unsplash.jpg

Gen Advisory's suite of services is designed to meet the ever-adapting demands of the Australian financial services sector.

 
Gen Advisory's suite of services is designed to meet the ever-adapting demands of the Australian financial services sector.
 

Licensing & Compliance

licensing and compliance-24.png

 RegTech Adoption

regtech adoption-45.png

Mirroring overseas trends, the FinTech and RegTech sector in Australia has been growing rapidly in recent years. The outlook for the sector remains positive.  


Gen Advisory’s view is that if managed appropriately, FinTech and RegTech can bring tremendous benefits to ADIs. We believe that ADIs which are able and willing to capitalize on the benefits which FinTech and RegTech bring will enjoy a competitive advantage over those which merely regard them as a compliance exercise.

Consumer Data Right

CDR-73.png

The first iteration of the CDR in Australia - a limited pilot involving the four major banks -

went live on 1 July 2019.

Given the inevitability of the CDR regime,  the question ADIs and FinTechs are currently considering is not whether to adopt the CDR, but how to make the most of it. In this context, Gen Advisory has observed several compelling CDR use cases which we believe would greatly benefit any ADI or FinTech which adopts them.

Sustainable Finance

financial exclusion-71.png

The term “Sustainable Banking” refers to banking practices that integrate “environmental, social and governance” (ESG) criteria. 

 

Unlike “traditional/conventional” banking, which is based on a two-dimensional risk and return analysis, Sustainable Banking considers three dimensions: risk, return, and impacts.

 

Gen Advisory’s prediction is that in the future, there will no longer be a dichotomy between traditional” and “sustainable" banking. By definition, all banking must and will be sustainable.

financial exclusion-70.png

The ADI sector is one of Australia’s largest financial service providers and employer groups. Almost all Australians are either a customer or an employee of an ADI. 

 

Given their wide reach, ADIs have the ability to contribute to solving some of the major social issues currently afflicting Australian society. These include: 

  • Australia’s aging workforce; 

  • domestic violence; 

  • substance abuse;  

  • mental health; and 

  • financial exclusion, among others.


In Gen Advisory’s view, ADIs should tackle such social issues, not just for altruistic reasons, but also for financial reasons. Evidence suggests that organizations that attempt to make a positive contribution to society often end up “doing well by doing good”.

The Australian ADI and FinTech sectors have proved resilient in the face of adversity. Although the COVID-19 pandemic has caused upheaval amongst ADIs and FinTechs, the fundamentals of both sectors remain solid. Demand for ACL and AFSL licenses, in particular, remains strong.

How Gen Advisory can help ADIs and FinTechs on licensing and compliance

 

  • Australian Credit Licence (ACL) applications.

  • Australian Financial Services Licence (AFSL) applications.

  • Ongoing AFSL and ACL obligations;

  • Accredited Data Recipient (ADR) accreditation.

  • Provider of Purchased Payment Facilities (PPF) authorizations;

  • AUSTRAC reporting entity obligations.

How Gen Advisory can help ADIs with FinTech and RegTech adoption

 

  • Provide strategic advice to ADI Boards on FinTech and RegTech opportunities and use cases.

  • Provide strategic advice to ADI Boards on how FinTech and RegTech can benefit their organization.

  • Deliver bespoke training on the different types of FinTech and RegTech available.

  • Deliver bespoke research on a specific FinTech/RegTech-related area of interest.

  • Manage and execute, on the ADI's behalf, a project on FinTech and RegTech adoption.

  • Delivering an end-to-end FinTech and RegTech solution to ADIs,

  • Conduct due diligence on prospective FinTech and RegTech providers.

How Gen Advisory can help ADIs and FinTechs implement the CDR

  • Provide strategic advice to ADI and FinTechs on Accredited Data Recipient (ADR) requirements, use cases, and opportunities vs threats. 

  • Deliver bespoke research on a specific CDR-related area of interest.

  • Deliver bespoke training on the CDR.

  • Manage and execute, on an ADI’s behalf, an end-to-end CDR implementation project.

  • Conduct due diligence on prospective CDR solutions providers.

How Gen Advisory can help ADIs incorporate ESG criteria

  • Provide strategic advice to ADIs on the latest developments and insights on Sustainable Banking – including how ADIs can incorporate ESG criteria into their credit lending decision.

  • Deliver bespoke research on a specific Open Banking-related area of interest.

  • Delivering bespoke training on Sustainable Banking and ESG criteria.

  • Manage and execute, on an ADI’s behalf, an end-to-end project on Sustainable Banking and ESG implementation.

 
 
 
 

Financial Exclusion

How Gen Advisory can help ADIs "do well by doing good"

  • Provide strategic advice to ADI Boards on the social issues currently being faced by Australian society - which will likely include the ADI's customers and employees.

  • Provide strategic advice to ADI Boards on what they can do to help.

  • Providing strategic advice to ADI Boards on the benefits and opportunities which can arise from serving as a "force for good".

  • Deliver bespoke research on a specific social issue or problem of interest, together with recommended solutions. 

  • Deliver bespoke training on how ADIs can "do well by doing good" 

  • Manage and execute, on an ADI’s behalf, a project to tackle one of the social issues identified above. 

  • Conduct due diligence on prospective solutions providers.