If there is one thing that the fintech industry loves, it’s a good awards ceremony. Now in its fourth year, the ‘Finnies Awards’ (Fintech Australia) will give fintech startups the opportunity to be recognised for their work and innovation at the end of October 2020, and myprosperity is once again in the running.
Granted the gala event won’t have the same impact as in a packed room at a beautiful hotel venue, but the anticipation is sure to run as high as in previous years. If you don’t follow this industry as closely as I do, there are just over 600 fintechs in Australia chasing fame and fortune in the Australian marketplace. And the Finnies stands out as the equivalent of the AFL Brownlow or NRL Dally M when it comes to individual recognition.
A total of 19 awards will be on offer. These include: FinTech Organisation of the Year, Outstanding FinTech Leader of the Year, Female FinTech Leader of the Year, Emerging FinTech Leader of the Year and Emerging FinTech Organisation of the Year.
I’m very proud to see myprosperity in the limelight and in the running for a third award in a row; a great testament to the awesome work of the team, and particularly our software developers that bring the product to life. For those familiar with myprosperity, we take a Whole of Wealth approach to finance, supported by an extensive suite of features and data processing capabilities, which is different to other providers in the market who have a narrower focus – only on cash flow or budgeting.
The team is committed to continuous innovation of our proprietary technology. This year we have been recognised by the FinTech Australia Board and prestigious panel of judges for reimagining the much maligned and stubborn paper form that remains a survivor in this fast moving tech-enabled advice industry. Let’s face it, no-one likes to fill in forms but somehow this hangover from bygone decades has remained front and centre within the operations of an advice business.
So, myprosperity has released a world-first digital form technology to streamline them. Unlike existing online forms, myprosperity’s digital forms are “smart” and map over 4500 data fields from clients’ names and contact details to every detail relating to household wealth. Our digital forms are automatically filled with live data feeds from the client portal making completing forms easier than ever for clients and advisers. These digital forms can even be digitally signed, creating an end-to-end paperless journey. The best feature is that data entered into one form is immediately pre-filled into any other form, meaning data only ever needs to be entered once. Simply completing a tax return may mean that 80% of a home loan application is already completed!
This, along with the ability to create customised forms for advisors that sign up to use myprosperity has resulted in rapid adoption and an expanding range including wealth reviews, financial “fact finds”, tax checklists and home loans. The client portal and pre-filled digital form combination positions myprosperity to revolutionise not only the wealth management and accounting industries but all areas of personal finance.
If you haven’t checked out this feature you should definitely ask us for a demo or check out our National Training Manager’s training video to see it in action. And we’ll also be sure to keep you posted on how we fair at the Finnies later this month. Regardless of whether we come away with another trophy to proudly display in the reception area of our Hawthorn office, we are just pumped to deliver continuous innovation that helps bring greater practice efficiency and client experience to our partners.