Term deposits are the latest sector of finance to feel the push of digitisation with the launch of Cashwerkz' platform, which offers a quick and simple way for investors to manage term deposits.
Cashwerkz chief executive, John Edginton, said that cutting the time that is spent on switching and managing deposits was the key for attracting self-managed superannuation fund (SMSF) customers and advisers.
"The time and paperwork required to open or switch term deposits was a major disincentive and prevents many investors from achieving the best market return," he said.
"Cashwerkz customers only need verify their identity once, and then have the flexibility of switching between different term deposits."
The company has opened its platform to two of the big four banks, as well as Macquarie and St George.
Cashwerkz is part of a growing tidal wave of fintech disruptors in Australia, which Edginton is confident will continue to grow.
"We are a proud member of the fintech community... Cashwerkz is part of a growing trend of technology empowered, self-directed investment," he said.
"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."