Kobble unveils platform to revolutionise finance in Australia

Kobble has launched a new Embedded Finance Platform aimed at addressing challenges posed by failed IT projects in Australia's financial sector.

Research from McKinsey & Company indicates that large IT projects frequently exceed budget and time estimates, often delivering less value than anticipated. These inefficiencies have reportedly cost the Australian financial sector hundreds of millions of AUD annually.

Shane Chanel, CEO of Kobble, has underscored the need for a modernising solution that does not involve risky and costly overhauls. Kobble's platform provides a method for retailers, financial institutions, and fintech companies to innovate without significant disruptions to existing infrastructure. "We've seen firsthand how innovation efforts can derail due to complexity, cost blowouts, or disruptions to existing operations," said Chanel. "At Kobble, we've taken a different approach. Instead of replacing infrastructure, we've built our platform to complement and integrate with what businesses already have. This enables our customers to launch new products or add embedded financial services without expensive overhauls."

Kobble's platform aims to serve both established institutions and emerging firms. It offers modernisation for larger entities by enhancing current systems without requiring disruptive replacements. For fintechs and startups, the platform provides access to enterprise-grade technology to help scale products and drive growth.

The platform offers various tools and features such as card issuance, digital wallets, fraud and transaction monitoring, and embedded financial services. With these, businesses can develop innovative products and reduce the time required for deployment. According to the company, essential features include the capability to issue cards directly to digital wallets and the ability to create multifunctional digital wallets for financial management.

Kobble's approach is characterised by its modular, API-driven structure, which facilitates faster integration and innovation. Its design helps simplify operations by offering a range of ready-to-use modules, thus eliminating the need for customised builds. Compliance tools are embedded within the platform to ensure adherence to stringent regulatory requirements, allowing businesses to concentrate on innovation.

As customer expectations for digital-first experiences continue to grow, financial institutions of all sizes face intense pressure to innovate. Kobble positions itself as a solution that allows these institutions to keep pace with evolving market demands by integrating new features swiftly and efficiently.

Shane Chanel elaborated on the platform's benefits by presenting a hypothetical scenario: "Imagine a mid-sized fintech aiming to introduce a new multi-currency wallet feature," he explained. "With Kobble's technology, they can launch this product fast without overhauling their existing systems, saving both time and resources while delivering real value to their customers."