Australia's Financial Sector is Losing Millions on Failed Tech Projects - Kobble is Here to Change That

According to McKinsey & Company, large IT projects average 45% over budget and 7% over time while delivering 56% less value than predicted. These failures have cost Australia's financial sector hundreds of millions annually, stalling growth for established institutions and emerging fintech.

Recognising the urgency of modernising without the risks of costly overhauls, Kobble, a modern Embedded Finance Platform, has launched to empower financial businesses to innovate quickly, efficiently, and confidently. Kobble's seamless, integration-first approach enables, retailers, financial institutions and fintech to build and expand product portfolios without the extensive disruptions and expenses of traditional technology overhauls.

While large financial institutions need help with legacy systems, smaller fintech and startups face resource limitations and technical complexities. Ambitious projects often falter across the industry, wasting significant time and investment and leaving businesses unable to meet growing customer demands.

"We've seen firsthand how innovation efforts can derail due to complexity, cost blowouts, or disruptions to existing operations," said Shane Chanel, CEO of Kobble. "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."

Empowering Both Big Players and Innovators

Kobble is tailored to meet the needs of Australia's diverse financial sector:

• For established institutions: Modernise and reduce costs by seamlessly enhancing existing systems without disruptive replacements.
• For retailers, fintechs and innovators: Access enterprise-grade technology to scale products faster, enabling growth and levelling the playing field.

Kobble's Modular Platform: A Scalable Solution for Financial Innovation

Kobble offers a suite of tools that empower financial businesses to deliver innovative products:

• Card Issuance: Issue cards instantly to Apple and Google wallets directly from the web.
• Digital Wallets: Build multi-functional wallets for payments and financial management.
• Fraud and Transaction Monitoring: Ensure compliance and protect customers with advanced security tools.
• Embedded Financial Services: Offer personal financial management, round-up savings, and other investment solutions.
• White-Labeled Apps: Deploy fully branded financial solutions to market quickly and efficiently.

What Sets Kobble Apart?

Kobble's unique value lies in its modular, API-driven platform that eliminates complexity and accelerates time-to-market. Key differentiators include:

1. Launch Faster with Pre-Built Workflows: Accelerate time-to-market with ready-to-use modules for - no lengthy custom builds needed.
2. Simplify Operations with Modular Solutions: Access everything in a single platform - white-labelled apps, card issuing, KYC, payments, and more - all designed to integrate with existing systems.
3. Built-In Regulatory & Compliance Reporting: Meet stringent regulatory standards effortlessly with built-in security and compliance tools, allowing businesses to focus on innovation without added complexity.

Why the Financial Sector Can't Afford to Wait

In recent years, the costs of failed IT projects and abandoned initiatives in Australia have collectively exceeded hundreds of millions of dollars. Such failures waste financial resources and erode customer trust and competitiveness, particularly for smaller players striving to disrupt the market.

With consumer expectations for digital-first experiences soaring and fintech competition intensifying, businesses that fail to innovate risk falling behind. Kobble ensures its customers can innovate quickly and confidently, integrating seamlessly with existing systems to eliminate complexity and reduce risk.

"Imagine a mid-sized fintech aiming to introduce a new multi-currency wallet feature," Chanel 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."

About Kobble

Kobble is a modular fintech infrastructure platform empowering businesses to rapidly launch financial products that drive growth. From card issuance and digital wallets to onboarding and transaction monitoring, Kobble provides seamless solutions that integrate with existing systems. As a Mastercard Principal Issuer and AUSTRAC-regulated provider, Kobble offers the flexibility, speed, and innovation needed to meet evolving customer demands. Whether for banks, fintechs, or retailers, Kobble simplifies financial product development, making it faster and more cost-effective to build and scale.

Kobble is now partnering with forward-thinking financial leaders, get in touch to learn how Kobble can transform your business.

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Media Contact:

Andrew Ly
Head of Marketing & Growth
Kobble
andrew@kobble.net

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