Robert Bell, chief executive of 86 400 said that Cuscal had helped the bank to invest heavily in their technology over the past two years. “Over the last two years – and with the support of Cuscal – we’ve invested heavily in building proprietary technology that will change the way retail banking is delivered in Australia,” he said. The capital raising is in line with the banks business plan, which requires more than $250 million of capital over the first three years of operation to fund its growing balance sheet.

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When it comes to their investment selection process, 29 per cent of women said it is ‘very important’ that their portfolio contains companies that have good and ethical ESG standards, compared to 19 per cent for male investors. The research comes as Fidelity International, Australia has published a report that has found women are investing less. Suzie Toohey, global head of Client Service and Sales at Investment Trends said that while the rise shows that more women are building their wealth and moving towards an independently secured financial future, more still needs to be done.

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Almost half of respondents at 45 per cent said they will increase ESG investments over the next five years. Millennials were found to find responsible investing more important, with 70 per cent of the demographic investing in sustainable funds, as opposed to 21 per cent of Baby Boomers. The study found Millennials at 28 per cent were equally as likely as Baby Boomers, at 24 per cent to feel fund managers should consider a company’s effect on their local community.

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Seventy per cent of Millennials would choose funds or companies in accordance to ESG factors while only 21 per cent of baby boomers made the same claim. “More than anything, the research paints a picture of millennials as conviction investors, backing their own judgment and values. Australian millennials see the best opportunities in the year ahead coming from international stocks, real estate, cash and domestic stocks,” the report read.

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