In an era marked by economic uncertainty and escalating financial pressures, Australians are increasingly seeking solutions to simplify and manage their financial lives. Mark Waller, Managing Director of One Click Life, stands at the forefront of this movement, leveraging technology to streamline financial administration for individuals across the nation. With over two decades as a Certified Practising Accountant (CPA) and recent recognition as a Fellow (FCPA), Waller’s insights into the challenges and opportunities within Australia’s financial landscape are both profound and timely.
One Click Life was borne from a clear need to simplify financial processes and remove unnecessary barriers for Australians. “Once our proof of concept was built and the business model tested, we were able to operate with the level of governance of a much bigger business, providing us the opportunity to raise capital and list on the ASX,” Waller explains. “Our disciplined and consistent approach to improving everything we do, tied to our value ‘do it better,’ has ensured our products and services constantly evolve and improve.” This commitment to innovation and accessibility has positioned One Click Life as a leader in the fintech space, making financial administration easier and more efficient for everyday Australians.
The Complexity of Financial Management in Australia
Managing personal finances is an overwhelming task for many Australians. A study by the University of Western Australia revealed that approximately 8.5 million adults—about 45% of the population—lack understanding of basic financial concepts such as interest rates, inflation, and diversification. This financial illiteracy contributes to difficulties in managing personal finances effectively.
On top of this, financial administration tasks—such as filing tax returns, managing superannuation, securing insurance, and handling mortgage repayments—are often approached in a siloed fashion. Each of these financial obligations typically requires engagement with a different provider, meaning Australians must juggle multiple platforms, service providers, costs and deadlines. The lack of an integrated approach means inefficiencies abound, with individuals often duplicating efforts, incurring unnecessary fees, or missing key financial opportunities simply because they are navigating a fragmented system.
Waller identifies three major barriers that prevent individuals from simplifying their financial processes.
“The complex nature of personal finance and financial products is a significant barrier,” he explains. “Coupled with a lack of financial literacy, many individuals find it challenging to navigate their financial obligations. Additionally, the cost of accessing assistance across various aspects of one’s financial life often deters people from seeking the guidance they need.”
The financial burden on Australian households is intensifying. According to a 2023 report by the Australian Bureau of Statistics (ABS), household debt levels are at record highs, with mortgage repayments and cost-of-living pressures rising significantly. At the same time, almost one in three Australians report that financial stress is negatively impacting their mental health. The burden of managing financial administration – particularly for those already grappling with understanding the complexities of financial obligations and requirements – further exacerbates stress and uncertainty.
Without a centralised approach to financial management, Australians are left to piece together solutions on their own, often resulting in poor financial decisions. Fees for different financial services quickly add up, and many Australians may not even be aware of cost-saving opportunities available to them. Refinancing a mortgage, consolidating superannuation funds, or optimising tax deductions are all steps that can lead to significant savings, but without the time to investigate further, and clear guidance or streamlined access to financial tools, individuals are unlikely to take advantage of these options.
Technology-driven solutions like One Click Life seek to address these issues by providing a unified platform where users can oversee their entire financial ecosystem in one place. Eliminating the need to work with multiple disconnected service providers, reduces unnecessary administrative costs, and ultimately empowers individuals with a clearer understanding of their financial situation.
“Simplifying financial processes doesn’t just save time—it saves money. By integrating tax, mortgages, insurance, and superannuation into a single platform, individuals can avoid redundant fees, optimise financial opportunities, and make better-informed decisions,” says Waller. “When financial management is simplified, people feel more in control, and that’s critical in reducing stress and improving financial well-being.”
Waller also mentioned the overlooked, yet important part of financial management, particularly for families – estate planning. Estimates suggest that up to 70% of Australians are without a valid will, leading to potential complications for their families, with Waller noting that common barriers are similar to other important financial management activities, with one exception.
“People tend to put off making a will because they think it’s complicated or expensive, or assume they are for rich people. But the reality is that it’s one of the most important financial documents you can have, for everyone.”
Digital solutions also help to make this process more accessible, providing straightforward and affordable ways to create legally binding wills without costly legal fees. “It’s another example of how when financial administration is simplified, people feel more in control, and that’s critical in reducing stress and improving financial well-being,” Waller adds.
The Impact of Levy Recommendations on Financial Advice
To address the accessibility gap, the Australian government has introduced regulatory changes, including the Levy recommendations, to lower the cost of financial advice. However, despite these reforms, many Australians still find personal financial advice out of reach, particularly younger Australians and lower-income households who may not meet traditional financial advisers’ client thresholds.
Waller believes these changes are a step in the right direction, but technology will be the real game-changer.
“Key changes include allowing superfunds to provide personal advice, simplifying how financial planners deliver advice, and paving the way for more flexible digital advice models,” Waller says. “The best way to reduce costs and improve accessibility of personal advice is through technology. The most impactful change will be when technology adoption allows access to advice for all Australians.”
Emerging fintech solutions are addressing this gap by providing more direct access to financial insights without the need for costly consultations. Waller sees this shift as essential in creating a financial system that works for more people, rather than just those who can afford professional advisers.
Waller adds,“The reality is that most people don’t need full-scale financial planning services, but they do need guidance at key moments. Technology allows us to provide bite-sized, relevant advice when people need it, without the high costs associated with traditional models.”
The Power of a Connected Financial Platform
A 2023 report by the Australian Securities and Investments Commission (ASIC) found that 35% of Australians struggle to stay on top of their financial obligations due to a lack of streamlined tools. Traditional financial services are still heavily paper-based and slow-moving, which can lead to costly delays, penalties, or even lost financial opportunities.
The advantages of a connected financial platform extend beyond mere convenience. By integrating various financial tools – tax, insurance, mortgages, and more – into a single platform, an automated platform can help minimise inefficiencies, enabling users to optimise tax returns, track financial commitments, and identify gaps in insurance or mortgage plans.
Waller explains, “Before making a decision, you need access to information. Bringing together parts of your financial life into one platform provides the ability to assess information easily and make informed decisions. One Click Life is connecting different aspects of financial management to provide our customers with financial empowerment. We’re taking the friction out of managing finances so that people can focus on making informed decisions, to stay on top of financial aspects of life rather than firefighting problems when they arise.
“The key benefits are visibility and control. Having access to all those financial tools on one platform simplifies completing any one task. Automated processes create time savings. With automation between each area, our customers also have access to cost savings over traditional ways of providing that service.”
The Future of Fintech in Australia
Compare The Market 2024 Household Financial Barometer reveals that 24% of households hadn’t shopped around for a better deal on the most common expenses, because it’s inconvenient and takes too long. Looking ahead, Waller sees Australian fintech moving towards full integration, where financial tools and advice are seamlessly woven into users’ daily lives. Instead of manually managing financial tasks, individuals will receive personalised prompts and automated optimisations based on their financial behaviors.
“Imagine a world where your phone tells you, ‘Hey, you could save $2,000 this year by refinancing your mortgage’—and then guides you through the process seamlessly,” Waller envisions. “Putting a customer’s financial life on their mobile phone, where they can manage and control everything in a really simple, low-cost format, is the ultimate goal. Imagine how empowering that would be—having instant access to financial insights, the ability to make decisions in real-time, and the confidence that you’re optimizing your financial future without unnecessary complexity or costs. It’s being able to do this with a secure, trusted partner that is going to get the best outcome for you. That’s where we’re headed.”
As Australians continue to navigate financial complexities, leaders like Mark Waller and platforms like One Click Life are pioneering solutions that remove the barriers, so individuals can take control of their financial futures. Through technological innovation and a commitment to accessibility, the future of financial management is not just digital—it is smarter, more efficient, and designed to empower individuals at every stage of their financial journey.
