Financial Services News

An additional 85,000 cyber professionals will need to be found by 2030 – a 60 per cent increase on current figures – to meet Australian industry demand, according to a new study by Australia’s peak cyber industry body. Within these...

The Australian Securities and Investments Commission (ASIC) and Australian Prudential Regulation Authority (APRA) have received staffing boosts in the Federal Budget. The Budget papers show that ASIC staffing levels will increase by around 14 per cent in the 2024-25 financial...

Wealthtech developer Iress has confirmed to the ASX that it has, in fact, been the victim of a cyber breach incident following a previous report that it was not impacted. In its statement to the securities exchange, Iress said it...

UniSuper has confirmed that it has restored the majority of its member-facing services after a more than week-long unscheduled outage prevented members from accessing or modifying their accounts. The super fund has been progressively bringing its system back online since...

Firstmac, a major non-bank Australian lender, has confirmed that its IT systems have been breached by an “unauthorised third party”, with personal data accessed and distributed publicly. The company first reported the incident on 30 April, admitting it had suffered...

Temenos has added a Responsible Generative AI (GenAI) component to its widely adopted core banking platform, promising users “seamless” data extraction and reporting. With the addition of the GenAI capability, Temenos platform users can engage in natural language queries to...

UniSuper has reported a persistent, multi-day outage, with members unable to access their accounts online. UniSuper members, which number more than 648,000, have reported being unable to access their online accounts, use on-site super calculators, alter their investment allocations, or...

Debit and credit cards remain the preferred payment method for Australians’ online purchases, collectively accounting for just over half of e-commerce payments last year, according to a new survey. Card payments captured a 50.6 per cent share of e-commerce payments,...

Most Australian banking customers are still seeking out physical bank branches, with 72 per cent of respondents to a recent survey reporting that they have visited a branch in the past six months. At least one in three Australians reported...

Westpac has announced an extension on its moratorium on regional branch closures until at least 2027, matching a commitment by fellow big four bank CBA. Westpac has also earmarked a $150 million investment over the next two years to support...

Australians are losing less money to scammers, the latest figures from the National Anti-Scam Centre (NASC) have revealed, which recorded a 13.1 per cent drop in the dollar value of scam losses last year. Losses from scams dropped from a...

AMP Bank is set to overhaul its end-to-end mortgage application process, promising brokers “a streamlined experience” through the adoption of a popular lendtech platform. The lender has confirmed a new partnership with Australian lendtech developer Simpology to deploy its latest...

The Bank for International Settlements (BIS), ‘the central bank of central banks’ run by the G20, has outlined its recommendations for cross-border payments facilitators to create optimal service level agreements (SLAs). The newly released guide [pdf], created by the BIS’s...

The Federal Court has issued Macquarie Bank with a $10 million fine for its failure to prevent and detect unauthorised third-party fee withdrawals from customer cash management accounts. The Court found that the bank, Australia’s fifth biggest by market cap,...

The Australian Securities and Investments Commission (ASIC) has announced a major change to its most senior executive ranks, with the regulator’s chief executive, Warren Day, to depart from the regulator. Day’s interim replacement, Greg Yanco, is also expected to exit...