"The saying ‘good news is bad news told early’ has never been more relevant – the sooner we can identify issues, the sooner we can act to contain their impact and...
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Westpac has appointed an IBM subsidiary to undertake an independent review into the bank's technology systems and governance processes following an AUSTRAC investigation which exposed an alleged 23 million breaches of Australia’s AML/CTF Act.
"The challenge of the cloud is not cybersecurity; the challenge is changing the ways of working across your entire IT organisation."
WA-based insurer, HBF Health, has enlisted the services of tech giants Salesforce, AWS, and Oracle in a bid to accelerate the company’s wholesale transformation program.
"I challenge other leaders to help grow a culture of asking ‘why?’. It can be easy in any large company, not necessarily in financial services, to continue to do something because it’s always been that way."
November saw a number of high-profile appointments and departures across the local financial services industry, with noteworthy additions to Westpac, CBA, and AIG.
Despite customers overwhelmingly trusting major institutions to protect their data and financial assets, upwards of two-thirds of consumers fear banks “do not have their best interests at heart”, according to findings from Deloitte’s 2019 Open Banking survey.
Representatives from established financial firms have conceded neobanks and fintechs challengers will continue to capture market share from the dominant incumbents, with surveyed delegates at the Future of Financial Services, Sydney last week acknowledging the tenuous hold FSIs have over their existing customer base as well as increasing brand disloyalty among customers.
"Changing the way an organisation operates also requires radically modernising technology platforms to support and optimise the changes and to more efficiently deliver value to customers."
