Financial Services News

Financial Services News

  • Nanda Lakhwani
  • 17 December 2020
Unable to offset cash losses and secure sufficient capital funding, digital challenger Xinja has announced plans to close all bank accounts, refund customer savings, and return its banking license to APRA, citing challenges in attracting investors during Covid-19. In a...
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  • Nanda Lakhwani
  • 15 December 2020
Australian payment utility providers eftpos, BPAY Group and New Payments Platform Australia (NPPA) have announced their intention to merge by mid-2021, touting a “stronger, unified entity” to support local financial services in taking on global tech giants and conglomerate card...
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  • FST Media
  • 9 December 2020
Australian financial institutions and regulators will be able to test their cybersecurity maturity, resilience and response through a new industry initiative, with The Council of Financial Regulators (CFR) unveiling its Cyber Operational Resilience Intelligence-led Exercises, or CORIE, framework. The framework...
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  • Nanda Lakhwani
  • 8 December 2020
A year on from the introduction of its card-not-present (CNP) Fraud Mitigation Framework, AusPayNet has reported a more than two-fold drop in card fraud rates, despite a surge in ePayments during the Covid-19 lockdowns. Overall card fraud rates declined 15.4...
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  • FST Media
  • 8 December 2020
Australia’s RedZed has become the first mortgage lender in the world to go live with SAP’s Cloud for Banking platform, the software giant has announced. Following a “supplier evaluation”, RedZed, a residential and commercial mortgage lender, selected the SaaS platform...
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  • Nanda Lakhwani
  • 4 December 2020
Business specialist banks must make full use of big data and new digital ecosystems to secure their place as “trusted advisers” in a post-Covid economy or risk losing ground to up and coming marketplace lenders, a recent EY report predicts....
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  • FST Media
  • 30 November 2020
November saw a number of key appointments and departures across Australia’s financial services sector, with noteworthy additions to Cbus, IAG, and P&N. Australia – Cbus, an industry superannuation fund, has appointed Mirella Robinson as its first Chief Information Technology Officer....
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  • FST Media
  • 30 November 2020
IAG’s newly deployed artificial intelligence (AI) capability has reportedly slashed total loss processing times for motor claims by up to two and a half weeks, the insurer has revealed. Developed in-house by the AI Centre of Excellence, IAG’s own innovation...
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  • Nanda Lakhwani
  • 30 November 2020
The Australian Human Rights Commission (AHRC) has raised concerns around potentially unlawful discrimination risks arising from Artificial Intelligence (AI), with tech chiefs from financial services also stepping up to root out errors in AI-backed customer systems, as tackling algorithmic bias...
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  • FST Media
  • 20 November 2020
Over the last year of crises and personal hardship, Australia’s financial services industry has, in large part, stood up and served its communities with care, empathy, and an understanding of the physical barriers and emotional challenges they face – and...
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  • FST Media
  • 19 November 2020
Faced with an indefinite pause to its ambitious transformation program, Rest, one of Australia’s largest superannuation funds, was determined not to let this opportunity go to waste, doubling down on its wholesale agile push even with the immediate prospect of...
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  • Nanda Lakhwani
  • 19 November 2020
ANZ Bank’s venture capital arm, ANZi Ventures, has taken a NZ$4 million equity stake in Auckland-based fintech Aider, which provides SME customers conversational digital assistance and real-time data insights, including cashflow tracking, into their businesses. Beyond cashflow, Aider also provides...
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  • Nanda Lakhwani
  • 12 November 2020
Macquarie Bank’s half-decade investment in Agile has borne impressive dividends for the company, with ‘feature teams’ ramping up test, development, and production cycles to multiple times per day, laying the groundwork for award-winning front-end service innovations and marked improvements in...
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  • FST Media
  • 12 November 2020
“Transformation is a sport to be played by everybody. It’s not a game that one party plays and others watch from behind.”   Joining event MC and moderator, Luke Hannan, at the recent Future of Financial Services Sydney 2020 event, Abdullah...
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  • FST Media
  • 6 November 2020
The progressive adoption of Open Banking will see banks further leaning on their partners to deliver front-end services, with incumbent banks effectively “owning the product, but not the customer experience”, says Luis Uguina, chief digital officer, Macquarie Bank. Speaking at...
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