Financial Services News

Financial Services News

  • Patrick Buncsi
  • 30 November 2022
The Australian Human Rights Commission (AHRC) and Actuaries Institute have released new guidance to help insurers and actuaries comply with the federal anti-discrimination laws when adopting artificial intelligence (AI) technologies, specifically for pricing or underwriting insurance products. The practical Guidance...
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  • Patrick Buncsi
  • 30 November 2022
National Australia Bank (NAB) has reconfirmed its longstanding partnership with Amazon Web Services (AWS), announcing it has signed a new “multimillion-dollar, long-term deal” with the hyperscale cloud provider. The deal is a critical step forward towards realising NAB’s overarching cloud...
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  • FST Media
  • 30 November 2022
Independent challenger bank, the Bank of Sydney (BoS), has made a key step forward in its digitalisation program, announcing it has gone live with a new digital lending platform built by finserv tech developer Nucleus Software. The FinnOne NeoTM lending...
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  • Patrick Buncsi
  • 29 November 2022
Australia’s fast payments network, the New Payments Platform (NPP), last month had a significant bulk of its transaction handling capacity knocked out for hours due to an incorrect software setting, resulting in payments processing delays of up to five days,...
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  • FST Media
  • 29 November 2022
Westpac has joined a new six-member industry consortium established to promote the responsible adoption of artificial intelligence (AI) within financial services, putting forward an initial $230,000 investment to support the group’s research efforts. Spearheaded by the University of New South...
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  • Patrick Buncsi
  • 28 November 2022
APRA has announced it has “intensified its supervision” of Medibank following a devastating ransomware breach and data loss incident last month impacting the health insurer, with the regulator also set to increase compliance checks of information security standard CPS 234...
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  • FST Media
  • 24 November 2022
Bendigo and Adelaide Bank has announced the launch of its new Enterprise Collateral Management System (ECMS) – an integrated, cloud-based, ‘one-stop-shop’ platform to manage, store, review and track collateral data across the Bank. Bendigo said its new ECMS – ‘Collaterals...
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  • FST Media
  • 24 November 2022
Regional Australia Bank (RAB) has confirmed a new deal to provide ‘white label’ banking products and services to SME-specialist fintech Thriday. As part of the new Banking as a Service (Baas) agreement, Thriday, an financial management platform, can now offer...
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  • FST Media
  • 24 November 2022
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  • Patrick Buncsi
  • 24 November 2022
ING Bank Australia has accepted an Enforceable Undertaking (EU) from financial crimes investigation and intelligence agency AUSTRAC after a suspected breach of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. ING confirmed that it self-identified and voluntarily reported the potential...
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  • FST Media
  • 18 November 2022
Australians lodged more than 300,000 complaints with the Australian Financial Complaints Authority (AFCA) since the external disputes resolution organisation formed four years ago – an average of around 200 complaints each day. The financial services industry consumer ombudsman confirmed it...
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  • FST Media
  • 17 November 2022
The Australian Securities Exchange’s (ASX’s) CHESS replacement program faces an up to two-year delay, with an independent review finding deficiencies in the platform’s current design, architecture, technical capabilities and governance processes. The latest delay marks the fifth official postponement to...
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  • Patrick Buncsi
  • 16 November 2022
NAB is set to unlock a hotly anticipated customer personalisation and prediction capability within the next year, with the bank’s chief digital, data and analytics officer, Angela Mentis, revealing further details today on its omnichannel-ready “customer brain”. The “customer brain”,...
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  • Patrick Buncsi
  • 16 November 2022
Medibank has commissioned big four auditing firm Deloitte to conduct an external review into the devastating mid-October ransomware breach, which saw highly sensitive customer data from across the health insurance group being leaked onto the dark web. Medibank chair Mike...
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  • Patrick Buncsi
  • 15 November 2022
Australia’s Consumer Data Right (CDR) has promised much for consumers, from cheaper products to more tailored banking services, but so far uptake and use of the scheme has been limited. Two years on from the official launch of the CDR,...
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