Financial Services News

Financial Services News

  • FST Media
  • 29 May 2024
Westpac is implementing a push notification service that alerts customers when they are not meeting the conditions to earn bonus interest on their Westpac savings account. Westpac said the feature, which sends notifications via both its mobile app and email,...
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  • FST Media
  • 29 May 2024
A class action lawsuit has been filed against insurance group IAG for its alleged failure, over multiple years, to provide promised loyalty discounts to customers. The suit, filed in Victoria’s Supreme Court, accuses several insurers within the IAG fold –...
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  • FST Media
  • 27 May 2024
Zurich’s Australia and New Zealand arm has concluded a six-month pilot with the University of Technology Sydney (UTS) to test the viability of an artificial intelligence (AI) model in overcoming a major hurdle within the life insurance underwriting process. The...
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  • Patrick Buncsi
  • 23 May 2024
An in-house developed generative artificial intelligence (GenAI) capability built by ASIC to summarise public submissions was shelved immediately after a pilot experiment, senior staff  revealed during a senate inquiry on Tuesday, after the machine outputs were deemed inferior to human-generated...
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  • Patrick Buncsi
  • 22 May 2024
Recently appointed Beyond Bank chief information officer (CIO) and big four bank alum Stevie-Ann Dovico has called for banks to replicate Netflix-style personalised profiles within their apps and online banking services. Such a capability, she said, would recognise the multiple,...
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  • Patrick Buncsi
  • 22 May 2024
A future of ‘ambient’, branchless and even app-less retail banking is inevitable, according to ex-Westpac Group COO and Nano Platform co-founder and current chief executive Andrew Walker, who predicts that the traditional banking franchise is already on the verge of...
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  • Patrick Buncsi
  • 22 May 2024
Australian Securities and Investment Commission (ASIC) chair Joe Longo has quietly expressed concerns over deficiencies within Australian regulators to effectively regulate emerging artificial intelligence (AI) technologies. Joining a featured regulator-only panel session at the ASIC/UTS co-hosted AI Regulators Symposium on...
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  • Patrick Buncsi
  • 21 May 2024
The Commonwealth Bank’s (CBA’s) efforts to stamp out technology-facilitated abuse have received high praise from eSafety Commissioner Julie Inman Grant, who singled out the bank’s anti-abuse AI tool as a model of best practice. Speaking at the ASIC/UTS co-hosted AI...
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  • FST Media
  • 21 May 2024
More than one out of every three customers submitting a hardship request to their lender has dropped out of the process at least once, according to a just-released ASIC survey, due in many cases to customers feeling that they faced...
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  • FST Media
  • 15 May 2024
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...
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  • FST Media
  • 15 May 2024
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...
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  • FST Media
  • 15 May 2024
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...
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  • Patrick Buncsi
  • 14 May 2024
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...
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  • FST Media
  • 14 May 2024
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...
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  • FST Media
  • 14 May 2024
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...
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