Financial Services News

Financial Services News

  • FST Media
  • 3 March 2021
2020 was a turning point for Australia’s life insurance industry. Traditionally averse to quick-fire innovation and ill-resourced to manage the customer surge during Covid, the life sector was forced to adapt and digitise at pace – all while resolving a...
Read More
  • Nanda Lakhwani
  • 17 February 2021
ASIC is seeking sanctions and penalties against the Commonwealth Bank of Australia (CBA) after a Federal Court ruling found the lender had severely overcharged business clients for overdrafts. The court found the unsanctioned charges were largely the result of “inadequate...
Read More
  • FST Media
  • 17 February 2021
Bendigo and Adelaide Bank managing director, Marnie Baker, has hinted at the company’s likely compliance timeline for Open Banking, revealing the bank will seek early participation as an accredited data recipient (ADR) “shortly after” it launches as accredited data holder...
Read More
  • FST Media
  • 14 February 2021
NAB’s most recent acquisition, 86 400, has enlisted Sydney-based digital identity developer, OCR Labs, to implement a new biometric verification system for mortgage applications. OCR’s Verification of Identity (VOI) system is expected to “streamline” the neobank’s mortgage application process, ensuring...
Read More
  • FST Media
  • 4 February 2021
AMP has announced that by next year it will migrate all its remaining on-premise workloads to Amazon Web Services (AWS) cloud. The move forms a critical part of the group’s three-year transformation program, with the “accelerated” cloud push expected to...
Read More
  • FST Media
  • 4 February 2021
The new year kicked off with several executive appointments across Australia and NZ’s financial services sector, with notable additions to NAB, Bankwest, and QBE. Australia – QBE Insurance has appointed Sue Houghton as its next Chief Executive for Australia Pacific (AUSPAC)....
Read More
  • FST Media
  • 2 February 2021
“Insufficient technology resources” and a lack of “robust tools” brought New Zealand’s stock exchange to a halt multiple times last year, a new report by NZ’s financial watchdog has found. The Financial Markets Authority (FMA) audit was launched in the...
Read More
  • 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...
Read More
  • 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...
Read More
  • 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...
Read More
  • 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...
Read More
  • 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...
Read More
  • 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....
Read More
  • 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....
Read More
  • 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...
Read More