Financial Services News

The Office of the Australian Information Commissioner (OAIC) has borne a surge in data breach notices over the last year, with the OAIC’s breach reporting service recording levels not seen since the Covid pandemic. The OAIC, in its latest half-yearly...

TradingHub, a global developer of risk-based trade surveillance software for financial services businesses, has opened its first Australian office, expanding its presence in the coveted APAC market. The UK-headquartered fintech will set up shop in Sydney, which it says will...

The Federal Government has announced it will legislate a ban on the use of adverse predictive genetic test results by life insurers. The reforms effectively prohibit life insurers from using applicants’ adverse genetic results to determine policy coverage or claims...

New Zealand financial services firms’ initial interest in developing proprietary artificial intelligence (AI) platforms has failed to materialise “as anticipated”, with FSIs increasingly shifting their focus to procuring third-party solutions, a new report by the Financial Markets Authority (FMZ) has...

SME specialist bank Judo has successfully migrated its lending business to a new cloud-native core banking platform built by banking-as-a-service (BaaS) software developer Thought Machine. The vendor announced the successful migration, commenced nine months ago, of Judo’s lending business to...

Anthony Miller has been named Westpac’s next chief executive, with incumbent CEO Peter King announcing his retirement after five years at the helm of Australia’s oldest bank. Currently heading Westpac’s business and wealth division, Miller – previously tipped as a...

Bendigo and Adelaide Bank unveils new execs, APRA to fill longstanding CISO vacancy, and Zurich appoints new risk chief. Appointments ◼️ Bendigo and Adelaide Bank has announced several changes to its executive line-up, with: Taso Corolis appointed Chief Customer Officer,...

Teachers Mutual Bank will become Australia’s first customer-owned bank to pilot the Commonwealth Bank’s (CBA’s) NameCheck technology. TMB will deploy the anti-scam security feature initially within its internet banking service this month, later extending the rollout to its banking apps....

Netwealth has confirmed it has completed its full acquisition of advice technology and analytics firm Xeppo, aligning, it says, with its longstanding data strategy and bolstering its expanding advice capability. The ASX-listed wealthtech and wealth management firm informed shareholders of...

The Financial Services Union (FSU), the peak body representing the sector’s employees, has called for new laws to prohibit excessive surveillance of workers by employers, with concerns artificial intelligence (AI) may turbocharge and bias monitoring activity. The FSU’s National Assistant...

Newly anointed Bendigo and Adelaide Bank chief Richard Fennell has announced several changes to the group’s executive line-up, with Up chief Xavier Shay to lead the group’s digital services function. Shay currently serves as chief executive of Bendigo’s neobanking subsidiary...

ASX-listed Tasmanian bank MyState has overhauled its digital banking services, backed by Dutch banking tech developer Backbase’s composable banking platform. MyState worked with Backbase to embed its flagship, out-of-the-box Engagement Banking Platform. The platform has promised to “simplify money management...

The Commonwealth Bank of Australia (CBA) and Telstra have announced that their co-developed phone scam detection technology, Scam Indicator, has been extended to landlines. The anti-scam technology, launched late last year for mobile phone calls, indicates whether a customer may...

The Bank of New Zealand has announced it has become the first bank in the country to implement a critical API standard necessary for the adoption of the country’s emerging Consumer Data Right (CDR) regime. The recently enacted Account Information...

New Zealand’s High Court has found TSB Bank guilty of unlawfully and “unreasonably” overcharging its customers more than $3.6 million in credit and default fees. New Zealand’s competition and markets regulator, the Commerce Commission, which pursued the civil action, accepted...