Financial Services News

Financial Services News

  • Nanda Lakhwani
  • 19 May 2020
In a bid to assist lockdown-beleaguered brokers and customers, ING Australia has moved to accept digital signatures for online mortgage applications. The non-major lender announced it would accept selected application forms lodged via loan processing software ApplyOnline with e-signatures that...
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  • Nanda Lakhwani
  • 19 May 2020
Australia’s biggest bank has earmarked $1.5 billion in loan losses resulting from coronavirus-fuelled economic contraction whilst touting a slew of digital feats in its FY20 third quarter update. CBA’s cash profits stood at $1.3 billion, plunging 41 per cent from...
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  • FST Media
  • 19 May 2020
The Covid-19 lockdown period has seen a whopping 238 per cent jump in cyberattacks targeting financial services institutions, with a new report revealing a surge in malicious cyber incidents between February and April this year. According to VMWare’s Modern Bank Heists 3.0 report,...
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  • FST Media
  • 19 May 2020
Westpac has faced a massive blow to its executive leadership, with chief information officer Craig Bright set to jump ship after less than two years in the role. Bright is joined by Westpac’s head of retail banking, David Lindberg, with...
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  • FST Media
  • 13 May 2020
After seemingly endless delays, Open Banking – the first iteration of Australia’s broader Consumer Data Right (CDR) regime – is a little over a month away from its official all-industry launch. As a government-led initiative, the CDR is intended not...
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  • Nanda Lakhwani
  • 13 May 2020
Suncorp has announced a $90 million write-down for its troubled Oracle core platform replacement while flagging an estimated $40-70 million in remediation and repair costs for its payroll systems – part of a total anticipated expense sheet of $2.7 billion...
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  • Nanda Lakhwani
  • 12 May 2020
Joining the ranks of its major rivals, Australia’s largest bank has partnered with local fintech provider Slyp to deliver interactive ‘smart receipts’ to its more than seven million digitally active customers. Slyp provides itemised digital receipts of transactions inside a...
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  • FST Media
  • 6 May 2020
Despite – or perhaps owing to – Covid-19 shutdowns, Australia’s oldest bank has posted a notable 12 per cent jump in its technology investments over the past year, with Westpac reporting a $138 million increase in tech expenses during its...
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  • Nanda Lakhwani
  • 6 May 2020
The Financial Stability Board (FSB), the Basel-based global financial systems authority, is seeking public input on a set of 46 cyber incident response and recovery (CIRR) practices which aim to help financial institutions and government authorities worldwide uplift their collective...
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  • Nanda Lakhwani
  • 5 May 2020
Central to the bank’s crisis response strategy outlined in its half-year results announcement, the Australia and New Zealand Banking Group (ANZ Bank) has appointed former chief data officer, Emma Gray, to the newly minted role of group executive, data and...
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  • Nanda Lakhwani
  • 29 April 2020
Australia’s oldest bank has joined the ranks of its major rivals, finally switching on Apple Pay in response to rising customer preferences for non-cash payment options. Westpac customers with an eligible Mastercard credit or debit card, or eftpos Handycard, can...
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  • FST Media
  • 28 April 2020
Cash dispensing terminals have become increasingly ripe targets for cybercriminals, with cybersec firm Kaspersky reporting a 250 per cent jump in malware-based attacks targeting Automatic Teller Machine (ATM) and Point of Sale (POS) terminals between 2017 and 2019. 2018, in...
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  • Nanda Lakhwani
  • 28 April 2020
WA-based CBA subsidiary Bankwest has rolled out a stop-gap electronic identification (eID) solution for new home loan applicants, allowing brokers to verify customer identities swiftly and remotely amid coronavirus restrictions. The electronic verification of identity (VOI) solution, accessible through any...
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  • FST Media
  • 28 April 2020
In the thick of the bank’s Covid-19 response strategy revealed in its half-year report, the National Australia Bank has announced a revamp of its executive team, appointing NAB veteran Nathan Goonan and Rachel Slade to new executive positions. As the...
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  • FST Media
  • 28 April 2020
The banking industry’s peak body, the Australian Banking Association (ABA), has urged staff across the sector to make use of the controversial contact tracing app, COVIDSafe, praising the Government’s strategy to lift coronavirus lockdowns and reboot the country’s economy. In...
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