Financial Services News

The rapid adoption of artificial intelligence (AI) in financial services demands a similar embrace by central banks, argues the Bank for International Settlements (BIS), with the global authority believing the technology will serve a critical role for central banks in...

Bendigo and Adelaide Bank has released details of its expanded partnership with database developer MongoDB – backed by a newly built and customised generative artificial intelligence (GenAI) pair programming capability – which it says has both accelerated the delivery time...

People First Bank (PFB) deputy chief executive Steve Laidlaw will next month succeed Peter Lock as chief executive of the newly merged mutual bank. The recently rebranded ‘People First Bank’, a merger of the Toowoomba-based Heritage Bank and Adelaide-based People’s...

Customers of ANZ Plus will now have access to industry-backed digital identity solution ConnectID, which promises to take away from businesses their need to collect personally identifiable – and cybercriminal-attracting – data for ID verification. Developed by payments authority Australian...

The Australian Securities Investment Commission (ASIC) will likely deploy artificial intelligence (AI) technologies to perform regular audit checks of financial advisers, including assessments of advice document submissions generated by machines, predicts Matt Esler, chief executive of wealthtech developer Padua. Esler...

TAL’s former information and innovation chief Fiona Macgregor will take over as head of Australia’s biggest life insurer from early October. Macgregor will replace current TAL chief executive and managing director Brett Clark, who next month joins TAL’s parent company...

Medibank was aware of “serious deficiencies in its cybersecurity and information security framework” at least two years before a devastating data breach that saw a record loss of personal customer information to hackers, the Australian Information Commissioner (OAIC) has alleged...

The Commonwealth Bank (CBA) has launched a new training program providing foundational data analytics skills for internal auditors. Partnering with the Institute of Internal Auditors, Australia (IIA) to develop and run the course, the new Auditor to Analyst digital training...

Bank of New Zealand (BNZ) has announced that it will progressively re-extend its branch network opening times to five days a week over the next year in response it says to “growing customer demand for more face-to-face interactions”. BNZ, a...

Australia’s largest publicly listed companies have handed their senior executives significant base pay increases over the past year, including an average 14 per cent increase for listed chief executives, data from a new Governance Institute of Australia (GIA) survey reveals....

Defence Bank has announced that former ANZ senior executive Roberto Scenna has been appointed as the mutual’s next chief executive. Scenna, who joins the bank on 15 July, will replace Marnie Fletcher. Fletcher stepped in as interim chief executive in...

The number of Australian jobs demanding skills in artificial intelligence (AI) appears to have peaked between 2021 and 2022, with Assistant Minister for Employment Andrew Leigh, based on data from popular jobs websites, tracing a steady decline in employers seeking...

BaaS platform developer 10x Banking has confirmed a new partnership with Deloitte Australia, with the pair declaring their commitment to supporting mutual banks’ technology transformation programs. The local partnership follows similar deals confirmed between 10x and Deloitte UK and US...

The banking sector is the “most ripe” of any industry for the successful adoption of generative artificial intelligence (GenAI) technologies, with at least three-quarters of the systems or digital products used within banks lending themselves to GenAI disruption, according to...

The Federal Government has introduced legislation that will see Buy Now Pay Later (BNPL) services regulated as credit providers under the National Consumer Credit Act. If passed, BNPL providers, including services like AfterPay, Klarna and Zip Pay, will be subject...