Financial Services News

Financial Services News

  • Patrick Buncsi
  • 21 August 2023
The Commonwealth Bank of Australia (CBA) has been selected by Victoria’s Transport and Planning department (DTP) to serve as its merchant acquirer for the state’s public transportation ticketing system, which, for the first time, will enable tram, bus and train...
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  • FST Media
  • 16 August 2023
Corporate regulator ASIC has identified several deficiencies in the claims handling practices of Australia’s general insurers, extending to potential violations of the industry’s Code of Practice, and has urged for improvements in how insurers communicate with their customers, manage projects...
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  • FST Media
  • 15 August 2023
Financial services regulator APRA has extended the validity of Avenue Bank’s restricted operating licence, granting the neobank a six-month deferral on meeting the requirements of a full authorised deposit-taking institution (ADI). Avenue’s restricted ADI (rADI) now expires on 7 March...
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  • Patrick Buncsi
  • 15 August 2023
Marcus Verrall, chief technology officer (CTO) and founder of Insurance Australia Group’s (IAG’s) dedicated motor insurance arm, ROLLiN’ Insurance, has revealed that the greenfields innovator has ramped up traffic flow to 100 per cent on its rejigged quote experience, one...
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  • Patrick Buncsi
  • 15 August 2023
ANZ Bank is experimenting with multiple Generative Artificial Intelligence (GenAI) technologies, including an in-house developed ChatGPT client that will eventually be used to train customer-serving banking staff, says chief technology officer Tim Hogarth. The platform, christened by ANZ techs as...
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  • Patrick Buncsi
  • 11 August 2023
Westpac group chief technology officer (CTO) David Walker has revealed the bank is pairing its engineers with a Generative Artificial Intelligence (GenAI) companion to help fast-track software development projects, resulting in a 20 per cent “real-world” productivity gain for programmers....
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  • Patrick Buncsi
  • 9 August 2023
Commonwealth Bank of Australia (CBA) chief financial officer Alan Docherty has confirmed the company will continue to insource its technology capability for “at least for the next year or two”, as the bank moves to further reduce its reliance on...
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  • Patrick Buncsi
  • 8 August 2023
Health insurer Bupa has announced the appointment of Simon Birch, most recently the Commonwealth Bank of Australia’s (CBA’s) acting chief technology officer, as permanent chief information officer (CIO) for APAC. Welcoming the firm’s new tech chief, Nick Stone, Bupa’s recently...
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  • FST Media
  • 8 August 2023
Nearly half (47 per cent) of Australians would close their account or stop using a product or service provided by an organisation that had lost their data in a breach incident, according to a new report by the Officer of...
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  • FST Media
  • 7 August 2023
The Australian Securities Exchange (ASX) has announced the appointment of its next chief operating officer (COO), filling a three-month vacancy left following the departure Val Mathews in May. Diona Rae, appointed in May to lead the ASX’s delivery and regulatory...
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  • FST Media
  • 7 August 2023
The Commonwealth Bank of Australia (CBA) has announced a new capability within its Next Chapter financial abuse support program, unveiling an Australian-first pilot program that will enable NSW-based customers to automatically report instances of financial abuse to the state’s police...
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  • Patrick Buncsi
  • 4 August 2023
The Australian Competition and Consumer Commission (ACCC) has denied ANZ’s bid to acquire Suncorp Bank, citing in its decision the potential for a “substantial lessening of competition” in several key markets. The ACCC’s final decision comes after multiple postponements by...
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  • Oksana Patron
  • 3 August 2023
The Australian Securities and Investments Commission (ASIC) has welcomed the establishment of an ASX Advisory Group and the appointment of Alan Cameron as its independent chair. The new entity will advise on ASX Clear and ASX Settlement, which are both...
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  • FST Media
  • 3 August 2023
ACCC has announced it will permit the Australian Banking Association (ABA) and its members, including the big four banks, to join discussions on the creation of a new industry standard for scams. The ACCC’s “interim authorisation” also applies to all...
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  • FST Media
  • 2 August 2023
Bendigo Bank has announced it has placed a block on high-risk cryptocurrency transactions in an effort to stamp out investment scams and fraudulent payments. The newly implemented crypto block targets high-risk instant payments to cryptocurrency exchanges. These exchanges remain, at...
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