Financial Services News

New Zealand big four bank BNZ is rolling out a new anti-scam and anti-fraud feature that enables customers to promptly self-disable all online banking activity and lock access to their online banking. The ‘online banking lock’, available within the BNZ...

The Federal Government has introduced a major update to the Credit Reporting Code, promising strengthened privacy protections for Australian consumers’ credit information and greater clarity for industry on their obligations. The revised code – Privacy (Credit Reporting) Code 2024 (Version...

Cbus has agreed to a first-of-its-kind Enterprise Agreement (EA) that promises “significant protections” for its employees if or when the super fund introduces artificial intelligence (AI) technologies. Among the new provisions include a clause stipulating that Cbus must consult with...

ANZ Plus, ANZ’s digital-only spin-off, has launched a new in-app feature enabling customers to view their bank accounts held across multiple financial institutions. The service, known as My Accounts, which leverages the Consumer Data Right’s (CDR’s) data sharing rails, promises...

The Australian Prudential Regulation Authority (APRA) has agreed to revoke the restricted authorised deposit-taking institution (ADI) licence of emerging challenger institution, the International Bank of Australia (IBOA). APRA confirmed that at the time of its revocation, IBOA had not launched...

The US Department of Justice (DOJ) is pursuing civil action against Visa, alleging the credit card giant has used its “size, scale, and centrality to the debit transaction ecosystem” to lock out competitors, assert its dominance over the debit payments...

NAB has announced the release of a new property deposit and real estate payments platform that taps the New Payments Platform’s (NPP’s) fast payments rail. The newly launched NAB Portal Pay promises real estate organisations and their customers a safer...

The Council of Australian Life Insurers (CALI) has confirmed EvolutionIQ, a claims technology developer specialising in artificial intelligence (AI) systems, as the first company to join its corporate partner program. The US-headquartered EvolutionIQ builds dedicated AI systems for insurers to...

Heartland has announced Andrew Dixson, currently chief financial officer, will lead the banking group from 1 October. Dixson succeeds Jeff Greenslade as chief executive of the dual ASX- and NZX-listed banking group, with the outgoing CEO earlier this year confirming...

NAB has renewed its longstanding partnership with Amazon Web Services (AWS), with the new deal promising to accelerate the bank’s migration of critical workloads to AWS cloud and further develop the its generative artificial intelligence (GenAI) capabilities. The new agreement...

Pepper Money has implemented a new fraud detection platform, Fortiro Protect, designed to support the lender in identifying fraudulent financial documents submitted by loan applicants. The Fortiro-developed platform, which complements existing KYC and customer fraud analysis technologies, automates fraud checks...

Bendigo and TMB appoint new board members, while the Insurance Council of Australia announces its next Chair. Board Appointments ◼️ Bendigo and Adelaide Bank has appointed Daryl Johnson to its board as a Non-Executive Director, effective from September 30. Johnson...

HBF, Australia’s fifth biggest health insurer with more than one million members, has announced the conclusion of its five-year digital transformation program, including the full migration of its core insurance mainframe to public cloud. Among the new platforms and services...

The Commonwealth Bank of Australia (CBA) has promised a four-fold increase in the speed artificial intelligence (AI) technology development as part of an extended partnership with hyperscale cloud provider Amazon Web Services (AWS). CBA’s launch of its new AI development...

The Federal Government’s proposed new Scams Prevention Framework (SPF) will go a long way to “fill gaps in the law” that prevent sufficient redress for scam victims, according to the Australian Financial Complaints Authority (AFCA), with the complaints ombudsman set...