Financial Services News

Financial Services News

  • FST Media
  • 26 March 2024
The Commonwealth Bank of Australia (CBA) has joined several global investment partners in a US$47 million (AU$72 million) capital injection for UK-based global payments compliance company Global Screening Services (GSS), with CBA stating that it may embed the regtch’s platform....
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  • FST Media
  • 25 March 2024
WA-based mutual banking group P&N has revealed details of its successful deployment of a new cloud-based lending platform, supporting the group’s business banking expansion. The group, which operates both the P&N Bank brand in Western Australia and BCU Bank in...
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  • FST Media
  • 20 March 2024
Zurich has announced the winner of the Australian round of its fifth annual Innovation Championships, with Canberra-based fintech Haast selected to take on other regional winners across the globe. Haast offers a range of artificial intelligence-backed multimodal solutions to index,...
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  • FST Media
  • 20 March 2024
Nearly a quarter of insurance brokers regard the technology they use for their work as “unfit for purpose”, according to a new industry survey, with concerns these systems – many considered “antiquated” – are too confusing and a sap on...
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  • FST Media
  • 20 March 2024
Australia’s biggest industry super fund, AustralianSuper, will look to deliver an up to 30 per cent productivity boost across its organisation over the coming years using artificial intelligence (AI) technology, the company has revealed. The firm has set a rather...
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  • Patrick Buncsi
  • 20 March 2024
Policymakers have been warned not to “act too quickly to clamp down” on artificial intelligence (AI) innovation, with concerns from a leading asset manager that overregulation of the burgeoning technology could strangle innovation, and thus stifle wealth-building opportunities emerging from...
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  • FST Media
  • 20 March 2024
Generative artificial intelligence (Gen AI) represents a step-change development for the insurance sector and will significantly enhance insurers’ business operations, with QBE Ventures’ global head of emerging technology Alex Taylor urging insurers to start experimenting with the technology now before...
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  • FST Media
  • 19 March 2024
Global payments infrastructure and standards developer Swift has been selected by Australian Payments Plus (AP+) to develop its promised Confirmation of Payee system. Announced late last year as part of the Australian banking sector’s Scam Accord, the proposed Confirmation of...
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  • FST Media
  • 14 March 2024
Sydney-based fintech GetCape, which specialises in SME cash management, has been acquired by UK fintech Anna.Money. Anna.Money, a cashflow management and tax assistance app, said the acquisition – the company’s first – would give it “the unique capability to blend...
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  • Patrick Buncsi
  • 13 March 2024
Scott Farrell, member of the Reserve Bank of Australia’s (RBA’s) Payments System Board and lead author of the financial services industry-defining payment systems review, has cautioned regulators and developers to avoid the temptation to simply ‘plug and play’ another country’s...
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  • Patrick Buncsi
  • 13 March 2024
The ACCC has welcomed the contribution of the financial services sector in helping to deliver a significant drop in dollar losses to scams, with the consumer protection watchdog’s Scamwatch service recording a 43 per cent decline in losses to scams...
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  • FST Media
  • 12 March 2024
Great Southern Bank (GSB), formerly Credit Union Australia, has unveiled its new all-in-one, neobank-inspired business banking app targeted at the “underserved” small business market. The app currently offers micro (businesses employing under five staff) and nano (sole trader) business users...
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  • FST Media
  • 12 March 2024
The Federal Government’s just-released exposure draft legislation has struck a crucial balance of protecting consumers without hindering choice, competition and innovation in the buy now, pay later (BNPL) sector, according to the Australian Finance Industry Association (AFIA). The peak financial...
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  • FST Media
  • 12 March 2024
The Commonwealth Bank of Australia (CBA) will extend its existing AI partnership with Microsoft, with the pair agreeing to further develop generative artificial intelligence (Gen AI) and cybersecurity solutions. The pair have confirmed a ‘letter of intent’ to collaborate on...
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  • Patrick Buncsi
  • 11 March 2024
Financial services businesses are among the most DDoS-threatened industries in the Asia Pacific region, according to a new report by global financial service cyber-intelligence sharing group FS-ISAC. The report, DDoS: Here to Stay, which cites data from the FS-ISAC’s industry...
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