Financial Services News

Medibank has commissioned big four auditing firm Deloitte to conduct an external review into the devastating mid-October ransomware breach, which saw highly sensitive customer data from across the health insurance group being leaked onto the dark web. Medibank chair Mike...

Australia’s Consumer Data Right (CDR) has promised much for consumers, from cheaper products to more tailored banking services, but so far uptake and use of the scheme has been limited. Two years on from the official launch of the CDR,...

Head of AMP Bank, Sean O’Malley, has called on Australia’s financial services organisations to adopt a more “partner-friendly” and “partner-capable” approach to innovation, arguing that the risk of a failed partnership is worth it to reap the rewards of a...

The insurance industry has shifted in building customer relationships, now focused on deeper, regular communication and valuable experiences.

Calls have mounted for training and knowledge-sharing of artificial intelligence (AI) to become a staple across financial services organisations, after it was found a more ‘democratised’ culture around AI resulted in better data practices and customer experience.

ANZ will no longer align software engineers’ career progression with increased staff management responsibilities, according to the bank’s chief technology officer Tom Hogarth, effectively upending the financial service industry’s long-standing professional development model. Speaking at the Future of Financial Services,...

Members of Hunter region-based mutual banks, Newcastle Permanent and Greater Bank have voted to approve their merger during a Special General Meeting, with the votes “exceeding constitutional thresholds”. While final vote confirmations are still underway (as of 8:00 pm Wednesday...

Australia’s fintech sector has continued to see impressive growth and increasing maturity over the last 12 months despite growing economic uncertainty at home and abroad, as well as the loss of some traditional capital raising streams, according to EY’s latest...

The Australian Government has announced it will assemble a virtual international counter-ransomware taskforce after several data breaches.

Australia’s chief financial crime investigation and analysis agency, AUSTRAC, has released a new guide to help FSIs fight the growing scourge of trade-based financial crime. Developed in partnership with the Australian Border Force, the guide [direct PDF link] is designed...

The Bank for International Settlements (BIS), ‘the central bank of central banks’, has announced it has delivered a successful pilot of real-value and real-time cross-border transfers of central bank digital currencies (CBDCs). The pilot, part of the BIS’s ‘Project mBridge’,...

ANZ Bank has been handed a $25 million penalty by the Federal Court for its failure to deliver a range of promised benefits and discounts to customers, with the Court finding deficient systems and processes within the bank to blame...

Citi Securities Services, Citi Group’s equities trading service, has launched new a digital proxy voting service for its Australian and New Zealand arms, enabling investors to send votes to issuers or agents in real-time. Citi Australia and New Zealand confirmed...

Australia’s financial industry regulators, APRA and ASIC, will each see a modest increase in staff numbers, figures from the October 2022 Budget reveal. The Australian Prudential Regulation Authority (APRA) is set to add 31 staff in FY2022-23, increasing from a...

Global financial intelligence and cybersecurity cooperative, the FS-ISAC, has announced NAB’s head of threat and vulnerability intelligence as one its ‘Global Leaders’ in cybersecurity. Jorell Magtibay, NAB’s manager, threat and vulnerability intelligence, was one of four banking leaders worldwide recognised...