Financial Services News

Digital claim lodgements processed by Insurance Australia Group’s (IAG’s) Direct Insurance Australia (DIA) arm – which includes high-profile consumer-facing brands NRMA Insurance, RACV, CGU, SGIO – have nearly doubled over the last year, as the insurance group advances on its...

The Commonwealth Bank of Australia (CBA) is set to to deploy several anti-scam upgrades to its online service portals, including a new industry-first payee verification service. Slated for a late March release, the new ‘NameCheck’ service will enable customers to...

CreditorWatch has announced it has become Australia’s first credit reporting agency to be granted certification under the Australian Tax Office’s (ATO’s) Digital Service Provider (DSP) framework. The ATO’s Operational Security Framework sets out strict data security and systems integrity requirements...

Not so long ago considered a ‘solved problem’, last year, financial services firms faced a 22 per cent uptick in Distributed Denial of Service (DDoS) attacks targeting their systems, in many cases stemming from increased political instability worldwide, a new...

Australia’s prudential regulator, APRA, has announced the creation of a new senior-level technology and data position, with Bruce Young promoted to the inaugural role. As the new Executive Director (ED) of Technology and Data, Young will sit alongside five other...

Zurich has called on the global insurtech community to devise new solutions to help transform key areas of its business, opening submissions for its upcoming Innovation Championship. Announcing the launch of its fourth successive global start-up competition – hailed by...

Suncorp has announced a new three-year deal with Microsoft set to substantially increase its public cloud footprint and support the organisation’s push to “wind down” its reliance on on-premise data centres. The insurance group said the renewed partnership would help...

Westpac has announced a new partnership with a Sydney-based artificial intelligence (AI) developer Rich Data Co. (RDC) to innovate its business lending services using AI technologies.  Among the new AI-backed capabilities to come out of the partnership include a new...

Global spending on financial crime prevention tools is anticipated to jump 30 per cent in the next four years as cybercriminals target massive growth in digital payment transaction volumes. According to the latest figures by digital tech consultancy Juniper Research,...

Australia’s peak advocacy group for tech professionals, the Australian Computer Society (ACS), has called for the Federal Government to pursue wholesale changes to Australia’s skilled migration program in a bid to fill upwards of 1.2 million technology jobs by 2027....

Digital lender MoneyMe has officially launched its app-integrated credit score check facility, with the service reportedly receiving an influx of users during its beta trial. Built on MoneyMe’s proprietary – and business-critical – loan management system, Horizon, and made available...

Australian mortgage aggregator Finsure has announced it has become the first organisation to leverage Frollo’s newly launched Financial Passport service, giving brokers for the first time access to Open Banking data. Through Financial Passport – Frollo’s whole-of-customer view and “single...

Moving into the final month of 2022, Australia’s finserv industry saw a number of high-profile tech appointments, including new additions to Zurich, ANZ, and the ASX’s troubled CHESS replacement program, while the Bank of Queensland and Bupa APAC saw off...

Reserve Bank of Australia (RBA) Governor Philip Lowe has called on the payments industry to deliver least-cost routing (LCR) as a default function for mobile wallet transactions by the end of 2024, with digital wallet payments among the more high-cost...

Superannuation provider Australian Retirement Trust (ART) has revealed details of its recently launched digital onboarding tool – an automated solution to help employers align with new super fund stapling obligations. The ‘industry first’ Super Fund Onboarding (SFO) tool is designed...