Customer experience still neglected despite significant digital banking transformation investment – The Financial Brand17/07/2019 Anonymous News
Despite the massive investment in digital transformation, fewer than 25 per cent of consumers have reported any significant improvement in the experiences offered to them by financial institutions globally. Nevertheless, despite the overall lacklustre response by consumers, Asia-Pacific organisations are proving far more effective than other regions of the world, a report the Financial Brand reveals.
Government review exhorts APRA to boost IT risk and cyber capability17/07/2019 Anonymous News
APRA has been urged to uplift its IT risk and cyber assessment capabilities, with the Federal Government’s Capability Review revealing that chronic under-resourcing has hampered the prudential regulator's ability to manage digital disruption and increasing cyber threats facing the financial services industry.
REI Super goes all-in with budding analytics developer12/07/2019 Anonymous News
REI Super, a real estate industry superannuation fund, has enlisted the services of Laneway Analytics to deploy a new purpose-built predictive platform that will track the trends and behaviours of its members
CBA joins ANZ and Westpac in live blockchain pilot for bank guarantees10/07/2019 Nanda Lakhwani News
Westfield retail outlet tenants will participate in an eight-week trial using blockchain to revamp bank guarantees issuance and management processes. The real-world pilot follows a successful proof-of-concept involving ANZ Bank, Westpac, IBM, and Scentre Group conducted in 2017.
Movers and Shakers | June–July, 201902/07/2019 Patrick Buncsi News
June saw a number of high-profile appointments and departures across the financial services sector, with noteworthy additions to CBA, Westpac, and the Bank of Queensland.
CommBank rates as top mobile banking app, as big four deliver inconsistent mobile offerings01/07/2019 Patrick Buncsi News
For a third consecutive year, CommBank has been rated Australia's top mobile banking app, receiving unalloyed praise for both its user experience and functionality despite lacklustre advancements across the big fours' mobile offerings this year.
Australian Payments Council urges new digital payments priorities to combat fraud, downtime01/07/2019 Nanda Lakhwani News
The Australian Payments Council (APC) has launched its new strategic agenda, outlining five priority areas to boost consumer confidence in payments infrastructure in the face of persistent systems outages and mounting losses from fraudulent transactions.
Information Commissioner rebukes CBA in wake of data loss incidents01/07/2019 Nanda Lakhwani News
The Commonwealth Bank of Australia (CBA) will revamp its data management, retention policies, procedures and controls under a court-enforceable undertaking signed in the wake of two privacy incidents which placed nearly 20 million customer records at risk of exposure.
‘Bank of central banks’ to establish global Innovation Hub01/07/2019 Anonymous News
The Bank for International Settlements (BIS), the Swiss-based global authority which governs relations between the world’s central banks, has announced it will establish its own Innovation Hub to nurture the development of cross-border financial technologies.
Why analytics misuse is costing banks their competitive edge – Christensen, ME20/06/2019 Anonymous News
Australian banks are failing to utilise their in-house analytics capabilities, effectively relinquishing a “massive profit uplift” that could be gained through their data teams, according to Jonas Christensen, Head of Analytics, ME.
NAB pledges $2 billion to back Australian tech innovators20/06/2019 Nanda Lakhwani News
Australia’s largest business bank by assets, NAB, has committed $2 billion of debt funding over a half-decade in a bid to position itself as the priority banker for technology-driven businesses.
Crypto-ready fintech makes Australian launch20/06/2019 Anonymous News
Revolut, the UK-based fintech offering a number of alternative financial transaction services including cryptocurrency exchange and peer-to-peer payments, has made its first foray into the Antipodean market with the soft launch of its beta app in Australia last week.
SWIFT demands automation rollout to prevent 'failure' in global forex trades20/06/2019 Anonymous News
SWIFT, the global standards body and network that underpins financial transaction data between 200 countries, is urging the financial services industry to boost automation and remove inefficiencies that hamper global forex/FX trades, a report by the financial telecommunications service reveals.
AUSTRAC orders Afterpay audit following concerns over AML breach20/06/2019 Anonymous News
Australia’s financial crime investigation agency, AUSTRAC, has enlisted the services of an external auditor to vet the global ‘buy now, pay later’ payments giant, Afterpay, following concerns the fintech may be in breach of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006.
RBA chides major banks’ sluggish uptake of instant payments20/06/2019 Nanda Lakhwani News
The Reserve Bank of Australia (RBA) wants penalties imposed on Australia’s major banks if they fail to accelerate efforts to implement New Payments Platform (NPP) features, amid concerns the big four's dithering has hindered payments innovation across the financial sector.