Movers and Shakers | November–December, 201902/12/2019 Patrick Buncsi Movers and Shakers
November saw a number of high-profile appointments and departures across the local financial services industry, with noteworthy additions to Westpac, CBA, and AIG.
Westpac picks IBM subsidiary to conduct post-AUSTRAC inquiry review02/12/2019 Anonymous News
Westpac has appointed an IBM subsidiary to undertake an independent review into the bank's technology systems and governance processes following an AUSTRAC investigation which exposed an alleged 23 million breaches of Australia’s AML/CTF Act.
Leveraging CX to rebuild trust in a post-Hayne world – lessons from the Digital CX Panel at the 2019 Future of Financial Services21/11/2019 Anonymous News
This is an abridged extract from the Digital CX Panel at the 2019 Future of Financial Services, Sydney conference.
Fintechs, neobanks expected to rapidly chip away at incumbent dominance – Future of Financial Services, Sydney delegate poll19/11/2019 Anonymous News
Representatives from established financial firms have conceded neobanks and fintechs challengers will continue to capture market share from the dominant incumbents, with surveyed delegates at the Future of Financial Services, Sydney last week acknowledging the tenuous hold FSIs have over their existing customer base as well as increasing brand disloyalty among customers.
Bankwest’s ‘great leap forward’: how a Spotify-inspired operations overhaul has made a challenger into an innovation powerhouse18/11/2019 Anonymous News
Tribes, by their nature, are fiercely protective of their own, and ruthless in their collective will to survive and thrive. For Bankwest, the tribe represents the supreme model for innovation, product development and delivery.
Claims administrator appoints new head of automation and apps06/11/2019 Anonymous News
Claims management administrator Gallagher Bassett (GB) will double down on its automation objectives, appointing a new head of automation and applications.
icare releases claims data in bid to boost transparency05/11/2019 Anonymous News
NSW’s public sector insurer icare has released a cache of claims performance data showing which reveal the adverse, though short-term, impact of technology implementations on claims resolution and processing times.
Westpac to build digital-only banking platform05/11/2019 Anonymous News
Westpac has announced a bold play to expand its digital offering, unveiling a new co-operative deal with UK-based fintech 10x to develop a standalone “banking-as-a-service" platform.
Movers and Shakers | October–November, 201904/11/2019 Patrick Buncsi News
October saw a number of high-profile appointments and departures across the financial services sector, with noteworthy additions to CBA, Bankwest and industry watchdog APRA.
ATMs & EFTPOS terminals withdrawn en masse as customers opt for payment alternatives23/10/2019 Anonymous News
The latest figures from APRA reveal a substantial drop in the presence of Automatic Teller Machines (ATMs) and EFTPOS terminals across Australia, with banks looking to scale back dedicated service points in favour of cost-efficient, mobile-based money transfer apps and non-branch partner services.
Trust, education critical to customers' embrace of Open Banking: Deloitte22/10/2019 Nanda Lakhwani News
Despite customers overwhelmingly trusting major institutions to protect their data and financial assets, upwards of two-thirds of consumers fear banks “do not have their best interests at heart”, according to findings from Deloitte’s 2019 Open Banking survey.
Lessons for Aus as Europe sets SCA compliance deadline21/10/2019 Anonymous News
The European Banking Authority (EBA) has set December 2020 as the deadline for payments providers to migrate to strong customer authentication (SCA) for e-commerce card-based payment transactions.
BOQ announces major expansion of Virgin digital bank18/10/2019 Anonymous News
The Bank of Queensland (BOQ) will pursue a full build-out of its digital banking arm Virgin Money Australia (VMA) following a successful proof of concept by the banking group, chief executive George Frazis has revealed during BOQ’s full-year results presentation for FY19.
Millions of Australians switch financial providers, but most remain ‘satisfied’10/10/2019 Anonymous News
Upwards of 2.8 million Australians switched their home loan, credit card or transaction accounts last year, with consumers acknowledging fewer barriers to jumping ship to a competitor institution, a new report by Deloitte Access Economics has revealed.