Financial Services news in Australia

An overview of news, trends and research in the Financial Services industry in Australia:

Oliver Wyman's case for a 'value-driven' approach to transformation In order to keep up with market disruption and technological change, financial sector institutions in Australia have to initiate a raft of transformation programmes every year.
28 July 2024
The role of Australia's banks in alleviating the cost-of-living crisis The Budget has delivered some relief for Australians struggling with the cost-of-living. The government is spending AU$7.8 billion on cost-of-living measures.
23 July 2024
Banks argue CDR costs too high for limited consumer uptake With the support of Accenture, the Australian Banking Association (ABA) has released its latest strategic review of the country’s consumer data right regime, revealing an underwhelming level of uptak
08 July 2024
Why do transformations in the financial services sector fail? For Australian financial organizations that launch transformation projects, the success rate tends to be low.
03 July 2024
More than half of Australians believe AI will improve banking As technology continues to reshape the global banking industry, Australian banks are moving to embrace AI-powered personalised services.
28 June 2024
Safeguarding financial institutions from nation-state attacks The International Monetary Fund has warned that financial institutions around the world must be prepared for heightened cyber threats.
02 October 2023
Delivering hyper-personalisation in banking with new technologies In today’s experience economy, customers have come to expect personalised and tailored experiences from their banks.
23 May 2023
Tech that's helping banks weather economic headwinds Fifteen years post the global financial crisis, the world of banking is facing major challenges again.
23 May 2023
RBA brings in PwC to sort out staff underpayment issues Already under fire on a number of fronts for its continuous rate-hike response to runaway inflation, the Reserve Bank of Australia has now admitted to underpaying former staff over the past seven yea
23 April 2023
The evolution of the banking customer: How can the banks adapt The landscape around institutional banks and their customers has changed drastically over the past few years.
28 March 2023
How Australian banks can respond to the impact of high inflation In the first six months of 2022, economies across the globe recorded the highest levels of inflation seen in decades, and economists are predicting that inflationary pressure might not b
31 August 2022
Half of banks 'not ready' for upcoming ESG regulatory reporting Banks globally are lagging in their readiness for upcoming regulatory reporting in the ESG space, according to a new report by Avanade and the European Financial Management Association.
17 July 2022
Elabor8 helps bancassurance client develop a new testing framework As part of its multi-year digital strategy, a large bancassurance institution in Australia teamed up with consultants from Elabor8 to develop a new enterprise test automation platform.
20 April 2022
Is the RBAs end to bond buying a sign of rising interest rates? Last week Australia's central bank (RBA) announced the end of its quantitative easing program resulting in the conclusion of the bond buying stimulus scheme.
08 February 2022
Digital transformation in financial services sees an upswing Executives and IT decision makers in the financial services industry believe cloud will be the most important technology to the success of their organisations over the next 12 months.
02 January 2022
HCF works with BCG Digital Ventures on new insurance offering Flip Australian health insurer HCF has joined with BCG Digital Ventures to launch insurtech start-up Flip, which offers innovative on-demand injury cover designed for active young Australians.
22 November 2021
Bendigo and Adelaide Bank appoints Richard Deutsch to board The former CEO of Deloitte Australia, Richard Deutsch, has been appointed as a non-executive director at Bendigo and Adelaide Bank.
08 September 2021
Streamlining the legacy technology landscape in financial services The financial services sector has one of the most elaborate and complex system landscapes around, and as a result, institutions struggle to keep their entire portfolio up-to-date.
31 August 2021
Bain brings its NPS Prism Insurance offering to Australia Bain & Company has added a new industry-focused product to its NPS Prism suite in Australia.
03 August 2021
NAB working with Accenture on massive compliance fix Consulting giant Accenture is reportedly working with the NAB on a “mammoth” project to fix the long-standing compliance issues which have recently led to increased regulatory scrutiny.
15 June 2021
Australia's insurance industry saw profits halve in 2020 Bushfires, storms, floods and a global pandemic have combined to give Australia’s insurance sector one of its worst years on record. KPMG presents the year’s key figures in a new report.
13 January 2021
Neobank Volt partners with TCS for digital payments platform Australian consumer bank has agreed a partnership with Indian IT giant Tata Consultancy Services to build and run its soon to be launched Banking as a Service (BaaS) platform.
29 December 2020
ASIC spent $1.5 million on leadership and culture consultants The Australian Securities and Investments Commission (ASIC) has over the past two years spent around $1.
14 December 2020
Covid-19 is reshaping insurance and wealth offerings Covid-19 is likely to leave an enduring legacy in the financial and wealth management sectors, as consumer demands become ever more complex. This is according to KPMG analysis.
08 November 2020
AMP engages Symmetra and Oliver Wyman for cultural change Embattled wealth advisory firm AMP has appointed two consulting firms to help accelerate its cultural transformation, as it looks to fend off mounting criticism of its internal corporate culture.
28 September 2020
AMP hires M&A consultants for strategic portfolio review Australian financial services group AMP has engaged M&A consultants to undertake a strategic review of its portfolio.
15 September 2020
Mobile-bank Hay embraces tech for customer experience Hay – a cloud-based financial services firm headquartered in Sydney – has successfully developed a robust transactional infrastructure that enables quick and seamless customer service.
26 August 2020
Seven technology innovation trends in financial services Amid a disruptive environment, innovation in financial services is picking up rapidly to meet changing customer expectations, improve internal operations or comply with regulations.
22 July 2020
Higher costs slash profits of Australia's four major banks Australia’s major banks saw a decline of more than 40% in their profits for the first half of this year, compared to the same period last year.
13 July 2020
Tradeplus24 taps BDO Corporate Finance for growth equity hunt The management of Tradeplus24 has hired corporate finance consultants from BDO to help the company secure $5 million in growth funding.
09 July 2020
L.E.K. Consulting launches Australian financial services practice Global strategy consulting firm L.E.K. Consulting has launched a financial services practice in Australia and New Zealand. More than thirty years after launching in Australia, L.E.K.
13 May 2020
Exodus of consultants and contractors at Australia's NAB As part of its Covid-19 response strategy, National Australia Bank (NAB) has slashed funding for its ‘change the bank’ portfolio, a decision which has seen around 100 projects killed or put on hold.
19 April 2020

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