Financial Services - News, Features, and Slideshows

News

• Investing in compliance is an investment in innovation

  The Westpac crisis - and echoes of non-compliance in financial institutions prior - is rooted in a legacy problem.

• Facebook is going into the banking business with blockchain

  The social media powerhouse plans to launch a blockchain-based financial network and cryptocurrency in 2020 that will allow users to make purchases or transfer funds with just a couple taps on an app.

• Super fund Rest recruits UBank CIO

  UBank’s chief information officer Jeremy Hubbard is joining superannuation fund Rest to lead a team covering strategy and planning, IT management, innovation, and data governance.

• Finance CIOs must review security controls now

  Tech chiefs working in financial services must immediately assess their current security controls to ensure they comply with cybersecurity requirements set out by the Australian Prudential Regulation Authority (APRA), says NCC Group's Joss Howard.​

• Financial institutions inefficient in handling data

  Data distribution is fraught with inefficiencies across the financial services sector, exposing companies and customers to financial, regulatory and commercial risk, according to research.

• Former Tesco Bank CEO: Retailers, not fintechs, future of banking

  ​Benny Higgins, former chief executive of Tesco Bank, the finance arm of one of the world’s largest retailers, is dismayed by the response of Australian bank executives to the Banking Royal Commission.

• APRA issues new cyber security standard for banks

  The boards of banks and other entities regulated by the Australian Prudential Regulation Authority are ultimately responsible for an organisation’s information security, states a new standard released today by APRA.

• Cloud helps Westpac reduce app rollout from weeks to hours

  Westpac spent FY18 progressively migrating apps to its new private cloud environment, which the bank said was helping reduce app installation from weeks to hours.

• ANZ slashes application footprint, continues Agile push

  In FY18 ANZ decommissioned 264 applications as part of the bank’s broader simplification push.

• ASX pushes back roll-out of blockchain-based CHESS replacement

  ​ASX Limited, which operates the Australian Securities Exchange, has pushed back the start date of its blockchain-based CHESS replacement, in response to stakeholder concerns.

• Patriot games: NAB CTOO Patrick Wright’s tech insourcing play

  In November last year National Australia Bank (NAB) announced a bold and urgent ambition: to directly hire 600 technology specialists before the year was out.

• Beyond Bank CIO resigns

  One of Australia’s biggest customer-owned banks – Beyond Bank – is seeking a new CIO.

• Open banking means keeping up with fintechs

  The Australian government is introducing ‘open banking’ to give citizens what it says is greater access to and control over their banking data.

• MLC Life Insurance creates new tech role, poaches RBA CIO

  The Reserve Bank of Australia’s chief information officer, Sarv Girn, will join MLC Life Insurance in May.

• New Payments Platform PayID feature suffers day one wobbles

  Banking customers attempting to create their PayID – a feature of the newly launched New Payments Platform – were hit with error messages and delays yesterday as the addressing database behind it suffered ‘temporary congestion’.