A new report, Global Bank Review: The Data Game by law firm Herbert Smith Freehills highlights the banking industry’s challenge to fully commercialise big data while complying with increasing legal, regulatory and political scrutiny. According to the report, regulators have also had to respond and adapt to the new data
Most Australians are now banking exclusively through digital channels, according to Boston Consulting Group’s annual retail banking report, which sounds a warning for banking incumbents. BCG says technology and rising consumer expectations are eroding incumbent banks’ long established advantages and younger consumers see less value in their traditional offering of
Money is pouring into Australia’s fintech sector as regulatory changes and digitally savvy consumers look set to open up the industry. A new report from Pegasystems, a global software company built on decades of success with large American banks, suggests Open Banking in particular could be a breakout moment for Australia’s growing cohort of
Digital-only banks operating in the UK are growing quickly but still struggle to show profitability, according to new research from Accenture. Based on current growth rates, digital-only banks could amass a total of 35 million customers globally within the next 12 months — up from 13 million today — according
COVER STORY: Australia’s Neobanks have Cleared Key Regulatory Hurdles, But Will Customers Embrace Them?
The Australian market for neobanks is less than a year old, but the new entrants have big ambitions to change the way consumers bank — putting the pressure on Australia’s biggest and most established banks. The newcomers have already cleared significant hurdles by appeasing Australia’s regulators to secure their banking
The title of Australia’s newest bank has changed hands once again, with neobank 86 400 receiving its ADI licence from APRA today. 86 400 is the third fintech upstart to earn itself an unrestricted banking licence this year, after Volt Bank collected its banking licence in January, followed by Judo
Only Half of Banks Globally Are Making Significant Progress in Digital Transformation, Diminishing Their Valuations: Accenture
The US$1 trillion that traditional retail and commercial banks have invested globally over the past three years to transform their IT operations has not yet delivered the anticipated revenue growth, according to a new report from Accenture. The report — “Caterpillars, Butterflies, and Unicorns: Does Digital Leadership in Banking Really
London-based neobank Revolut has launched in Australia today after the ASIC allowed the bank to use its European electronic money licence to support itself in Australia. The neobank is valued at US$1.7 billion and is one of the fastest growing companies in Europe boasting more than 4 million customers worldwide.
Unifii’s Digital Experience Platform has been selected by SME challenger bank Judo Bank to enable face-to-face relationship banking that it says will shake up Australia’s banking status quo. The Unifii platform, delivered “as-a-service”, allows Judo Bank to replace multiple technology stacks with a single, APRA-approved cloud platform, the company said.
One year on since the Australian Military Bank overhauled its digital systems, mobile transactions have risen 250 per cent. Australian Military Bank (AMB) is a member-based financial institution serving Australian Defence personnel and their families since 1959. In order to best serve its members — who are predominantly young and