February
Westpac works with Accenture to deploy AI agents
The bank has already used agentic AI to assist its engineers move code to new cloud-based systems. Triaging mortgage applications could follow.
Think you need to be an accountant to be a CFO? You don’t
Analysis primarily of biographies and LinkedIn profiles of ASX 50 chief financial officers found that just over 60 per cent cite professional accounting qualifications.
December 2024
The Australians inside Andrew Tate’s online ‘university’
Leaked member data from the controversial influencer’s “financial education platform” reveals its popularity.
Exploration drillers tighten belts as boom fades
Spending on mineral exploration is sliding and inflationary pressures mean each dollar delivers fewer metres drilled. But AI and data analysis might save the day.
November 2024
CBA prepares for AI to transform banking, with dozens of uses
The country’s biggest bank is already using AI to resolve 15,000 payment disputes every day. And its chief executive, Matt Comyn, says many more uses are on the way.
September 2024
Labor’s plan for protecting your privacy: hope the internet disappears
The Albanese government has squibbed at nearly 40 key privacy reforms and given in to an outdated argument that Australia is a nation of shopkeepers.
August 2024
This ‘Bloomberg killer’, backed by Microsoft, might succeed
There are a number of so-called ‘Bloomberg killers’ already littering the financial technology graveyard. Can this one win over users?
Banks say consumer data right ‘action initiation’ rescue will cost $3b
Ahead of a parliamentary vote next week to extend the consumer data right to boost switching, the ABA is pointing to costs and risks as reason for delay.
July 2024
Canberra’s $1b digital identity play could be the next white elephant
The failure of open banking and the poor uptake of My Health Record offer a salutary warning for the government’s digital ID system.
Fintechs accuse banks of sabotage on ‘open banking’
The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.
Senate to vote next month on extending data right for bank switching
Treasurer Jim Chalmers is working through banks’ concerns about the consumer data right, as the Senate forced a vote on a bill to extend it by mid-August.
They built it – but nobody came. Consumer data right needs help
Privately, bank bosses remain highly agitated about being more open about the valuable data they hold, the sharing of which could make competition more intense.
Banks spent $1.5b on account switching. No one is using it
The consumer data right, which has already cost banks $1.5 billion, is too complicated and doesn’t have a clear use four years after launch, major lenders say.
June 2024
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
AirTrunk rolls out $7 billion staple debt package to bidders
AirTrunk’s key lenders have waived their rights to exit the debt stack upon a new owner’s arrival. Instead, they are underwriting a staple debt package to underpin bidders’ financing requirements.
May 2024
After Comyn’s AI trip, the CBA boss can compute impact on banking
Comyn now knows AI will reshape the global technology industry, business landscape and geopolitics in profound ways yet to play out.
AI could claim 30pc of executive jobs in two years
As Commonwealth Bank CEO Matt Comyn keenly monitors the AI revolution, Adam Driussi of Quantium says more executives need to follow suit.
NAB plots major AI strategy to roll out in three key areas
National Australia Bank said generative AI is identifying systemic risks from customer complaints and helping bankers assess documents used to support lending.
APRA warms to AI, tells banks they can adopt it
A senior APRA member has told an industry event that banks with proper governance systems and technology in place should feel confident proceeding with advanced AI.
Nearly 46 hours a month to read all privacy policies: study
Australians would spend nearly 46 hours a month reading all the privacy policies they encounter, according to a new report into data firms.