Banking industry stories

AI is transforming the finance sector, improving customer service, battling fraud, and making repayments efficient.

The companies are building a co-innovation platform and talent ecosystem for delivering more equitable and inclusive access to financial services.

Mastercard has announced it is accelerating efforts to remove first–use PVC plastics from payment cards on its network by 2028.

The personal finance experts at money.co.uk, in their 2022 Fraud Report, have revealed the average monthly losses to fraudsters in 2022 to be over £333 million.

Businesses in banking and finance are turning to innovative technology for credit decisions, with machine learning playing a key role.

Some 30% of banks with greater than $1bn in assets will launch BaaS for new revenue by the end of 2024, but half will not meet revenue expectations.

According to IDC, ANZ spending on BDA solutions is expected to grow at 13.3% in the five years between 2021-2026, and hit US$8.9 billion by 2026.

Trends across the market have continued to show that customers are expecting transactional banking activities to be completely effortless.

The shift from legacy banking processes to Banking as a Service is well underway, with established banks at risk of being left behind without adoption.

Virgin Money has partnered with 9Spokes to develop a custom business dashboard, M-Track, to provide stronger insights for SME customers.

SC Ventures has launched fintech startup Appro to simplify the retail banking user journey, reducing application process times from hours to minutes.

New Android banking malware, MaliBot, emerges following FluBot takedown. It disguises itself as crypto mining apps and targets mobile banking users.

ASB is helping 18 to 24-year-olds take advantage of financial possibilities and better understand the world of money.

The launch will enable businesses in New Zealand to tap into Airwallex's global payments services, offering an alternative to traditional banks.

A new report gives payment providers a forward-looking view of the evolution of payments and investment drivers for modernisation.

The majority of Australians are beginning to examine fees more closely. Unfortunately, no transaction is completely and always ‘free’.

CIMB Bank Berhad wins Best Financial AI Project in Malaysia at The Asset Triple A Digital Awards 2022 with its AI platform developed by DataRobot.

In just a few years, well-funded fintech firms, mobile wallets, trading apps and digital-only banks have revolutionised the centuries-old banking industry.

Gartner says generative artificial intelligence, autonomic systems and privacy-enhancing computation are gaining traction in banking and investment services.

NICE's CXone platform is successfully implemented by Regional Bank Australia, streamlining contact centre operations and supporting branches.

Xero has announced new solutions, features, and updates for May, as well as developments in Australia and New Zealand markets.

Traditional banks in Australia are at risk of losing SME business to non-traditional competitors, according to new research by RFI Global for FICO.

Retail banks are lagging in their ability to offer true omnichannel experiences, as customers pivot to competitors that offer more personalised experiences.

VMware's most recent report finds 74% of businesses experienced one or more ransomware attacks in the last year, with 63% deciding to pay the ransom.