The Commonwealth Bank of Australia group chief executive officer Ian Narev is talking up the bank's digital prowess after it saw AU$628 million in IT service expenses in the first half of the 2015 financial year.
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ANZ will have to step out of its comfort zone and make big leaps in its efforts to fast track its alignment to a digital culture, according to the company's CEO Michael Smith.
The final report by an inquiry into Australia's financial system has called for the formation of a public-private collaborative innovation committee, with the aim of helping the local industry keep pace with emerging technology in the sector.
The rollout and operation of Australia's next-generation real-time central financial payments clearing ecosystem could cost the local financial services industry in excess of AU$1 billion over a 12-year period, according to Australian Payments Clearing Association chief Chris Hamilton.
ANZ Bank is planning to roll out what it calls a 'world first' EMV secure 'tap and PIN' ATM next year, along with a new ANZ FastPay card reader, and a mobile wallet platform.
Westpac's new mobile and online platform Westpac Live has been rolled out to more than 2.7 million customers, with the bank employing new digital platforms to back its ongoing customer-centric strategy.
Bank of Queensland has again chosen HP to take care of its IT services, inking a five-year contract that the bank expects will underpin its strategic transformation agenda.
Australians will not see Google Wallet officially arriving in the country any time soon, with Google ANZ managing director dismissing the plan in favour of "more exciting things".
The costs involved in adhering to regulatory changes in Australia's financial services sector are making it hard for companies to invest in technology innovation, according to findings in the latest FSC-DST CEO Survey Report.
Coles has launched its own mobile wallet, integrating an NFC contactless payment sticker, smartphone app for iPhone and Android, its existing Coles MasterCard credit card program, and its Flybuys loyalty card program.