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The rise of neobanks, alternative finance providers and a vibrant fintech start-up scene in Australia and New Zealand is driving significant investment in cloud-based infrastructure for traditional banking institutions. Our recently launched Culture of Innovation Index found that at a global level 92 percent of corporate banks are either already making significant use of the cloud, or planning to make further investments next year. Locally, banks are expected to invest 5-10% of their resources in cloud-based services in 2020, a figure that continues to grow year-on-year.

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Banks realise that the cloud enables them to offer new services to their customers, improve overall customer experience and react to market demands more quickly. Coupled with the understanding that cloud and hybrid cloud environments can be configured to meet the required regulatory and security standards, banks realise that cloud capabilities are becoming table stakes for financial institutions that are looking to innovate.

Better customer experience through faster deployment

Mobile commerce and seamless digital customer experience have become central to business success in the past ten years, with consumers and merchants expecting real-time service and intuitive usability. Neobanks and fintechs – most of which were born on cloud infrastructure and focus heavily on user experience – are challenging the big four, adding further pressure on the incumbents to innovate and add value for customers.

Incremental improvements or minor value-added services, such as offering basic spending insights and categorisation, is no longer a unique selling point for customers. Banks need to think bigger about the services and tools that will be true game-changers. For example, data-driven insights can be used to provide timely notifications to customers about their spending habits, helping them to stay on budget.

It’s important to remember that entering the cloud is the means and not the end – however it’s the first step on this journey towards improved customer experience. Banks can reallocate time and resources that were traditionally spent maintaining IT infrastructure to activities that will delight customers. It also enables greater collaboration with fintechs and startups, streamlining IT integration through the use of Application Programme Interfaces (APIs) that fintechs can connect to more easily. This enables banks to offer a greater range of complementary services that strengthen both parties’ collective offerings.

Streamlining operations and scaling for agility

Banks traditionally run their own data centres which can be costly, resource-intensive and difficult to scale.

To illustrate, imagine a scenario where a bank is looking to expand operations into a new country or territory. Historically, banks would look to buy new data centres to ensure their network could handle peak demand. However, banks were spending millions of dollars to run and maintain data centres that are only partially utilised. Further scale had to be built into these operations, which may not be achieved in the short term.

This model of operation is highly inefficient, as the infrastructure needs to be ready to handle peak demand from initiation onwards, even if the volumes are usually significantly lower.

Using the public cloud’s ‘operating expense’ (OPEX) model, where services can be scaled up and down according to demand, provides much greater flexibility and cost optimisation. This model also empowers banks to focus resources on customer experience innovation and quicker product iteration, rather than backroom maintenance.

There has been some initial hesitation on the part of banks to adopt the cloud as it requires moving sensitive data to a new environment, which is perceived as opening up security vulnerabilities. Importantly, regulatory bodies needed to be engaged to ensure compliance of these systems. However, banks increasingly understand that the big cloud providers spend more on security than banks could on their own. And these cloud providers can also engage national regulatory bodies and provide a holistic view, based on their experience in a range of markets globally. Furthermore, hybrid cloud environments, which combine the benefits of a public and private cloud, allow institutions to leverage a ‘best of both worlds’ approach.

Adopting the cloud enables banks to offer better user experiences, increase the pace of innovation and streamline operational cost: essential ‘must-win’ areas for banks with the rise of nimble neobanks and agile fintech startups.

By: Phillip Finnegan, Managing Director – Pacific, ACI Worldwide

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The rise of neobanks, alternative finance providers and a vibrant fintech start-up scene in Australia and New Zealand is driving significant investment in cloud-based infrastructure for traditional banking institutions. Our recently launched Culture of Innovation Index found that at a global level 92 percent of corporate banks are either already making significant use of the cloud, or planning to make further investments next year. Locally, banks are expected to invest 5-10% of their resources in cloud-based services in 2020, a figure that continues to grow year-on-year.

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ASIC has commenced civil penalty proceedings against one of the big four banks, seeking finding of several thousand contraventions of the ASIC Act and the Corporations Act.

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ASIC alleged that from December 2013 to February 2019, the National Australia Bank engaged in fees for no service conduct.

ASIC also alleged that NAB failed to issue, or issued defective, fee disclosure statements (FSDs). ASIC said the defective FSDs contained false or misleading representations that did not accurately describe the fees the customer paid and the services the customer received.

NAB received more than $650 million in ongoing service fees from 2009 to 2018. NAB has stated that it has provisioned more than $2 billion for fee for no service remediation across all of its advice licensees.

ASIC also alleged that NAB engaged in unconscionable conduct from at least May 2018 by continuing to charge ongoing service fees to certain customers when it knew that it had not delivered the services and had issued defective FDSs or at least knew that there was a real risk that it had engaged in this conduct. However, NAB did not stop charging fees to its customers until 4 February 2019.

The corporate regulator is seeking declarations, pecuniary penalties and compliance orders from the Federal Court to prevent similar contraventions occurring in the future.

The maximum civil penalty for contraventions alleged against NAB are, $250,000 per contravention for breaches of s962P (charging ongoing fees after the termination of an ongoing fee arrangement) and s962S (failing to provide a timely FDS); $1.7 to $2.1 million maximum penalty (depending on the time period) per contravention for breaches of s12CB (unconscionable conduct) and s12DB (false or misleading representations).

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ASIC has commenced civil penalty proceedings against one of the big four banks, seeking finding of several thousand contraventions of the ASIC Act and the Corporations Act.

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After the money laundering claims that have dogged Westpac for the last week, another big four bank has taken steps to reassure shareholders of its own clean slate and the actions it is taking against financial crime.

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In response to shareholder queries, ANZ has confirmed it is not aware of any impending litigation from AUSTRAC and said it is working hard to assist in the prevention of financial crime in the Australian banking system.

The bank’s chief risk officer, Kevin Corbally, said, “Protecting the Australian banking system from criminal use is one of our most important roles and one all of our people are trained in and take incredibly seriously.”

He outlined that “ANZ has been working with AUSTRAC, law enforcement and the broader industry to detect, prevent and disrupt serious financial crimes”.

This includes issues of money laundering, terrorism, human trafficking, tax evasion and child exploitation.

Mr Corbally explained how “given recent issues identified by AUSTRAC within the industry, we have been reviewing the systems and processes we use to transfer money to ensure we are reporting the information required by regulators”.

“While the review is ongoing, it has found no material issues to date,” the chief risk officer said.

nestegg has been closely following the AUSTRAC investigation and allegations against Westpac. 

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2019-11-28 01:29:43" ["slug"]=> string(62) "14216:major-bank-assures-investors-its-not-under-investigation" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#2689 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(417) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(226) "

After the money laundering claims that have dogged Westpac for the last week, another big four bank has taken steps to reassure shareholders of its own clean slate and the actions it is taking against financial crime.

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It’s been a tumultuous week for Westpac – with its woes now compounded by the exit of its CEO and a subsequent board restructure.

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The group’s chief executive, Brian Hartzer, is leaving his role after last week’s revelation that Westpac had allegedly breached anti-money laundering laws more than 23 million times. 

Current chief financial officer Peter King will be taking over from Mr Hartzer as acting CEO, effective Monday, 2 December.

Current chief operating officer Gary Thursby will act as CFO.

The board of directors will also see a number of changes, with long-standing director Ewen Crouch making the decision not to seek re-election.

Chairman Lindsay Maxsted has also confirmed that he will bring forward his retirement as chairman to the first half of 2020.

Westpac said this will enable an incoming chairman and the board to oversee the appointment of a permanent CEO.

The announcement comes in the wake of a number of allegations AUSTRAC has made against the bank, with 23 million breaches of anti-money laundering laws.

One of the most concerning examples in the statement of claim was the assertion by AUSTRAC that one customer transferred money to a person located in the Philippines who was later arrested for child trafficking and child exploitation.

Westpac had previously responded to the AUSTRAC statement of claim, with Mr Maxsted saying that “as a board, and as individuals, we are devastated by the issues raised”.

“The notion that any child has been hurt as a result of any failings by Westpac is deeply distressing, and we are truly sorry. The board unreservedly apologises,” he had continued.

“Our board, CEO and management team are fully committed to fixing these issues, and we are taking all steps necessary to urgently close any remaining gaps and fix our policies and procedures so that this can never happen again.”

With today’s announcement from the bank regarding the executive and board changes, Mr Maxsted commented that “the board accepts the gravity of the issues raised by AUSTRAC”.

“As was appropriate, we sought feedback from all our stakeholders, including shareholders. And having done so, it became clear that board and management changes were in the best interest of the bank,” he continued.

The appointment of Mr King to acting CEO has been welcomed by the board, with Mr Maxsted flagging that they have “asked Peter to focus on two immediate priorities: to implement the Westpac response plan and to continue to execute the group’s broader strategy” while a global search process for a new CEO is underway.

“We are determined to urgently fix these issues and lift our standards to ensure our anti-money laundering and other financial crime prevention processes are industry-leading,” the chairman said.

“We are currently working through our response to the statement of claim and will shortly commence the independent review,” Mr Maxsted outlined.

“The board will continue to provide updates on these issues.”

Further board changes needed

The Australian Council of Superannuation Investors (ACSI) has welcomed the action taken by Westpac in announcing the changes to the leadership team but is querying how the issues came to occur in the first place.

ACSI CEO Louise Davidson said long-term investors had made it clear to Westpac that accountability was required. 

She said this includes “a preparedness to take proportionate action to improve governance and for the impact of these events to be fully reflected in remuneration outcomes”. 

“The actions taken today reflect the seriousness of the incidents and the failure of the bank to meet community expectations.”

Noting that it’s “still unclear how these significant issues came to occur, and why a fulsome investigation was not initiated earlier”, Ms Davidson said investors want to see Westpac’s culture and governance strengthened to avoid a repeat of these issues.

“We believe that this crisis warrants further board renewal in the new year to support rebuilding public trust.”

 

 

 

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2019-11-26 01:30:24" ["slug"]=> string(30) "14195:westpac-ceo-to-walk-away" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#2691 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(732) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(142) "

It’s been a tumultuous week for Westpac – with its woes now compounded by the exit of its CEO and a subsequent board restructure.

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Australian anti-terrorism regulator AUSTRAC is seeking civil penalty orders against one of the big four banks for more than 23 million alleged breaches of the anti-money laundering laws.

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AUSTRAC reported that it has applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corp.

According to the anti-money laundering and terrorism financing regulator, the civil penalty orders relate to systemic non-compliance of the bank with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

It alleged that Westpac’s oversight of the banking and designated services provided through its correspondent banking relationships was deficient.

AUSTRAC also alleged that the bank’s oversight of its own program intended to identify, mitigate and manage the money laundering and terrorism financing risks of its designated services was also deficient.

AUSTRAC’s CEO, Nicole Rose, noted that the decision to commence civil penalty proceedings was made following a detailed investigation into Westpac’s non-compliance.

She said “these AML/CTF laws are in place to protect Australia’s financial system, businesses and the community from criminal exploitation”.

Serious and systemic non-compliance leaves our financial system open to being exploited by criminals, the CEO emphasised.

According to AUSTRAC, Westpac has failed to:

1. Appropriately assess and monitor the ongoing money laundering and terrorism financing risks associated with the movement of money into and out of Australia through correspondent banking relationships.
2. Report more than 19.5 million international funds transfer instructions (IFTIs) to AUSTRAC over nearly five years for transfers both into and out of Australia.
3. Pass on information about the source of funds to other banks in the transfer chain, which AUSTRAC said “deprived the other banks of information they needed to understand the source of funds to manage their own AML/CTF risks”.
4. Keep records relating to the origin of some international funds transfers.
5. Carry out appropriate customer due diligence on transactions to the Philippines and south-east Asia that AUSTRAC said “have known financial indicators relating to potential child exploitation risks”.

Westpac is alleged to have failed to introduce appropriate detection scenarios to detect known child exploitation typologies consistent with AUSTRAC guidance as well as their own risk assessments.

“The failure to pass on information about IFTIs to AUSTRAC undermines the integrity of Australia’s financial system and hinders AUSTRAC’s ability to track down the origins of financial transactions, when required to support police investigations,” Ms Rose indicated.

She explained that the regulator has been working, and will continue to work, with Westpac during these proceedings to strengthen their AML/CTF processes and frameworks.

“Westpac disclosed issues with its IFTI reporting, has cooperated with AUSTRAC’s investigation, and has commenced the process of uplifting its AML/CTF controls.”

Westpac acknowledged the statement of claim, outlining that it has “previously disclosed that it had self-reported a failure to report a large number of international funds transfer instructions to AUSTRAC, and that AUSTRAC was also investigating a number of other areas relating to Westpac’s processes, procedures and oversight”.

It indicated it will issue further comments after assessment of the claim.

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Australian anti-terrorism regulator AUSTRAC is seeking civil penalty orders against one of the big four banks for more than 23 million alleged breaches of the anti-money laundering laws.

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Less than one in five Australians has faith that the boards and executives behind our financial services institutions will improve their ethical behaviour.

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The Governance Institute of Australia’s Ethics Index for 2019 has revealed that the banking and financial services sector is viewed as the least ethical industry in Australia by virtue of consumer sentiment and perception. 

The media, large corporations and government only ranked marginally better in the eyes of Australians.

Investment banks, retail banks, life insurance companies and payday lenders were also individually recognised in the “bottom 10” for ethics on an organisational level. 

According to the CEO of Governance Institute of Australia, Megan Motto, “the banking and finance sector continues to suffer from credibility issues following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.” 

She indicated that one in two people now rates the sector either “very” or “somewhat” unethical.

Bank senior executives, bank directors and insurance company senior executives were viewed as the least likely to showcase improvements to ethical actions, with more than 50 per cent of respondents indicating they don’t expect any improvement in ethical behaviour showcased by individuals in these positions “to actually occur”. 

Directors and senior executives within the insurance company were viewed similarly, with just under one in two respondents again indicating their expectation for no improvement in ethical behaviours.

With low opinions across the board for executives, it should come as no surprise then that Ms Motto said “high executive salaries are seen as the most ethically important issue for the banking and finance sector, with 74 per cent of Australians saying it’s unethical to offer a CEO salary of more than $3 million per annum”. 

Fifty-one per cent of respondents said executive salaries are the top issue and influence relating to unethical behaviour in the banking and finance sector. 

One in two Australians (50 per cent) said bribery and corruption is also an ethically important issue, while insufficient regulation came in third place, with 49 per cent of survey respondents considering it as one of the top issues for the sector.

Coming in a close fourth, 48 per cent of those surveyed also slammed executive bonuses as a a top influencer of unethical behaviour in the banking and finance sector.

Lack of government action, treatment of customers, poor corporate culture and poor corporate governance were also all flagged as issues. 

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Less than one in five Australians has faith that the boards and executives behind our financial services institutions will improve their ethical behaviour.

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