Australian banks promise to prioritise customers and cyber security in 2017

Alison Banney 17 March 2017

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Australian bank executives also listed recruiting and retaining talent and investing in new customer-facing technologies as top growth priorities.

Consumers may be happy to hear that Australian banks are set to focus on enhancing cyber security and fixing customer remediation issues over the next 12 months.

The finding comes from the EY Global Banking Outlook 2017 report released today, with 100% of Australian bank executives surveyed identifying these two areas as top priorities for the year ahead.

EY Oceania banking and capital markets leader Tim Dring says in order for the banks to rebuild trust in the current challenging market, they need to put the customer first.

“For Australian banks, this is particularly important given the increased pressure from government and regulators is unlikely to abate in the short term,” said Dring.

Recruiting and retaining talent and investing in new customer-facing technologies are also high on the agenda, with two-thirds (67%) of Australian bank executives identifying these as their organisation’s top growth priorities for the coming year.

Globally, only 11% of banking executives expect their financial performance to improve significantly over the next 12 months, yet they are still committed to investing in innovation.

Dring says partnering with technology disruptors is crucial to a bank's success in the current market.

“In the current environment, the banking industry must innovate in order to grow. Banks right across the globe are looking for alternative ways to reshape, organise and optimise their businesses, so they can be more efficient, while also meeting the needs of regulators and consumers,” says Dring.

“Even in today’s challenging and volatile global market, uncertainty cannot be an excuse for inaction.”

The banks are already dabbling with new technology and digital partnerships; we’ve recently seen ANZ introduce Apple Pay, Commonwealth Bank partner with Airtasker and Westpac work with Uber.

We’re excited to see new what new fintech innovations are launched throughout 2017 from our banks.

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