Technology driving growth in Australia’s financial services industry
The majority of chief executives in Australia believe technology plays a significant role in developing and bringing new financial products to the Asian market, according to the latest CEO survey from the Financial Services Council (FSC) and DST Bluedoor.
More than 55 per cent of CEOs agreed that online services are important in developing products for the Asian market and that continual investment in technology is required to continue to take advantage of the economic shift to the region.
“Today’s dynamic marketplace demands that financial services providers place emphasis on technologically advanced feature-rich solutions that can operate real-time across jurisdictions and reduce operational risks,” DST Bluedoor executive director Martin Spedding said.
“Australian financial services firms can gain efficiencies by exporting technology infrastructure into Asia and the global marketplace to help expand their footprint and leverage a single operating model across markets.”
Improvements in back-end capabilities to support product development and the development of new customer interfaces, such as mobile apps, were a key focus for CEOs undertaking strategic-based IT projects, the survey found.
Around 56 per cent said that having a mobile-based customer service strategy is important for taking advantage of Asian growth.
Spedding said the evolution of mobile technology would have a significant impact on the Asian financial services sector as it becomes increasingly focused on selling direct to consumers.
In order to meet the demand for technology development, most CEOs said they expected their IT budgets to increase over the next two years in order to stay competitive and meet regulatory demands such as the Future of Financial Advice and SuperStream reforms.
“The financial services industry has a major opportunity to harness new technology to develop leading services and products that will give it a competitive edge for its next growth phase,” FSC chief executive John Brogden said.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
