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As the world continues to navigate the COVID-19 pandemic, businesses are still coming to terms with working in the “new normal”. The pace of digital transformation across all industries has been accelerated by the pandemic, and financial services is no exception. Businesses have had to fast-track up to four years of digital change to completely migrate to hybrid working.

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With storehouses of confidential customer information and direct access to monetary funds, Australia’s financial services firms are enticing targets for cybercriminals. Each year IT security teams have to combat everything from malware and virus attacks to threats posed by ransomware code.

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COVID-19 created a heightened demand for customer service excellence across all industries, but especially the financial services sector. The pandemic changed how we interact with one another, businesses and services — driving consumers to demand interactions and experiences that are convenient and memorable. As a result, traditional banks must now (more than ever) compete against emerging, digital fintechs. This shift forces traditional banks to pivot to find new strategies for winning deposits.

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Technology can be a powerful force driving progress towards the United Nations sustainable development goals (SDGs). Technology companies build out digital infrastructure, enable digital inclusion, drive innovation, enhance knowledge sharing and facilitate delivery of health and education services. 

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While banks have always played a central role in facilitating financial activity in modern economies — and still do — the last decade has seen a great deal of change in the Australian banking landscape, not least in the number of digital-first disruptors that now exist. Research from KPMG showed that there are 733 active fintechs recorded in Australia — a number that has continued to increase. Investment in Australia’s fintech sector has also soared, with US$1.4 billion invested in 2020, the second-highest total on record.

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