Banks’ new challenges post-Hayne: big tech, AI fraud and regulation
Just as APRA is recalibrating its regulation of financial risk to reflect the changing operating environment, policymakers also need to balance the threats and opportunities of the new frontier of AI.
For much of the past decade, Australia’s banks have been dealing with the regulatory crackdown that followed the financial advice misconduct scandal. The Australian Financial Review Banking Summit highlights how the regulatory landscape confronting the nation’s bankers has changed since the 2017 Hayne royal commission.
Today the big four banks face sharper competition in the deposit and mortgage market from online-only Macquarie Bank. Big tech’s expansion into financial services is also eroding the banking industry’s long-held grip on conventional payment systems.
