For Australia’s large population of employed workers, finding ways to maximise the money they earn is not difficult. In addition to the standard retirement account, Australians will find that financial institutions in the country are revving up to offer consumers a variety of new products on more advanced platforms. Not only can consumers rely on new products and services, Australian financial governing bodies are working toward correcting some of the weaknesses in the banking industry as a whole.
In the next year, consumers with accounts in any of the various types of banking institutions will be glad to find that, regardless of the task, banking will be a lot simpler and more convenient for all consumers. As today’s technologies are taken over by newer ones, the variety of financial services will make it possible for consumers to take care of their banking needs from a diverse array of platforms, and more importantly, at their convenience. Even in the presence of techno-literate society where hacking and malfeasance has become a part of the conversation, Australian banking this year plans to bring improvements to the entire industry.
Keep reading to learn what’s new for Australian Financial Services in 2019.
Artificial Intelligence Platform
Automated everything seems to be a part of the overall discussion when it comes to providing financial services to the consumers. Already consumers can do a lot on their own without the aid of a bank representative unless necessary, but artificial intelligence will add a different dimension to customer services, marketing compliance, identity authentication, and hiring talent. For the consumer, the variety of services will only improve as more technology is weaved into the platform.
Adoption Of Cloud Services
Cloud services will definitely impact the Australian banking services sector and simply because there is a greater workload and more customers. The demand for this particular technology comes as the result of needing better integration between third party providers and fintechs. Again, while not directly benefitting consumers, it can improve the customer experience.
In its earlier incarnations, cryptocurrencies and the blockchain structure that is a part of this new currency was seen as an eccentric part of finance. However, as organisations have realised the value of the bloc chain format some have adopted it, even if only experimentally. Many believe there is a cost-savings benefit to adopting this format. While the average consumer is probably removed from this particular development (it is quite expensive), its uses can improve financial structures (smart contracts, source of truth, tokenisation, automation capabilities).
The structure of the bank will evolve to include integration of technologies keeping collaboration, automation, and analytics as a priority. While many of the tasks can be completed online, Australians can expect more tasks to be moved from onsite locations to the internet. With many banks exchanging paper statements for online ones, creating platforms for applying for credit online, and allowing customers to complete a number of tasks online, consumers might find the landscape for online banking growing and evolving.
In the midst of the fees-for-no-service scandals, Australian oversight boards are looking to revamp certain parts of the financial sector related to superannuation and lending. Currently, employers are required to have single-touch, which keeps contributions to retirement funds up-to-date, which has made it a little more secure for consumers. However, breaches in lending have significantly impacted the entire industry, and for this reason, this will be an area of focus.
Australian Finance In 2019
This year plans to be more than exciting for an industry that is typically viewed as dull. With new products and greater oversight, consumers can enjoy a variety of products and services. More importantly, consumers can benefit from a financial services platform that provides convenient banking and tools that can be used to improve their financial pictures.