Financial Services

Shifting the culture of the super industry: a new focus on the retirement years

For almost 25 years, Australia’s superannuation industry has been focused on maximising wealth accumulation throughout members’ working lives. Now the industry is shifting focus to maximising income throughout their retirement.…

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Mutuals perform strongly in testing environment

Australia’s credit unions, building societies and mutual banks (‘the mutuals’) performed strongly in an environment of low economic growth, interest rates and inflation in 2016. KPMG Australia’s Mutual Industry Review…

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Productivity: a strategic imperative for Australia’s banks

Australia’s major banks have an enviable record of delivering cost savings to record world leading cost-to-income ratios. This has come predominantly from disciplined management of costs, process improvement and outsourcing.…

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To engage with members, super funds (and members) must embrace digital

Nature abhors a vacuum. So do super fund members when it comes to information about their retirement, according to the new KPMG/Challenger report, Guiding members safely down a path in…

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Greater public scrutiny of banks: the new reality

There is an increasing global perception that banks put shareholders’ and executives’ interests ahead of their customers and the community. This perception is more real for banks than for other…

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The question (not the race) that stops the nation: will my superannuation stay the distance?

It’s that time of year again – the first Tuesday in November, when we run the Melbourne Cup! Once again, I have been tasked to find the followers of this…

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A chance of rain: why insurers need to capitalise on innovation & technology

After the series of natural disasters which decimated the general insurance industry’s results last year, there has been a slight reversal in fortune – although this year’s result is probably ‘average’…

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Shall WeChat about Payments? 400 million users can’t be wrong

Earlier this month, Novatti, an Australian fintech company, announced a deal with RoyalPay, the Australian payments service provider for WeChat. Novatti will facilitate the payments between two parties using WeChat…

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Superannuation: too important to withstand any more government speculation

Having strongly supported the government’s initial superannuation legislative measures last week we think yesterday’s follow-up effort on the more contentious issues was a reasonable outcome in a difficult position. The…

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Draft superannuation legislation: a step towards gender equity

The government’s political problems with the superannuation tax changes proposed in May’s Budget are well known as Parliament still awaits the draft legislation on the most contentious of these issues.…

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#Insurtech: disrupting and revolutionising the insurance industry

Insurance is an industry ripe for disruption. Around the world, insurers are struggling with myriad challenges including low level of consumer trust, high competition, a low interest rate environment, shrinking…

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Superannuation reform – where to from here?

With the Federal Election run and won, and Parliament set to resume, attention will once again focus on tax reform, and, in particular, what will happen in relation to the…

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No Wallet, no worries: a day in the cashless society

The use of cash is in decline with card and mobile payments on the rise. While we may not be living in a cashless society just yet, we can start…

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