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AI and cloud tech transforming the banking services sector

AI and cloud technology transform Australian banks, enhancing operations while addressing security, governance, and integration challenges.

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AI and cloud technology transform Australian banks, enhancing operations while addressing security, governance, and integration challenges.

AI and cloud technology are enhancing Australian banking through improved customer service and fraud detection, while also presenting challenges like data security. Saurabh Verma from Avanade Australia highlights the need for robust governance and strategies for successful integration of these technologies in financial services.

AI and cloud technology are transforming financial services by improving security, efficiency, and customer experience, despite the ongoing challenges of digital transformation.

To gain insights, we speak to Saurabh Verma, the Financial Services Lead at Avanade Australia.

Australian banks are at the forefront of AI adoption in customer service. They are using AI-powered chatbots and virtual assistants for round-the-clock support, reducing friction in service transactions. AI technologies, such as voice biometrics, are also being implemented to improve security and fraud detection through real-time transaction monitoring.

However, Australian banks face significant challenges in AI integration. Key issues include data privacy and regulatory compliance, as new global regulations emerge, such as the EU AI Act. Cybersecurity threats are also increasing, with hackers employing advanced tools. Another concern is the lack of AI literacy within organisations, which complicates the responsible use of AI technologies.

Banks can navigate these challenges by investing in workforce readiness and promoting a culture of continuous learning. Responsible AI usage policies must also be developed to address ethical concerns. Legacy systems pose an additional hurdle, as extracting insights from AI requires effective integration with existing technologies.

As Australian banks shift towards AI, they are beginning to realise the value it can bring, enhancing operations, customer insights, and complaint management.

For more information, visit Avanade’s website or connect with them on LinkedIn to stay updated on their innovations in financial services.

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Simple messaging solutions for small business owners

Fext offers simple messaging automation for small businesses to improve customer connections without complicated technology

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Fext offers simple messaging automation for small businesses to improve customer connections without complicated technology

In Short:
– Small business owners seek simple tech solutions for customer connections, avoiding complex systems.
– Fext offers automated messaging, allowing users to communicate efficiently without group chats.

Small business owners often seek straightforward solutions to connect with customers using minimal technology. Gonenc Mete from Fext discusses how these owners tend to avoid complex tech systems. His experience in Silicon Valley highlights the desire for simple, effective tools to manage everyday tasks.

Currently, many small business owners manage customer communications primarily through their phones. They often resort to sending repeated messages by copy-pasting, which can be time-consuming.

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The solution with Fext is a messaging automation feature. Users can compose a single message and send it to multiple recipients without the hassle of group chats..

The Fext app is available internationally, with strong user bases in Australia and New Zealand.
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Cyber security shifts redefine critical infrastructure in APAC

Cyber security evolution prompts redefinition of critical infrastructure in Asia Pacific amid rising digital threats

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Cyber security evolution prompts redefinition of critical infrastructure in Asia Pacific amid rising digital threats.

In Short:
– Cyber security incidents in Asia Pacific redefine critical infrastructure, expanding its scope beyond just industrial machinery.
– New strategies emphasise visibility to protect crucial sectors like banking, finance, and telecommunications from cyber threats.

The rise in cyber security incidents in Asia Pacific is reshaping the definition and protection of critical infrastructure. New digital and operational technology risks are prompting stakeholders to reconsider conventional beliefs that critical infrastructure is primarily industrial machinery behind high fences.

Michael Fisher from Garland Technology discusses this evolving landscape. Critical infrastructure now encompasses essential services such as banking, finance, and telecommunications, expanding beyond traditional definitions.

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The convergence of IT and operational technology (OT) networks increases cyber security risks. Many OT services were not designed with cyber security in mind, leaving them vulnerable to cyber attacks. Industries most at risk include telecommunications, banking, finance, and utilities, where any disruption can significantly impact society.

Increased Visibility

Fisher highlights that traditional cyber security alone is insufficient to secure these infrastructures. Effective protection requires a new approach focused on visibility. Garland Technology’s mission is to provide visibility to upstream cyber security platforms, eliminating blind spots.

Governments and businesses must recognise their roles in combatting cyber threats. Australia’s Security of Critical Infrastructure Act is a step towards increasing corporate responsibility in recognising critical infrastructure and ensuring compliance with security measures.


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Electric vehicles transform last mile delivery market

Electric vehicles revolutionise last mile delivery with significant growth expected in Australia as sustainability gains momentum

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Electric vehicles revolutionise last mile delivery with significant growth expected in Australia as sustainability gains momentum.

In Short:
– The shift to electric vehicles for last mile delivery is increasing, especially in Australia, driven by government initiatives.
– Challenges like costs and charging infrastructure hinder EV adoption, but advancements improve efficiency and sustainability perceptions.

The shift towards electric vehicles (EVs) for last mile delivery is accelerating globally, with Australia expected to see significant growth. Companies and retailers are increasingly adopting greener solutions, driven by supporting government initiatives.

Joe Sofra from ANC discussed the current state of the last mile EV market. He noted the global market is valued at around $30 billion and could grow three to four times over the next eight years.

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Challenges such as cost and charging infrastructure remain significant. Currently, over 100 EVs are on the road, but sufficient charging stations need to be developed, including home and public options. The unique requirements of commercial vehicles further complicate access to these facilities.Download the Ticker app

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