Australian Information Industry Association
About the group
The group was established in 2010, as the ‘Financial Services Network’ - a subcommittee of the NSW branch, with Charles Lindop, KTM Capital as the founding Chair. The first event, held in September 2010, was a briefing on the topic of Mobility Innovation in Financial Services.
The group currently operates as a NSW-based SIG, but is interested in expanding to members in other jurisdictions.
The purpose of the Financial Services SIG is to:
- Facilitate meaningful networking between the innovators in financial services and the suppliers of technology solutions.
- Take a thought leadership position in financial services technology:
- top of mind technology trends and issues for the CIO/CTO and Line of Business leaders; and
- aligning technology vendors and business users
- Discuss and create technology-led business opportunities in financial services.
- Grow AIIA membership by proving the benefits of membership through the SIG
- Provide input into government on any policies relating to financial services technology that may impact members.
The group has an active agenda of meetings and events, including:
- Monthly meetings of the SIG, held on the third Wednesday of the month by Teleconference
- A quarterly program of breakfast seminars, preceded by a Thought Leadership Executive Lunch.
- A thought-provoking 'Thought Leadership' paper is prepared to accompany each of the breakfast series
- An annual lunch event, also accompanied by a white paper.
Events are listed in the Calendar and can be booked online.
The AIIA Financial Services Network also partners with leading technology companies in the financial services sector to deliver Thought Leadership papers examining emerging trends at the cutting edge of the industry
The beginning of the end of the mysterious payment?
10 April 2018, 8.30am
This session is to discuss everything that is happening in Australia with payments and payment requests such as….
- What is happening globally with digital payment requests and where does Australia sit?
- In Australia, what are the current and proposed payment and payment request products, their features, and who are the target customers? BPAY products, NPP, eInvoicing and Beem.
- How and why will we as individuals or as businesses use NPP Payments?
- What are the banks and BPAY thinking about NPP - Osko 1 Payments, Osko 2 - Payments with Attachment, Osko 3 - Request for Payment?
- What is the opportunity and friction for using NPP for other overlay services?
- What are the accounting systems for SMEs (like Xero) thinking about these products?
- Where do the large mail houses who create and send out invoices for the large end of town sit?
- Where is there money to be made?
- What is the great disruption coming to the credit card fee based industry?
Payreq Pty Ltd will lead the discussion, aiming to touch on all the points, but the session is to be interactive with everyone’s questions, opinions (agree/disagree) and comments guiding the discussion.
The group works closely with the AIIA Innovation SIG and is planning some joint future activities
The group is also working to develop partnerships with:
Since it was established, the has developed a range of Thought Leadership papers addressing key issues in the financial services sector. Past papers are available for ongoing reference:
- Financial Services Thought Leadership Papers
Like to know more or get involved?
- Chair: Mark Ebeling - Chief Technology Officer at IBM Australia and New Zealand
- AIIA Executive: Madeline Karakaidos
- AIIA Financial Services Technology Innovation Group
Context - Technology and the Financial Services Industry
Information technology and the finance industry have shared an immensely productive relationship over the past few decades. Financial Services have led the development of digital service delivery models and addressed many of the challenges and risks that other sectors of the economy will face as they follow suit.
In NSW, the Financial Services industry is the fastest growing service industry, recording average annual growth in total factor income of more than 14 per cent in the 10 years to 2006. Both the Australian Bankers' Association and the Australian Bureau of Statistics attribute the majority of productivity growth in financial services to the adoption of technology in the face of rising competition.
There are good reasons for the clear gains that technology is delivering to the sector.
Data from the Productivity Commission shows the finance industry to be consistently making the largest investment in information technology, compared with other major industry sectors such as manufacturing and wholesale trade.
Additionally, total research and development spend in the financial services industry sits at around $2 billion, and of this 98 per cent is in ICT. With the exception of the ICT industry itself, for the last 20 years the financial services industry has consistently been the largest single industry sector investing in ICT R&D.
The future presents new challenges. The financial services industry faces major changes to traditional value chains and a new emphasis on niche markets that demand excellence in increasingly specific competencies. Innovative responses to customer requirements will become a critical point of differentiation between players.
The sector will need to embrace technology innovation at new levels in order to harness the benefits on offer, as it seeks to use labour, materials and machines more effectively, reduce costs, raise the quality of their goods and services, and improve sales.