At the quarter milestone of the 21st century, Australia’s financial services organisations have been standout leaders in demonstrating the impact of digital transformation. Beset by emerging digital competitors, rising customer expectations, and a complex regulatory landscape, these organisations have responded by spending billions on new digital capabilities.

But as far as they have come, the hardest tasks of transformation are far from complete. Financial services organisations face a volatile risk landscape, including economic and geopolitical risks and the growing threat of cybercrime. At the same time, artificial intelligence offers opportunities for improved services and efficiencies but presents risks for organisations that move too slowly or place the wrong bets.

The challenge is sharpest within banking, where significant spending on digital services and customer experience is tempered by the knowledge that one bad decision can generate customer scorn and regulatory intervention. Insurers face pressure to invest in better customer experiences while managing a costly risk environment, and the superannuation sector must satisfy an increasingly educated and demanding clientele.

What is clear is that those organisations that fail to make the right digital investments risk falling behind, while Australia’s fintechs chip away at their margins. Those making the right decisions may achieve the often-sought goal of becoming true customer-focused technology organisations, while others face obscurity or becoming lesser partners in M&A activity.

The Benchmark Chapters: Finance report draws on insights, research, and CIO case studies to provide a compelling overview of the key trends, challenges, and opportunities technology poses in Australian financial services.

Hear from Australian technology leaders in banking, insurance and superannuation in the following chapters:

• David Walker, chief technology officer, Westpac
• Rosanna Fornarino, chief operating officer, Judo Bank
• Scott Wall, chief transformation officer, Bank Australia
• Sanjeev Gupta, chief information and transformation officer, HBF
• Neil Morgan, chief operating officer, IAG
• Esme Eterovic, head of accumulation, marketing and digital, Telstra Super
• Brendan Donoghue, head of digital and customer experience, UniSuper