Harvard Business Review Analytic Services- Financial Services White Paper
Moving past prosperity: How Australia’s financial services industry is adapting to disruption
Australian financial services institutions (FSIs) are preparing for widescale digital disruption. They face increasing competition in the Asia-Pacific region and growing customer demand for frictionless digital banking services. At the same time, they must contend with agile new entrants like fintech specialists. In response to these pressures, our FSIs are transforming to better engage customers, enhance operations, transform products and services, and transcend traditional business models.
To get a sense of what’s involved in these preparations and where institutions are headed, Microsoft sponsored a report by Harvard Business Review Analytic Services (HBR-AS) to interview local experts on the state of the Australian financial services sector.
Pioneers show how it’s done
There are, however, examples of Australian FSIs that are taking a more holistic approach to transformation. Diversified financial services company Perpetual, for example, is using a cloud-based data analytics platform to help organisations stress test their mortgage portfolios. By undertaking a fine-grained analysis of macroeconomic factors like house price indices, gross domestic product, unemployment and the cash rate, organisations can access sharper insights and rein in risk. You can read more about Perpetual’s story here.
Offshore, Bank of America is taking a strategic approach to transformation. The bank has an ambitious target of delivering 80 per cent of its technology workloads on virtual platforms in the new few years. To help achieve this objective, the bank is using Microsoft Office 365 and Azure to support its modernisation plans and access new business opportunities. You can find more information on Bank of America’s digital transformation here.