Summary
What this article covers in 30 seconds
- Recordsure worked with KPMG to raise awareness of RegTech and FinTech innovation in Australia.
- Australia’s Royal Commission reviewed banking and financial services conduct, culture and transparency.
- Australia’s review has parallels with UK financial sector scrutiny and customer care reforms.
- Australian firms face process, culture and scalability challenges as they adapt.
- The trade mission focused on Sydney and Melbourne and ended on September 3rd.
Recordsure worked alongside KPMG on an international trade mission to help raise awareness in the Australian financial sector of the innovation that RegTech and FinTech technologies can provide.
Australia had recently been through the Royal Commission review into the banking and financial services industry. The review sought to improve conduct, culture and transparency, and to retrospectively address the position of customers who had been historically mistreated.
Shared conduct and culture challenges
There is a strong degree of overlap with the UK financial sector, which had faced comparable scrutiny in recent years with similar outcomes focused on conduct risk and customer care.
As in the UK, Australian financial firms faced the challenge of changing internal processes to make them compliant, driving cultural change within organisations and finding scalable ways to do this efficiently.
Response from the Australian tour
Speaking from Sydney, Joanne Smith, Recordsure Founder and CEO, reflected on the positive response to the tour. She said firms were approaching the new challenges with enthusiasm, that lessons had been learned from UK organisations on a similar journey, and that there was a drive to find RegTech solutions that could support customers by improving performance and culture.
The trade mission focused on Sydney and Melbourne and drew to a close on September 3rd.
Frequently asked questions
Recordsure worked alongside KPMG.
It focused on conduct, culture and transparency in the banking and financial services industry, and on righting the position of historically mistreated customers.
The trade mission focused on Sydney and Melbourne.