The world’s largest banks are moving faster than ever to take on the next wave of regulation and competition in a world increasingly dominated by big data and big data trading.
Banks have spent billions of dollars to upgrade their systems to handle big data, including buying huge data centers in Australia and the United States.
The big data boom, however, has not been evenly distributed, with some banks investing heavily to stay ahead of the curve.
Banking and Finance Minister Bill Shorten is pushing for banks to be regulated like other sectors, but it has been difficult to get them to agree.
Banks are taking on more risk, as the pace of change is faster than expected.
Australia, the world leader in financial technology, has the world most sophisticated data-processing capabilities, while Japan has one of the largest data centers.
The Australian banks have been forced to become more agile as the government is forced to balance their financial systems and their customers.
“The big challenge in the financial services industry right now is that we’re moving more quickly than ever,” said Michael Smith, a research fellow at the Centre for Australian Studies at the University of Sydney.
“And that’s not just in the banking sector, that’s across a range of sectors.”
Smith said it was important for banks and other large companies to focus on building more efficient systems that make it easier for customers to manage their finances.
Smith is one of a number of researchers working to understand how the data-driven environment is affecting banking.
One big question is whether banks will be able to manage more risk in the future, as their ability to collect data about customers and transactions becomes more complex.
Data has been described as “the new medicine”, as data is increasingly used by banks to help them manage their risk, such as with credit and debit card transactions.
The use of financial data is also a big driver for financial technology companies, which use it to sell more financial products.
Companies such as Expedia and Uber have built apps that let customers access real-time financial data, such for their shopping preferences.
Technology is also increasingly used to monitor businesses, and as more of their products and services become available to consumers, banks will need to make sure their customers have a better experience.
There are also some concerns about the future of the banking industry as the data revolution accelerates.
A recent report from the Financial Services Council of Australia, which represents the big three banks, said the technology boom is “a critical driver of Australia’s future financial services needs”.
“The financial services sector is expected to grow by 12 per cent over the next five years, from $8.5 trillion to $9.1 trillion,” the report said.
In a statement, the Financial Conduct Authority said it is “currently assessing” the risks posed by the data boom.
“We are working with the Australian Bankers Association and the Financial Stability Board to develop an industrywide strategy to address these risks,” it said.