Top Banking Financial Services And Insurance Companies in Australia

The Banking, Financial Services & Insurance (BFSI) industry in Australia has been a vital contributor to the country's economy, providing employment opportunities to thousands of individuals and driving economic growth. In 2022, the industry's contribution to Australia's gross domestic product (GDP) was around 10.8%, employing approximately 430,000 people.

read full article below
Filter bySearch by company name, registration number or domain name
CompanyHeadcountContactDescriptionDecision Maker
AMP5,630 +61 2 8234 5002
shares@amp.com.au

Beginning in 1849 as the Australian Mutual Provident Society, today AMP Limited is a retail wealth management and banking business supporting approximately 1.5 million customers across Australia and New Zealand. We offer expertise in financial advice, superannuation and banking to help people achieve their financial goals and create their tomorrow. For information on AMP products and services; Australia: Visit amp.com.au or call 133 888 within Australia New Zealand: Visit amp.co.nz or call 0800 267 111 within New Zealand Community guidelines: Please note, AMP has the right to remove any comment or material published to our page that we consider defamatory, offensive, unlawful, indecent, misleading, false, deceitful, profane, or threatening to users or the company. We will also delete comments that are negative or hateful towards race, sexuality, gender, ethnicity, religion, disability, age, social status, or education. Any public posts that include personal details will be deleted…

BANKWEST3,179 +61 131719
ddoreporting@bankwest.com.au

Our Bankwest people are passionate about putting customers at the heart of everything we do. We’re dedicated to delivering brilliant customer experiences every day and we’re always looking at how we can do more for our customers, to remove the BS (Bank Stuff) and ask less of them. We were founded in 1895 on Noongar Country and we’ve been part of the fabric of WA for more than 125 years, with Bankwest locations spanning 29 Aboriginal peoples’ lands and 11 nations. We stand for simplicity and transparency, brilliant service, and great value, and we work hard to make banking easier for customers, through self-empowering tools and honest human-to-human support, backed by the best technology, when they need us. Supporting the communities in which we live and work is part of our DNA, and we’re committed to being there for our customers when they need us the most, particularly vulnerable customers, with safety and security, guidance and support, be that through direct assistance, advocacy…

WESTPAC16,057 +65 6530 9898
singapore.enquiries@westpac.com.au

Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand. We provide a broad range of banking and financial services in these markets, including consumer, business and institutional banking and wealth management services. We also have offices in key financial centres around the world including London, New York, Hong Kong and Singapore. Westpac Groups portfolio of financial services brands and businesses is focused on our vision, which is To be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.” We welcome your contributions to our page. Please check our guidelines before you join the conversation: https://www.westpac.com.au/contact-us/social-media/ Westpac acknowledges the traditional owners as the custodians of this land, recognising their connection to land, waters and community. We pay our respects to Australias First Peoples, and to…

GADENS830 +61 8 8456 2433
info.sa@gadens.com

Gadens is a top 10 independent Australian law firm, known for providing outstanding client service, innovative solutions and value. The team at Gadens support our clients achieve their organisational objectives by working closely with them on their highly complex and day-to-day transactional legal needs. Our core practice specialisations cover: Banking and Finance Corporate Disputes and Investigations Employment Advisory Intellectual Property and Technology Real Estate and Construction We work with clients with Australian and international needs from our offices in: Adelaide Brisbane Melbourne Sydney

GILBERT + TOBIN964 +61 2 9263 4085
gtprivacy@gtlaw.com.au

Gilbert + Tobin is a leading independent Australian corporate law firm, advising clients on their most significant corporate transactions, regulatory matters and disputes. We provide commercial and innovative legal solutions for ASX 100 leading companies, major infrastructure and services providers as well as government and public authorities across Australia and around the world. An international leader in M&A, private equity, capital markets, competition and regulation and technology and digital, we work on complex issues that define and direct the market. Our firm is also committed to outstanding citizenship. We have a proud pro bono track record and we champion important causes, such as marriage equality and reconciliation with Australia’s Indigenous peoples. We have one of the highest proportions of women partners among major Australian law firms.

AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY695 +61 1300 565 562
privacy@afca.org.au

The Australian Financial Complaints Authority (AFCA) is the one-stop-shop for consumers and small businesses with a complaint about banking, credit, insurance, superannuation, investments and advice. We provide fair, independent and effective solutions for financial disputes. Established in 2018, AFCA is Australia’s only ombudsman service for the financial services sector. We work with consumers, small businesses, industry, regulators and Government, to raise standards and reduce financial disputes through innovative solutions, education and communication. We deliver to the Australian community services that are easy to use, free for complainants, efficient, timely and impartial. AFCA’s diverse workforce is made up of more than 800 team members from across Victoria and New South Wales, with expertise in dispute resolution, finance, insurance and superannuation. Our people are driven by our values to be fair and independent, transparent and accountable, honest and respectful and pro…

GREATER BANK600 +61 131386
foundation@greater.com.au

Greater Bank is no ordinary bank — we’re owned by our customers and we put them at the heart of everything we do. With no shareholders we focus on providing better value products and services as well as investing in the growth and development of communities we call home. Greater Bank has a heritage of serving communities in NSW and South East QLD, with our head office in the Hunter region. We are proudly a part of NGM Group Australia, a regional financial powerhouse and one of Australia’s largest customer owned banks. When you join us, you’ll certainly be in good company.

AIRWALLEX1,000 +65 3129 4178
sg-sme-growth@airwallex.com

Airwallex is the leading financial technology platform for modern businesses growing beyond borders. With one of the world’s most powerful payments and banking infrastructure, our technology empowers businesses of all sizes to accept payments, move money globally, and streamline their financial operations, all in one single platform. Established in 2015 in Melbourne, our purpose is to connect entrepreneurs, business builders, makers and creators with opportunities in every corner of the world. Today, Airwallex has a global footprint across Asia-Pacific, Europe, and North America.

BANK AUSTRALIA448 +61 132888
branchfeedback@bankaust.com.au

As a customer owned, B Corp certified bank, were doing banking differently. We empower our staff and customers to be part of the clean money movement. We achieve this by staying true to our purpose and values through our strategy, operations, products and services, and advocating to bring others on the journey. This means every role and person in our bank is essential to bringing our values, purpose and aspiration to life. As a customer owned bank, we reinvest our profits to continually serve our customers through competitive rates and fees, responsible banking, and supporting positive impact. Our Contact Centre, lending operations and processing are based in the Latrobe Valley and Bendigo while our head office is in Kew, Melbourne. We also have branches in Melbourne and regional Victoria, Brisbane, Adelaide, Canberra and Sydney.

BARRENJOEY385 +61 1300 363 992
infosec@barrenjoey.com

Barrenjoey is a proudly Australian financial services firm. We’re uniquely majority staff owned and locally managed with global reach through our strategic partnership with Barclays. Entrepreneurial and partnership focused, we aim to deliver great ideas and opportunities to help clients succeed. We’re also passionate about driving positive social outcomes for communities that rely on corporate support. We provide corporate and strategic advisory, equity and debt capital market underwritings, cash equities, research, prime brokerage and traditional fixed income services. Full Service Offering Corporate Finance: Traditional corporate advisory transactional services, ECM, DCM and leveraged finance solutions. Equities: Cash sales, trading and execution, prime finance derivatives and corporate solutions to a global client base. Fixed Income: Cash and derivative AUD/NZD products underpinned by quantitative and analytical research and trade ideas. Research: Coverage of ANZ securities …

BANK OF MELBOURNE709 +61 132266
hoax@bankofmelbourne.com.au

At Bank of Melbourne, we understand that everyone has the will. The will to be happy, to be there for the ones they love, to try something new. The will to get a place of their own or be their own boss. Sometimes what’s missing is the way. That’s where we come in. A city and state as progressive as ours deserves a bank that shares the same values. As your local bank, our team will work with you to find the way forward. We want to see your ambition – modest, medium or sky–high - become a reality. We do this through our dedication to customer service, by being small enough to get to know you so we can plan together, with our network of branches and our handy mobile banking app. We support our city’s progress through partnerships with iconic sporting venues like the MCG, and celebrate our food culture with events like Melbourne Food and Wine Festival. We’re investing in the arts with Collingwood Arts Precinct, where we’re helping create a new cultural destination for the city’s northe…

JUDO BANK558 +61 8 6182 2910
investor@judo.bank

Judo Bank boldly backs business. Our purpose is simple: to be the most trusted SME business bank in Australia. As Australia’s only challenger bank purpose-built for small and medium businesses, we exist to help you secure the lending you need and the service you deserve to support and grow your business. Our relationship model places a priority on highly skilled, knowledgeable and imaginative relationship bankers who take the time to get to know you and your business. We work with you to provide banking expertise based on a deep understanding of your business’s opportunities and potential. We welcome your contributions to our page. Please read our social media guidelines before joining the conversation: www.judo.bank/social-media Judo Bank Pty Ltd ABN 11 615 995 581 | AFSL and Australian Credit Licence 501091

CLAYTON UTZ1,743 +61 3 9286 6000
tromeo@claytonutz.com

A reputation for standing out. And for being outstanding. For over 180 years, our confident approach to complex transactions and litigation has seen us grow into Australia’s leading independent law firm. With a genuine commitment to client service, we are trusted advisers to a range of government departments and agencies, as well as leading Australian and international corporations. We offer the sharpest legal minds. The clearest advice. And an unshakeable sense of what’s possible. We have a substantial commitment to making the legal system accessible, through our Pro Bono practice, and are actively involved in our community through our Community Connect program.

NEWCASTLE PERMANENT BUILDING SOCIETY822 +61 131987
foundation@newcastlepermanent.com.au

We are customer owned and put our customers first. No shareholders means no compromise. Just great rates, award winning service and real commitment to our customers. Supporting local and giving back is what we stand for. Through employee initiatives, community sponsorships and Charitable Foundation grants we invest in the local communities in which we live. We are proudly a part of NGM Group Australia, a financial powerhouse and one of Australia’s largest customer owned banks.

AUSTRALIAN UNITY2,381 +61 132939
hdc@australianunity.com.au

Established in 1840, Australian Unity was Australia’s first member-owned wellbeing company, delivering health, wealth and care services. We’re committed to real wellbeing for all Australians, and for us, real wellbeing means so much more than physical health. It’s about your standard of living and feeling safe in your home. It’s your personal relationships and being connected to your community. It’s about what you want to achieve in life, while having the security to get out and do what makes you happy. This page shares information and stories about people in our community, social impact, physical and mental wellbeing and financial security. We encourage you to comment, respond and interact with us, but remember this page is a safe and welcome place. Australian Unity reserves the right to remove any comment that: • Is obscene, threatening, abusive, defamatory, misleading, offensive, or of a sexual nature. • Provides professional advice on legal, medical, or financial matters. • Vi…

MAKINSON DAPICE LAWYERS154 +61 2 9233 7788
support@makdap.com.au

Makinson d’Apice has long been part of Australia’s business fabric. Since putting down our roots in 1859, we have operated at the forefront of developments and loyally supported our clients with expert advice as the commercial and legal environments have evolved. Our clients range from private companies to listed corporations and from charities and religious organisations to state and federal government and private individuals. At Makinson d’Apice we anticipate change, adapt, innovate and create solutions upon which our clients’ success can be sustained long into the future.

BANK OF SYDNEY169 +61 2 8262 9191
phishing@banksyd.com.au

At Bank of Sydney, we strive to provide genuine value to our people, customers, communities and partners. We’re a bank that believes in the power of real human connection. We know that one straightforward conversation is better than talking to a machine and being placed on hold. That’s why our friendly, helpful team take the time to understand your situation and needs. The result is strong, enduring relationships with ongoing benefits. You work hard for your money. So we work just as hard for you, to drive success and a better future. At Bank of Sydney, we have relationship managers to help you with your banking needs and retail branches that you can visit in Sydney, Melbourne and Adelaide. We’re definitely not ones to blow our own trumpets, but we’re really proud to have won some of the most prestigious awards in the business. The wins reflect our customer satisfaction levels and 5-star product ratings. Bank of Sydney is an Australian Authorised Deposit-taking Institution (ADI). For …

BLUESTONE HOME LOANS165 +61 438 192 531
scott.unicomb@bluestone.com.au

At Bluestone, we believe home loans should be simple, personal and able to meet borrowers’ changing financial needs. Since 2000, we have helped over 48,000 Aussie borrowers whose circumstances meant they did not fit in with mainstream banking. With case-by-case assessment of each loan, and personal support for every step of the application process we want to take the stress out of the home loan process. Lending criteria, terms and conditions, fees & charges apply. Bluestone Servicing Pty Ltd ACN 122 698 328 Australian Credit Licence 390 183.

SEISMA GROUP139 +61 3 8592 9000
info@seisma.com.au

Seisma Group is a 100% Australian and New Zealand-owned IT professional services company. We have a strong commitment to creating jobs and retaining value within the local economy via returns to our superannuation fund investors. We work with clients across industries including banking and capital markets, energy, resources, health, aged care, government and not-for-profit. We are known for our expertise in cloud and infrastructure, strategy and advisory, engineering, delivery and digital platforms. We work as an extension of our clients’ teams, walking with them on their journey to build their technological capabilities. We’re here to make sure our clients have the right tools and strategies at the right time to grow their businesses. We have over 500 consultants working across Australia and New Zealand, with offices in Melbourne, Sydney, Wellington, Perth and Auckland. We are proudly carbon neutral and pledge 1% of our profits to social causes, including the education of Ugandan h…

ORIX AUSTRALIA CORPORATION LIMITED216 +61 1300 652 886
novated@orix.com.au

ORIX Australia Corporation Limited was established in 1986 as a joint venture and became a wholly owned subsidiary of ORIX Corporation, Japan, in 1989. The head office of ORIX Australia is in Macquarie Park, Sydney with offices throughout Australia and New Zealand. It employs more than 325 staff and owns or manages assets of circa A$1.5 billion. The company specialises in the acquisition, financing and management of both passenger and commercial vehicles, providing commercial & passenger vehicle fleet services and commercial vehicle rental. ORIX Australia is a part of the global ORIX Group. ORIX Corporation (TSE: 8591; NYSE: IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 36 countries and regions worldwide, ORIXs activities include leasing, corporate finance, real estate-related finance and development, life insurance, and investment and retail bank…

Top Banking Financial Services And Insurance Companies in Australia

Factors contributing to growth and success

The BFSI industry in Australia has been largely successful due to several factors, including government initiatives that have supported its growth. One of the key government initiatives has been the implementation of regulatory frameworks aimed at ensuring the stability of the industry. The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) are two regulatory bodies that oversee the operations of the industry, ensuring that financial institutions adhere to strict guidelines.

Another factor contributing to the success of the BFSI industry in Australia is the country's strong economic fundamentals. Despite the challenges posed by the COVID-19 pandemic, Australia's economy has remained relatively robust, providing the BFSI industry with a stable operating environment.

Industry Growth

The Australian BFSI industry has experienced steady growth over the past few years, with the total value of assets held by the industry increasing from $5.5 trillion in 2018 to $6.5 trillion in 2022. In terms of banking, the four largest banks in Australia – Commonwealth Bank, Westpac, ANZ, and NAB – continue to dominate the industry, accounting for more than 80% of the market share.

The insurance industry in Australia has also experienced growth, with the total premiums written in the sector increasing from $45 billion in 2018 to $52 billion in 2022. The superannuation industry, which manages retirement funds, has also continued to grow, with assets under management increasing from $2.7 trillion in 2018 to $3.3 trillion in 2022.

Key Trends

Technological disruption has been one of the most significant trends in the BFSI industry in Australia. Financial institutions have embraced digital technologies, with online banking and mobile banking becoming increasingly popular. The use of blockchain technology has also gained momentum, with many financial institutions exploring its potential use cases in areas such as payments, settlements, and identity verification.

The rise of fintech has also been a significant trend in the BFSI industry in Australia, with many startups disrupting traditional financial services. These fintech startups are leveraging technology to offer innovative financial products and services, challenging traditional players in the industry. To remain competitive, traditional financial institutions have been partnering with fintech startups, investing in them or acquiring them outright.

Challenges

Despite its success, the BFSI industry in Australia faces several challenges, including heightened regulatory scrutiny, increased competition, and evolving customer preferences. The regulatory environment is becoming increasingly complex, with regulators becoming more vigilant about potential risks to financial stability. Financial institutions need to maintain a robust risk management framework to comply with regulatory requirements.

Increased competition from fintech startups and non-bank financial institutions is also a challenge faced by the industry. These players are offering innovative financial products and services that challenge traditional players, who need to adapt and innovate to remain relevant.

Finally, evolving customer preferences are a challenge for the industry, with customers increasingly demanding more personalized and convenient financial services. Financial institutions need to embrace digital technologies and provide customers with a seamless experience across multiple channels to remain competitive.

Future Outlook

Despite the challenges faced by the BFSI industry in Australia, the future outlook is positive. The industry is expected to continue growing, driven by factors such as strong economic fundamentals, government initiatives, and technological innovation. The rise of fintech startups is expected to continue, driving innovation and challenging traditional players in the industry. Financial institutions that embrace digital technologies and innovation are expected to remain competitive and capture a larger share of the market.

The Australian government is also expected to continue supporting the growth of the BFSI industry with initiatives aimed at promoting innovation, competition, and financial stability. One such initiative is the Open Banking regime, which allows customers to share their banking data with third-party providers, enabling them to access a wider range of financial products and services.

Moreover, the use of artificial intelligence (AI) and machine learning (ML) is also expected to increase in the BFSI industry in Australia, with financial institutions leveraging these technologies to improve risk management, fraud detection, and customer experience. The use of AI and ML is expected to enhance the efficiency of financial institutions, reducing costs and improving profitability.

Conclusion

In conclusion, the BFSI industry in Australia has been a significant contributor to the country's economy, providing employment opportunities and driving economic growth. The industry has experienced steady growth over the past few years, driven by factors such as strong economic fundamentals, government initiatives, and technological disruption. Despite facing challenges such as regulatory scrutiny, increased competition, and evolving customer preferences, the future outlook for the industry is positive, with the continued adoption of digital technologies, innovation, and government support expected to drive growth.

undefined's picture
By Melissa Goh
Published on 10 May 2023