16 July 2021
ABA reiterates our view that there is significant potential economic benefit in the government’s digital identity initiative for consumers and businesses. ABA also reiterates that the ability of a government digital identity system to achieve wider adoption, and therefore realise the potential economic benefits of this government policy, will likely depend on factors such as clarity of legislative framework, flexibility to innovate and incentive to participate, security of protections for data and privacy, and clarity and effectiveness of governance arrangements.Download PDF
To assist consistency of implementation across the industry, the Australian Banking Association has developed industry position on a range of aspects regarding the implementation of APRA’s revised capital framework.
Australian banks are using new technologies to increase efficiency and to provide new and more responsive services to customers. We propose the government focus on: simplifying or rationalising existing legislation that impact on the use of AI and ADM, in preference to new specific AI regulations; any regulatory intervention including setting best practice guidance should build on existing best practices and harmonise with sector specific regulation; and review and amend legislation to be neutral as to whether a human or technology is used to make decisions or conduct a process.