In this episode of the Financial Services News Wrap, Paige Estritori discusses major shifts within Australia's financial industry, such as the growing need for personalized financial advice due to the increasing complexity of retirement income options. She also highlights changing market dynamics, legislative reforms, and tech innovations, including AI's transformative role in the industry. The podcast touches on controversial banking news regarding Bendigo and Adelaide Bank's new transaction fee. Despite criticism, it is a clear move towards digital banking amidst increasing reliance on virtual transactions. Lastly, the episode delves into the use of catastrophe bonds as a response to escalating cyber risks and rising cyber insurance premiums. These bonds, while still in their early stages, represent innovative risk transfer methods in the face of unpredictable cyber losses.n
