Queensland financial services: confidence remains, but the next phase demands action
Queensland financial services: confidence remains, but the next phase demands action
Queensland’s financial-services sector remains confident about what lies ahead, while recognising there is plenty to work through.
At the Brisbane launch of BDO’s 2026 Financial Services Survey, the discussion focused on what this confidence means in practice. With the sector changing quickly, what are leaders doing differently to prepare for what comes next?
The conversation brought together perspectives from financial services, economics, financial crime, risk and people advisory. Five practical priorities stood out for Queensland’s banks, insurers, wealth and asset managers and fintechs.
Confidence is there, but certainty is not
The survey found that 72 per cent of financial-services leaders are optimistic about the Australian economy over the next 12 months. Even so, leaders know they cannot assume it will be business as usual.
BDO National Financial Services Leader Tim Aman reflected that organisations must continually reassess where they invest and remain agile enough to change direction as circumstances shift.
Queensland’s population growth, infrastructure investment and the opportunities linked to Brisbane 2032 provide a strong foundation. However, growth alone will not be enough.
“You can’t just rely on population growth. There needs to be improvements in labour productivity as well.”
Anders Magnusson, BDO Chief Economist
This is particularly relevant for financial-services organisations, which are being asked to improve customer experiences, manage regulatory complexity and invest in technology, often without additional resources.
AI is moving from efficiency to growth
The AI conversation has changed. The question is no longer simply, “Should we be using AI?” It is increasingly, “Where can AI create meaningful business value?”
The survey found that 58 per cent of financial-services leaders are already seeing operational efficiency gains from AI. The Brisbane discussion pushed the issue further: efficiency should be the starting point, not the
mbition.
“The businesses doing it best are looking at how they can innovate for growth, rather than focusing only on efficiency.”
Julianne Kennedy, BDO Partner, People Advisory
This could lead to new products, better ways to attract customers, faster decisions and different operating models. For regulated organisations, the challenge is finding room to test and learn while maintaining the governance and controls expected of them.
Trust could become a defining competitive advantage
As AI plays a larger role in customer interactions and decision-making, trust will matter even more. Customers need to know their data is protected, decisions can be explained and organisations are using the technology responsibly.
For financial services, trust is not a new requirement. What is changing is the scale and speed of the technology involved. The challenge is not simply to adopt AI, but to build the governance, data foundations, workforce capability and controls that allow it to be used with confidence.
Organisations that innovate responsibly, explain how the technology is being used and put sound governance in place will be better positioned to maintain customer trust as the sector changes.
Financial crime is now an enterprise-wide challenge
One of the strongest themes from the session was the changing nature of financial crime. More than half of survey respondents identified AI-enabled scams and deepfakes as a significant challenge.
“The way in which our financial-services institutions are set up to address financial crime is now an enterprise-wide capability.”
Conor McGarity, BDO Partner, Forensic Services
Criminals are adopting the same technologies that organisations are using to automate, scale and improve their businesses. That creates a new race, and technology alone will not win it.
Technology is only part of the response. Strong data, clear governance, skilled teams and customer education all have a role to play. For Queensland institutions, the practical challenge is strengthening protection without adding unnecessary friction for customers. Security and customer experience need to be considered together.
Risk must become an enabler of growth
Perhaps the most valuable conversation was not about eliminating risk. It was about understanding risk well enough to take better risks.
Participants challenged the idea that risk management should simply act as a brake on innovation, particularly as organisations decide how quickly to adopt AI.
“Good brakes don’t stop you going fast. They give you the confidence to go faster.”
Stan Gallo, BDO Partner, Forensic Services.
Risk, compliance and governance teams have an important role in helping financial-services organisations test new ideas and grow responsibly. Clear guardrails can give leaders the confidence to move forward without losing sight of their obligations.
What this means for Queensland financial services
The Brisbane discussion highlighted Queensland’s strong foundations for growth, including capital, talent, fintech capability, population growth and major infrastructure investment. Making the most of these strengths will require more than growth in scale.
It will require organisations to:
- Plan for multiple futures, rather than betting everything on one forecast
- Move AI beyond efficiency, and into genuine business-model innovation
- Build trust and governance alongside technology, so innovation remains responsible and explainable
- Treat financial crime as an enterprise-wide capability, supported by technology, data, people and customer education
- Lift productivity, rather than relying on population growth alone
- Use risk as a guardrail for better decisions, not as a handbrake on growth.
The Brisbane discussion showed how closely these issues are connected. AI can support productivity, productivity can contribute to growth, and growth influences investment and risk. Trust underpins each of these areas.
The focus now needs to shift from confidence to practical delivery, with organisations considering these priorities as part of a connected approach to growth in Queensland’s financial-services sector.
For BDO’s Queensland team, the opportunity is to keep bringing together perspectives across financial services, economics, risk, financial crime, technology and people, helping organisations turn a changing environment into practical action.
BDO’s 2026 Financial Services Survey explores the issues shaping Australia’s financial-services sector, including the economic outlook, AI, regulation, financial crime and future growth.
