Deputy City Attorney Eric Mitten says the city launched an investigation and determined on June 5 that malware was used to gather payment card information, including credit or debit card numbers, cardholder names, as well as expiration dates and CVV codes, from the Superion Click2Gov system used by Medford.

From embracing robo-advisers, to drones helping assess insurance claims and Australia's major banks scrapping ATM fees, the banking and financial services industry is currently in the process of immense change.

Artificial Intelligence in an open banking environment has revolutionised the way customers approach and leverage their financial information. The face of banking is changing across Australia and around the globe. With the launch of open banking and the Australian Consumer Data Right, the latest digital technologies and an ever-changing regulatory landscape, customers are demanding enhanced experiences and increased value for money. Artificial Intelligence (AI) is just one technology that is enabling banks and financiers to provide increased efficiencies behind the scenes, new product lines upfront, and to ensure a heightened customer experience for all. The customer experience has become the significant driver of any brand's growth and often their point of differentiation.

According to Vodafone Business's Future Ready Report 2020, just 26% of financial services businesses are "future ready" and have a positive outlook for the future, with a focus on technological impact and customers' evolving needs. Technology is now a major driving force not only for innovation, but in enhancing people's personal and business lives. The data shows that it will naturally be the'future ready' companies that are better placed to make the changes needed to succeed in this new world. And it is those companies that will be reimagining how business is conducted in the future. "The financial sector has been working hard for many years to add new channels, simplify processes and remove legacy infrastructure, all with the goal of serving customers better. Experiences over the past few months have highlighted that digitalisation is imperative for businesses in this sector, with those further down the path believing themselves better placed to succeed than their peers. "As a whole the industry has great potential for change.

Traditional financial services will be impacted by new competitors, more data availability, and greater consumer expectations in the era of open banking.