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Why banks need to move or be run over…

Business and Enterprise

Posted on August 2, 2017

3 min read

I read with interest Telstra’s new report, entitled ‘Exponential Performance – In a Millennial, Mobile and Programmatic World’ which looked closely at the ways millennials want to use their money.

The report’s author, Rocky Scopelliti, says in the first paragraph that disruption to the financial services industry over the past decade “can only be described as ‘exponential’”.

He is bang on the money, excuse the pun.

Change has always been with us and will be a constant going forward but one of trends we’re definitely seeing is that the pace of change is increasing.

Over the past decade disruption has impacted a number of industries and financial services is certainly feeling the heat.

However, with that competition comes challenge and we are certainly up for that. We know we have plenty of work to do and are up against not only traditional sector competitors but new competitors from our outside our sector looking at ways to eat into the traditional financial services space.

We know we need to adapt and to adapt quickly. Our customers, and not just millennials, judge our service not only against other financial institutions, but by how they order food, pay bills and find healthcare services.

As the report says, we are up against it and to keep pace with the rate of change in financial services banks need to undertake significant digital transformation.

At NAB, I feel we are heading in the right direction and I explained some of how we’re addressing that with Telstra.

We are bringing together dedicated and specialised teams to redesign specific end-to-end customer experiences; we call these our Customer Journey teams.

They are rethinking the ways we can better support our customers as they go through life experience like buying a house, getting a loan or a credit card, or perhaps starting their own business.

Those customer experience improvements are mirrored with our technology and digital teams who are focused on engineering our digital platforms to be fully agile, to increase efficiency to get changes quickly into customers’ hands.

All of these parts of our 150+ year old organisation are working together to help us move more quickly for our customers than we ever previously have.

But we have plenty more to do and we have big ambitions which I’m really excited about. Stay tuned.

Learn more from our whitepaper and a range of interesting content from our Exponential Performance in a Millennial, Mobile, and Programmatic World report.

Early progress in building the networks for the future


Posted on August 1, 2017

5 min read

Telstra’s Chief Operations Officer, Robyn Denholm, highlights the progress being made in building Networks for the Future with enhancements to the reach, capacity and capability of Telstra’s networks.

With the explosive growth that is underway in the number and variety of smart devices, online services and digital applications, we are expecting five times the traffic and more than quadruple the number of devices across our networks over the next five years.

These figures sound impressive but this is about more than raw numbers.  It represents connecting you with friends and family; enabling Australian businesses to take advantage of cloud computing, machine to machine communications and artificial intelligence; supporting the development of a host of new startups; and giving you control over the smart home of the future.

To make this future a reality in Australia we are undertaking a once-in-a-generation program in building the Networks for the Future.  This will see Telstra build networks that underpin the way our customers work, learn and play for years to come.  Networks that will usher in 5G and make the Internet of Things a reality.

With the hard work of our leading engineers, developers and technicians bringing the best technologies from around the world to Australia and collaborating with our technology partners, we have made some exciting progress on this journey.  By increasing the reach, capacity and capability of key parts of our networks in recent weeks we have put the foundational building blocks in place for the connected world of the future.

Increasing capacity

Only 20% of the capacity we are going to require on our networks by 2020 existed at the start of this year.  So clearly we have a lot of work to do!

A critical part of delivering our services is our transmission network. These are the big pipes that form the backbone of our national network and support everything from mobiles and home broadband, to data for our business and government customers.  So upgrading the capacity and capability of this network is a key early step in building Networks for the Future.

We are currently rolling out optical transport technology across our transmission network, which will increase both capacity and flexibility of the network as well as improve resilience.

Tasmania is the first place to benefit from this new technology.  We have lit up the optical transmission technology across the state and on the cable routes running across Bass Strait.  The upgrade will increase Telstra’s network capacity on each of Telstra’s two subsea cables running across the Bass Strait from 400 Gigabit to 1 Terabit per second – the equivalent of 200,000 HD videos being streamed simultaneously.*

Importantly, the next generation optical transport technology offers huge upside for supporting growth.  With future system deployments we anticipate we can scale up to 100 Terabits per second or more.

We will now be progressively upgrading our optical transport capability around Australia, with Victoria, New South Wales and South Australia the next in line to benefit from from inter-capital upgrades.

Telstra’s 4G coverage now reaches 99% of the Australian population

With new mobile sites being completed in Woongenellup, Western Australia and in Kongwak, Victoria as well as 4GX upgrades in Cardwell, Queensland and in Grace Plains, South Australia among several other towns in recent weeks, we have now expanded our 4G coverage to reach 99 per cent of the Australian population.  This means more regional and remote communities than ever before have access to mobile services using the latest technologies.

We now offer 4G across more than 1.4 million square kilometres, which is more than five times the landmass of the United Kingdom and means more Australians have access to our world leading network where they live, work and play.

Australia’s largest Internet of Things footprint

Telstra has activated Cat M1 across our 4GX coverage footprint, becoming the first network operator in Australia to offer the technology and accelerating the growth of IoT-based businesses and applications across the country. We will shortly deploy range extension capability which will take the Cat M1 coverage footprint for compatible Cat M1 devices to more than 3 million square kilometres.

Cat M1 enables low cost IoT devices, like sensors and monitors, to have greater reach in distance and depth into buildings.  It also offers the opportunity for battery life measured in years rather than hours and days.

This is great news for a range of industries.  We see this as an investment in the IoT ecosystem in Australia that will support new start-ups across multiple sectors, including agriculture, transportation, healthcare and mining.  We are working with the sector to develop products and service that can take advantage of our IoT capabilities.  Telstra has also commenced the rollout and testing of software that supports the NarrowBand IoT standard and we expect to enable that capability later this year.

* Based on a 5Mbps per streamed HD video

If you want to learn more about the types of work you can do in technology at Telstra you’re already in the right place.

Podcast: A big step forward for your small business

Business and Enterprise

Posted on August 1, 2017

2 min read

Despite Australians being among the biggest users of digital technology in the world, just half of the country’s small businesses have an online presence, meaning commercial opportunities are passing them by.

We know there’s a perception amongst business owners that getting online will be costly, complicated and time consuming.  But what if there was a simple way to help make sure opportunity knocks?

As part of the Be ‘That’ Business radio show, we spoke with Jae Hawkins, the general manager of the Wollongong Hellenic Club, who put her apprehension aside and embraced a new digital strategy to help her company flourish.

When Jae was approached for the position at the WHC earlier this year, the first thing she did was Google the company, but unfortunately the website was under construction at the time.  This hit a chord with Jae; “I knew nothing about the club, so I couldn’t expect our customers to know either” she said.

Jae realised she needed to establish an online footprint immediately, but without any experience in web development, she didn’t know where to begin.

With the help of Telstra Online Essentials, Jae had a new website up and running within 48 hours, and new customers soon followed. Now, the club is taking bookings and function enquiries online, with its live entertainment and mezze platters proving especially popular with patrons.

Here’s why having an online presence is so important:

The first step to a sale

The National Online Retailers Association says almost 10% of retail sales are made online, but many other sales begin online with customers researching options before they make their final decision in store.

Connect and grow

As Jae discovered firsthand, an online presence is one of the most cost-effective and rewarding ways to start a conversation with new customers and grow a small business.

The barrier to entry is lower than ever

It’s understandable to feel intimidated and unsure about where to start with setting up your online presence.  With Telstra Online Essentials, we can help you every step of the way.

Listen to our chat with Jay here:

For more on how to be ‘that’ business, visit Smarter Business.

eCommerce and interactive gaming exploding, shows digital report

featured Business and Enterprise

Posted on July 27, 2017

4 min read

The Internet is in better health than ever. There are about 3.4 billion Internet users globally – about half the world’s population – many of whom are living a digital life. They are going online to watch movies, listen to music, play video games and they’re buying more than ever – so says leading Silicon Valley venture capitalist Mary Meeker in her annual Internet Trends report.

Each year, Meeker gives a breathtakingly comprehensive overview of the state of the Internet covering topics from smartphone growth and media habits to online advertising and how digital is influencing industries such as healthcare.

One key highlight that emerged is interactive gaming – a US$100bn business with 2.6bn gamers. In the 80s, gaming was about a solo gamer playing Pacman or Mario. Today it is a shared experience, with more people playing online than ever. Gamers take part in competitions, held in arenas watched by 1000’s with millions more tuning in online. 161m fans watch eSports monthly, a 40% hike from 2015. Meeker highlights gaming in particular, as techniques learnt can impact people’s lives. Games can be used in simulations to train fighter pilots and hone athletic skills, teach pattern recognition or let people learn by repetition.

Other highlights of the report include:

  • Voice searches are on the rise, with 20% of all queries made this way with an accuracy rate of 95%.
  • Global growth of smartphones is slowing, up only 3% from last year, down from about 27% and 11% in 2014 and 2015 respectively.
  • E-commerce continues to skyrocket, as demonstrated by parcel volume. In the US it topped 10bn last year, up 9% year on year. In fact, the unboxing of parcels has become entertainment in itself with the top 5 unboxing channels on YouTube attracting 33m subscribers in May 2017.
  • Eating in is the new eating out. Many high-end restaurants are now providing home delivery service.

Developing countries embracing digital innovation

In China, huge leaps have been made in online transportation and mobile payment technology.

  • The number of on-demand trips booked online reached 250m for just one quarter, more than anywhere else in the world.
  • China also leads the way in mobile payment innovations, with the big players Alipay and WeChat allowing customers to make everyday transactions with their smartphones.

India has experienced huge growth in eCommerce and in the smartphone space.

  • New mobile players have been opening up competition, with carrier Reliance Jio giving away free data and stealing millions of customers in the process. This has helped overall smartphone adoption in the country.
  • It’s also competition that is making eCommerce a huge business in India, with local players like Flipkart and Snapdeal going up against global giants Amazon.
  • What distinguishes India from the rest of Asia is the government’s pro-digital policies. Among them is a rollout of high speed broadband. Digital authentication via a smartphone for the 1bn+ population has been introduced (ahead of developed countries like Singapore), with 16 million authentications being carried out each day for transactions such as the opening of bank accounts.

While the report is silent on the rest of Asia, the trends are similar. Every Asian country has seen growth in Internet usage and users. As a result bricks and mortar retailers are struggling, replaced by e-commerce, where Asian brands like Taobao and Lazada rival Amazon. On-demand video and music has replaced TV and CDs and all countries are moving to high speed broadband with governments leading the way in digitising services.

For Asian observers, there are three areas that could be interesting to global brands and entrepreneurs.

  • Ad blocking is high in Asia. Indonesians block more ads than any other country (58% of mobile users), followed by Pakistan (38%). ‘Lite’ web and app versions of ads should be developed to avoid hogging bandwidth. They must also be optimised to work on slower 2G and 3G networks, which are still operating in Asian emerging markets.
  • Traffic congestion in major Asian cities like Kolkata, Mumbai, Dhaka, Manila and Jakarta present opportunities for entrepreneurs. Consumers are likely to be discouraged from out-of-home shopping, opening up e–commerce opportunities from home delivery to health care.
  • As a spin-off from the popular on-demand transportation services, other areas like handyman services, personal shopping and fitness are areas with potential.

Carriers will play a crucial role for digital services to work smoothly and without interruption. Who wants a dropped wifi connection just before buying the new pair of shoes? For digital services to work smoothly, network bandwidth is key. Carriers must ensure good coverage, offering high reliability and scalability especially with the explosion in digital entertainment and on-demand services in transportation and home services.

How can the Australian venture capital sector win big?

Business and Enterprise

Posted on July 20, 2017

4 min read

Innovation has been a key strategic pillar in the work of the Australian Government as they recognise how technological change is transforming how we live, work, and communicate. In order to nurture innovation and harness new sources of growth for continuous economic prosperity in Australia, the Australian Government introduced the National Innovation and Science Agenda which focuses on culture and capital, collaboration, talent and skills, and government as an exemplar.

Apart from the Government, the corporate sector is also a driving force for innovation, as more and more companies are becoming active in activities like corporate ventures investments, startup accelerators, etc. Indeed, in a recent report on venture capital released by The Australian Private Equity and Venture Capital Association (AVCAL) in federal Parliament last month, Telstra tops the new corporate innovation index that ranks the top 50 companies by their investments in corporate ventures, accelerators, incubators, internal innovation labs, co-working spaces and startups, and accounted for 18 percent of the innovation activity. A large part of this innovation activity comes from Telstra Ventures, Telstra’s corporate venture capital arm. This year, we increased our portfolio so that it now includes over 40 technology companies.

The report also assessed the current state of venture capital in Australia, saying that the funding mechanism for innovative businesses has never been healthier. In FY16, venture capital fundraising increased to $568 million, reaching the highest level of record. While startups are the source of innovation, they are also the largest contributor to job creation in Australia. According to the Australian Innovation System Report 2016, startups created more than 1.2 million jobs from 2004 to 2011, representing 90% of net positive job creation.

However, Yasser El-Ansary, CEO of AVCAL, commented in the report that there are still gaps in the Australian venture capital landscape as it is still “far too small for a country with bold ambitions to be an innovation leader”. The report compared the Australian venture capital investment with other countries. When looking at venture capital investment as a percentage of the GDP, Australia is sitting at 0.023% in 2015, compared to 0.33% for United States investments and 0.38% for Israel investments. The Australian figure is even lower than the OECD+ average of 0.049%.

Does that represent a dark future for the Australian venture capital scene? No.  In fact, experts are positive about Australia’s venture capital development and see a lot of room for improvement in the sector. There are also increasingly more successful cases from Australia in terms of securing significant venture capital funding.

Earlier in May, Telstra Ventures hosted activation sessions at the Sunrise Conference which brought together founders from some of the most successful Australian startups to tell their stories. I joined a session with two of our portfolio companies HealthEngine and Panviva to share insights on how to take the business global, attract international investors and enter new markets.

HealthEngine announced a significant Series C funding earlier this year led by Sequoia India, one of the leading venture capital firms globally. The company targets an industry with over $160 billion expenditure per annum, with a goal to improve the health of all Australians with a platform that enables both timely access to quality care and a seamless patient experience. Marcus Tan, CEO of HealthEngine, shared that, from his experience, trust and timing were the two key things in attracting investments from global venture capitalists among a number of factors. As with any kind of investment, VCs want to know they can trust the company and the business with their money. Startups need to know their own business story inside out and be able to not only communicate but demonstrate they have a solid team. This will help them sell the company to investors and ultimately allow the company to reach the next stage of growth.

Another Australian-based company Panviva is helping companies worldwide to solve their most complex information access problems by delivering just-in-time information. Co-Founder and CEO of Panviva, Ted Gannan highlighted the importance of engaging the influencer community to create impact. Insights from the panel also reflected some important initiatives to be taken in the Australian’s venture capital sector for a brighter future. Collaboration is definitely key and more importantly, companies should think big and have a clear strategy in establishing and growing their businesses internationally.

Timeline: Venture Capital in Australia