For decades, cold calling has been a staple tactic in Australia’s finance industry—think mortgage brokers, insurance sales, and investment advisors. Yet, as the digital age accelerates and regulatory scrutiny intensifies, 2025 is shaping up to be a turning point. Is cold calling still a viable strategy for finance professionals, or is it destined for the dustbin? Let’s break down what’s changing, why it matters, and how both consumers and finance businesses are adapting.
The State of Cold Calling: New Rules and Realities
Cold calling has always walked a fine line between opportunity and annoyance. In 2025, that line is clearer—and stricter—than ever before. The Australian Communications and Media Authority (ACMA) updated the Do Not Call Register Act in late 2024, expanding restrictions on unsolicited marketing and tightening penalties for breaches. Finance firms now face steeper fines for non-compliance, and technology is making it easier for consumers to block unwanted calls.
- Stricter consent requirements: Financial services must now obtain explicit consent before making marketing calls to existing customers, closing a loophole that many relied on in previous years.
- Advanced call-blocking tech: Telcos have rolled out AI-powered spam filters, meaning more cold calls get screened before they even reach the recipient.
- Higher penalties: In 2025, ACMA can impose fines up to $500,000 per breach for egregious violations—double the previous limit.
These changes have forced finance businesses to re-examine their outbound strategies. Cold calling isn’t illegal, but the bar for compliance and effectiveness is much higher.
Does Cold Calling Still Work?
Despite the regulatory squeeze, cold calling isn’t extinct. It has, however, evolved. The finance sector is embracing a more targeted, data-driven approach. Gone are the days of randomly dialling from a phonebook. Instead, firms use analytics to identify high-potential leads—often via publicly available business data, LinkedIn profiles, or opt-in mailing lists.
Consider the example of a boutique mortgage broker in Sydney: in 2025, their outreach is powered by CRM software that cross-references property listings with recent credit inquiries. By narrowing their target pool, they reduce wasted calls and improve conversion rates.
However, results are mixed. According to a 2025 survey by the Australian Finance Industry Association:
- Only 9% of Australians say they would answer an unsolicited finance call in 2025 (down from 15% in 2022).
- Among those who do answer, trust remains a key issue—61% hang up if the caller cannot quickly establish credibility.
- Cold calling is still more effective with business clients, where prior relationships and referrals matter more than mass outreach.
Alternatives and the Future of Outreach
With cold calling’s effectiveness waning, finance firms are experimenting with alternatives. Multichannel strategies—combining email, SMS, social media, and even video introductions—are now the norm. The rise of AI-powered chatbots and personalised digital onboarding tools means that first contact is increasingly digital, not vocal.
For consumers, this shift brings greater control. You can pre-screen offers, verify credentials, and engage on your terms. For finance professionals, it’s a wake-up call: value and trust matter more than ever. The most successful firms in 2025 aren’t the ones with the longest call lists, but those who build genuine relationships and respect privacy.
- Hyper-personalisation: Smart CRM systems enable tailored outreach, referencing recent life events or financial milestones.
- Content-first engagement: Educational webinars, calculators, and explainer videos often precede direct contact, warming up potential leads.
- Compliance as a selling point: Firms that highlight their commitment to privacy and regulation win trust—and business.
Conclusion: Rethinking the Cold Call
Cold calling in Australia’s finance sector isn’t dead, but it’s on life support. In 2025, it’s less about volume and more about value—smarter targeting, authentic engagement, and scrupulous compliance. If you’re a consumer, you have more power to filter, block, and choose how you interact. If you’re in finance, the cold call may still have a place, but it’s just one tool among many in a rapidly changing landscape.
