Banking

The Commonwealth Bank of Australia again increased its IT spend last year as it chases CEO Matt Comyn’s $5 billion vision of being Australia’s digital leader. Australia’s largest bank says it now has 7.4 million “digitally active customers”, up more than 400,000 from the previous year. Financial results released today

Churn is a term no bank executive wants to hear. But with the rise of neobanks in Australia, the customers need to come from somewhere. Australia is still in its infancy when it comes to neobanks. Xinja, Up, Volt and Judo were established in 2017 and 86 400 in 2018.

The revenue banks make from customer fees is under threat from increased competition and regulation. According to new research from Accenture, Australian banks risk losing as much as 9 per cent of their retail revenue if fees from overdrafts, cross-border payments and foreign transactions  dry up.  As more competitors emerge

As internet banking took hold the question emerged: what will happen to the bank branch?  Australia’s big banks have always maintained their branches are an important channel for customers to do their banking, even as more transactions occur online.  Coronavirus has only accelerated that trend and forced branches to close

Face to face interactions are currently limited and the battleground for new customers has switched to the digital environment. Those organizations that offer fast, seamless experiences and secure on-boarding might hope to win market share – but even if financial institutions are prepared to make the switch to digital account

Westpac branch

Apple Pay is now available for Westpac customers with an eligible Mastercard debit or credit card, or eftpos Handycard. The decision was flagged late last year and makes Westpac the last of Australia’s big four banks to offer the digital payment method. Westpac customers will be able to use Apple

The total number of digital banking users will exceed 3.6 billion by 2024, up from 2.4 billion in 2020; a 54 per cent increase, according to a new study from Juniper Research. This growth will be driven by the rise of digital-only banks and the ongoing focus on digital transformation

Investors in global financial businesses do not believe industry leaders can provide the kinds of returns being delivered by the tech sector, with very significant skepticism about current digital transformation programs. That’s our key reading of a report from global management consulting outfit Oliver Wyman, which also argues there is

Apple Pay will be available for Westpac customers by June 2020, meaning all four of Australia’s big banks will offer the digital payment method next year.  Westpac also announced Apple Pay is available from today for customers at its smaller banks – St.George, BankSA and Bank of Melbourne – provided

Depending on what type of bank a consumer uses – major, regional, mutual or neobank – they have varying levels of trust according to a new report from Deloitte.  The report, Open Banking: Switch or Stick? Insights into customer switching behaviour and trust shows the differences in trust between major