#Banking
Loan deferrals decrease as banks steer customers towards paying ‘as soon as possible’
Data released from the Australian Prudential Regulation Authority shows that loan deferrals have decreased, as exits from deferrals outweigh new entries for five straight months leading up to November 2020. A total of $60 billion of loans – around 2.3 per cent of total loans outstanding – were on temporary repayment deferrals as at 30 […]
Analysts predict RBA will move rates
Analysts are increasingly confident the RBA will move rates for the first time since August 2016 on Tuesday in a bit to reignite stalling economic growth. The Reserve Bank cash rate could change for the first time in nearly three years this week with a cut to a new record low a real possibility after […]
Let’s Talk: The big 4 banks
This week we hear from two leaders on the big 4 banks, discussing whether they are becoming redundant to small business. It is becoming increasingly challenging for small and medium enterprises to secure bank finance as rejection figures are on the rise. An analysis of business loans by financial comparison site Mozo.com.au has found staying loyal to […]
Top10 Dynamic Entrepreneur: Mario Hasanakos and Alex Badran, Spriggy
Entrepreneurs Mario Hasanakos and Alex Badran have revolutionised the ‘piggy bank’ with Spriggy, a banking app for families to encourage children to ‘turn pocket money into practical life lessons’. Since its launch in November 2016, Spriggy has welcomed more than 200,000 members to its Spriggy family. The app provides children with a digital piggy bank, […]
Royal Commission into banking turns finance industry on its head
The findings of the Royal Commission into the banking and financial services sector is expected to turn the finance industry on its head with fears of interest rate rises following a ban on broker commissions. Scottish Pacific CEO Peter Langham said that adding a broker fee for service would be detrimental to small business owners […]
Payments app startup QPay raises $570k to draw millennial consumers away from the banks
The brains behind QPay, a payments app for uni students, have secured $570,000 in funding to challenge banks for the millennial market. Provided to QPay by high-profile investors including Sydney Angels and the Sydney Angels Sidecar Fund 2, the funding will enable the startup to release a student-targeted QPay MasterCard. According to QPay CTO and […]
The ‘quest for stability’ in the financial system is detrimental to SME growth, says Ombudsman
The benefits small businesses derive from a competitive financial system are being reduced by the regulators in their “quest for stability”, the Productivity Commission (PC) has found. The finding, contained in a draft PC report titled Competition in the Australian Financial System, is supported by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate […]
FinTech body seeks changes to APRA’s proposal to reduce market barriers to challenger banks
The Australian Government’s proposal to make it easier for digital-first challenger banks to compete against industry incumbents is could be improved, according to the peak body for fintech startups. FinTech Australia has lodged a submission with the Australian Prudential Regulation Authority (APRA) in response to its discussion paper, entitled “A phased approach to authorising new entrants to […]
Feed unconscious minds, embrace good failure: Dr Amantha Imber talks innovation strategies
Businesses risk being disrupted if they don’t create environments where people can sit in their ‘challenge sweet spot’, have freedom to express crazy ideas and feel safe to fail meaningfully, according to Dr Amantha Imber, the CEO of innovation consultancy Inventium. Prior to founding Inventium a decade ago, Imber – a 2016 inductee into the […]
Full of beans: How Frank Andrews left behind banking and built a coffee roasting empire
Four years ago, Sydney’s Frank Andrews began to transition away from a nearly 20-year career in the banking sector, where he was earning a six-figure sum, to pursue his passion for coffee roasting as a legitimate business. With limited hospitality experience, he faced an uphill battle – especially considering the fiercely competitive nature of the local café […]
How POS software and apps are changing the way consumers shop and spend
Welcome to the digital age, where Point of Sale (POS) software and similar applications have become the new norm. Not surprisingly, these have changed the way consumers shop – in a radical way – over the past five years. It has also meant that the retailers, particularly small businesses, have had to adapt in order […]
Small business banking in the on-demand economy: Curtains on nine-to-five services
In today’s always-on, always connected world, the swift and immediate provisioning of goods and services is no longer a nice-to-have, but an absolute necessity. Small business owners, just like consumers, are becoming far more empowered, connected and informed than ever thanks to the accessibility of information anytime, anywhere. The result? They enjoy almost infinite variety […]
Beyond innovation: Ensuring a flawless digital performance for financial services
Fintech investment in the Asia-Pacific has experienced momentous growth, ballooning from around US$880 million in 2014 to almost US$3.5 billion in the first nine months of 2015, according to a recent report from Accenture. Customer expectations are behind much of this investment. Consumers are no longer distinguishing between online and offline worlds—they expect their financial digital […]
Businesses less satisfied with banks
Business customers are less satisfied with their banks than personal customers, the latest Roy Morgan Business Single Source survey revealing a further drop in the satisfaction level during the month of March.
Call for banks to be penalised for offering business super deals
Industry Super Australia is calling for banks to be penalised for offering business banking deals aiming to see employers switch their employees’ superannuation contribution to bank-owned funds.
Banking and Financial Services sees labour growth
SEEK’s latest Labour Market Report has revealed a strong growth in the Banking and Financial Services industry, which saw a 17 per cent year-on-year growth in the amount of job ads for the sector in February 2015.
Personal banking satisfaction level at 19-year high
Satisfaction levels increased by 0.3 per cent from December 2014 to January 2015, hitting a 19-year high of 82.9 per cent. This marks a 1.3 per cent increase over the last 12 months.
Bendigo Bank launches first banking business app
Bendigo Bank has today launched what they claim to be a first in Australian banking, a 24/7 business banking app designed for the bank’s business customers.
Customer banking satisfaction nears record high
Personal banking customers experienced a 1.1 per cent rise in satisfaction in the last 12 months, pushing satisfaction levels recorded in the Roy Morgan Research Consumer Banking Satisfaction Report to an almost 18-year high.
Business satisfaction with banks hits high
Business banking customers have reached a new level of satisfaction, according to the latest findings from the Roy Morgan Research Business Banking Satisfaction Report.
Business customer satisfaction levels up among big banks
Business customers are seeing a higher level of satisfaction with their banks, according to a survey.
How to become BFFs with your bank manager
We asked a handful of banking experts for their top tips on fostering an effective two-way relationship with your business bank.
Choosing a bank? Consider this first
One of the biggest decisions any small business owner faces is choosing which institution will handle their business banking requirements. If you’re struggling to make this decision, consider these 8 important aspects.
Know how to secure a better bank deal
The old saying, you have to spend money to make money might be true, but one expert offers some insight into negotiating the best banking deals, so you don’t have to spend as much to get started or keep going.