#Banks
COSBOA calls for loan rejection transparency in new lending code
COSBOA Calls for Greater Transparency in Loan Rejections to Empower Small Businesses
Fintech firm BankiFi announces Australia expansion to support SMEs
UK-based technology platform BankiFi has announced its entry into the Australian Financial Services market.
Several banks face action from ASIC over add-on insurances that have “failed customers”
The financial regulator is threatening action against lenders including the major banks over the sale of add-on loan and credit card insurance (CCI) that “has consistently failed consumers”. An Australian Securities and Investments Commission (ASIC) report released today found that consumer credit insurance represented extremely poor value for money and was regularly mis-sold. ASIC’s report […]
Confidence slips after RBA holds rate: ANZ
Consumer confidence fell last week as Australians’ perception of the economy at large took a sharp negative turn following the central bank’s decision not to cut the cash rate, ANZ analysts say. The ANZ-Roy Morgan Australian Consumer Confidence index slid by 2.1 per cent from the previous week, with the “time to buy a household […]
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 […]
Major banks still ‘feeding’ off small businesses
Kate Carnell has expressed concern that promises have not been kept.
Labor calls for faster drought aid for farmers
The opposition calls for faster aid to help farmers.
Ombudsman calls for more rigorous examination of CBA/Bankwest
Ombudsman has questions regarding the banking royal commission.
ASIC report provides small business lenders with guidance on unfair contract terms laws
The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]
The need to be shrewd in the property boom: How one FinTech business ensures buyers secure the best mortgage deal
It’s said that buying a property is one of the most stressful life events. Further, mortgage lender incompetence, bank and finance problems are in the top 20 most stressful aspects of selling a property. For two people, those frustrations spawned the next big idea to hit the FinTech industry. Mandeep Sodhi, a loyal customer to […]
State-backed loan guarantee scheme for small business proposed
The Institute of Public Accountants (IPA) has introduced an Australian Small Business White Paper renewing its call for a state-backed loan guarantee scheme for small business. The paper was launched at a special event in Parliament House on Wednesday, 12 August and makes a number of key recommendations. IPA chief executive officer, Andrew Conway said […]
Under 50 per cent of bank shareholders are customers
Only 41.1 per cent of the country’s 1.5 million bank shareholders are customers of the bank, according to new findings released by Roy Morgan Research.
$1 billion stolen from banks in unprecedented cyber attack
As much as $1 billion is expected to have been stolen in what is being called “the most highly sophisticated criminal attack” ever seen.
Lending competition opens up opportunities for business owners
Increased competition between the major banks on new lending following the global financial crisis is opening up a new opportunity for stable businesses seeking access to finance.
Bank personal customer satisfaction levels reach record high, business customers score lower
The latest findings from the Roy Morgan Single Source Survey reveal the satisfaction level of personal bank customers reached its highest in eighteen years, while business customers levels were overall lower.
Australians quick to take-up mobile payments
The banking industry is set to face new competitive disruption as it scrambles to preserve its stake in the growing mobile payments market. New figures show that worldwide mobile payments are expected to increase by nearly 61 per cent to 47 billion transactions by 2015.
Banks face disruption from start-ups
The wealthy financial services industry is being targeted by emerging tech start-ups keen to take a share in the huge profits being generated in the sector. The founders of two of Australia’s most successful technology companies, SEEK and Atlassian, this week warned that the “insane” profits of the major banks (amounting to nearly $30bn per […]
Don’t leave your savings accounts idle
Have you ever left money sitting in a bank account for more than three years? If so, watch out. According to media reports, the government has seized a record $360 million from 80,000 idle bank accounts in the year to May.
The implications of giving a personal guarantee
You’d be surprised how many business owners sign a personal guarantee with the bank without fully understanding the risks, which can be as extreme as loss of the business and the family home.
7 things you should know about low doc loans
Low doc home loans have taken the whole world by surprise lately for the ease with which they can be availed by anyone in need.
How to get out of credit card debt
No one is immune to the risks of accumulating credit card debt. Here are some tips for paying off your cards as soon as possible.
The start-up bringing home-buyers and bank managers together
A shared passion for property prompted Mitch Fraser and John Allen to create Tomorrow Finance – a website that offers prospective home-buyers and investors a new way of getting the ideal loan without paying brokerage fees or suffering through endless meetings with bank managers.
Expert tips for appearing more attractive to the banks
Seeking finance can be a daunting task, even for the most confident business owner. With careful planning and a clear view of what the banks are looking for, however, the burden of obtaining finance can be greatly reduced.
Major banks gaining satisfaction over rivals
The four major banks are closing the gap in business satisfaction against smaller rivals. Satisfaction with the Big Four climbed to a new record high in November, continuing a trend seen throughout 2011, according to the DBM Consultants Business Financial Services Monitor.