Yesterday
Revolut’s ambition adds to major banks’ headache
“If we do a good job, we can attract more customers from traditional banks,” says the global CFO of Revolut, which has more than 600,000 users in Australia.
This Month
Fintechs accuse banks of sabotage on ‘open banking’
The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.
Senate to vote next month on extending data right for bank switching
Treasurer Jim Chalmers is working through banks’ concerns about the consumer data right, as the Senate forced a vote on a bill to extend it by mid-August.
- Exclusive
- Open banking
Banks spent $1.5b on account switching. No one is using it
The consumer data right, which has already cost banks $1.5 billion, is too complicated and doesn’t have a clear use four years after launch, major lenders say.
- Analysis
- Open banking
They built it – but nobody came. Consumer data right needs help
Privately, bank bosses remain highly agitated about being more open about the valuable data they hold, the sharing of which could make competition more intense.
ANZ lashed for charging fees to dead people
The Banking Code Compliance Committee said deficiencies in the bank’s compliance frameworks for dealing with deceased estates were “deeply concerning”.
Bendigo Bank names new CEO
Marnie Baker is bowing out after six years at the helm of the regional lender, elevating Bendigo’s chief customer officer Richard Fennell to be its next CEO.
Rising interest rates are bad news for bank stocks
Another cash rate increase would do more damage to arrears than it would help net interest margins, according to Morgan Stanley.
June
ANZ boss says Suncorp ‘migration’ can avoid Westpac’s St George pain
Shayne Elliott insists he’s learnt from Westpac’s failure to integrate St George, while Suncorp’s Steve Johnston says he can now focus fully on insurance.
IAG says premium pressure easing as shares soar on profits
Shares in IAG jumped on Friday as the insurance giant announced that earnings were likely to come in at the top of forecasts.
- Updated
- Mergers & acquisitions
Chalmers approves ANZ’s $4.9b Suncorp deal
The decision paves the way for the biggest merger in banking since the Commonwealth Bank took out ailing Bankwest during the global financial crisis in 2008.
- Updated
Retailers have bigger worries than possible interest rate rise
Nick Scali and Harvey Norman say they are getting squeezed from all directions. A rate rise would add to their woes but other costs are doing more damage.
Lending rules ‘locking out’ house buyers: ANZ CEO
The banks have become increasingly strident in their criticism of lending rules, warning it is preventing access to home loans except for the wealthy.
ASIC warns banks not to become complacent with new code
ASIC has approved a new Banking Code of Practice, but chairman Joe Longo says lenders must be alive to the dangers of “apathy, complacency and backsliding”.
APRA chairman: I won’t be winding back the regulatory clock
John Lonsdale hit back at CEOs seeking relief, declaring current APRA restrictions as deliberate and appropriate, in a speech at an ABA event on Wednesday.
Armaguard and the banks now trust each other, says Linfox chairman
There has been a big turnaround in the relationship between the cash transport monopoly and its eight biggest customers.
- Exclusive
- Cash
Armaguard secures deal with banks, supermarkets to save cash
Months after a bailout collapsed, the eight largest customers of Linfox’s Armaguard have agreed to a $50 million injection to keep cash circulating.
From Goldman Sachs to Westpac, Nell Hutton is climbing the ladder
Having reached the top of the Wall Street giant by her mid-40s, the career banker has big plans to turn around Westpac’s once-dominant institutional bank.
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
NAB clarifies crypto strategy with investment in Zodia Custody
NAB Ventures joins Standard Chartered and Northern Trust on the register of London-based Zodia, revealing NAB’s crypto play may involve custody services.