Archive for The Better Banking Blog
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Removing exit fees not the answer says Mortgage Choice chief
NEWS Removing exit fees on mortgages will damage competition and result in lenders simply shifting fees says Michael Russell, chief executive officer of broker Mortgage Choice. "The issue around removing exit fees is one the Government needs to tread carefully on," says Russell. He argues most...
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PayPal trumps banks on mobile micropayments
OPINION Watching the bevy of announcements coming out of PayPal’s X Innovate conference this week, you could be forgiven for thinking banks have entirely missed the mobile payments boat. Online media giants including Facebook and FT.com have jumped on board PayPal’s new digital goods payme...
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Lessons in the making
OPINION There's often no prize for being first in banking, which is why the fast follower strategy is so common. But being second, or for that matter, third, fourth or fifth, is only worthwhile if you learn from those who came before you. The industry is currently contemplating MAMBO 2.0 (Bank...
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Australian banks change tack on personal financial management
NEWS Banks including NAB, Suncorp and Citibank are to deploy personal financial management tools to online banking users, despite many local bankers previously expressing cynicism over likely uptake. Online Banking Review understands NAB is currently piloting a personal budgeting tool wit...
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Comparison sites trade blows amid calls for greater transparency
NEWS Australia’s financial comparison site market is slipping into murky territory, with accusations of deceptive conduct and calls for greater transparency and regulation. Market veteran Infochoice has defended its decision to list Once products on its site, despite its parent company the O...
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The machinations of humanity
OPINION If just one customer was expecting to be served via a new communication channel, iinet would find a way to manage it, says iinet head of customer service Paul Cahill (Are you being served?). Telecommunication companies aren't known for their high levels of customer service, but the wor...
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What if the Independents start calling the shots on banking?
OPINION One of the more interesting side effects of the global financial crisis is the development of a number of new banks around the world. The phenomenon hasn’t quite stretched to Australia, where post GFC we are still left with less banks, thanks to industry consolidation. Metro Bank lau...
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ANZ embraces mobile payments
NEWS ANZ has released an iPhone application that allows customers to send money to anyone with an Australian bank account using only their mobile phone number as an identifier. It is the first application launched by a major Australian bank that offers a "pay by mobile" function, which al...
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Fiserv launches ZashPay, paving the way for an Australian deployment
US online banking vendor Fiserv has officially launched its person-to-person mobile payments service known as ZashPay to American consumers, paving the way for an Australian bank deployment. ZashPay allows anyone to send and receive money (currently only in the US), using only the recipients name...
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Ex UBank staffers defect to Australia Post
Former UBank general manager Gerd Schenkel has joined the growing list of bankers being tapped by Australia Post chief Ahmed Fahour as he explores new revenue opportunities for the business. Schenkel, understood to be consulting to Australia Post, joins former NAB executives Andrew Maitland and M...
