banking

Westpac Banking And Insurance Customers Entitled To Refunds

Post by Sharat on November 7, 2017 · Under banking · Comments Off on Westpac Banking And Insurance Customers Entitled To Refunds 

Westpac has announced that as many as 200,000 of its insurance and banking customers may be entitled to receive a part of a $65 million package of refunds after it was revealed that the lender failed to properly apply discounts to specific package deals. Westpac admitted it made an error which is likely to affect customers who hold Premier Advantage Packages. St George and the Bank of Melbourne customers who have held Advantage Packages since 2010 will also be entitled to receive refunds. Continue reading

Goldman Sachs Could Set Up Online Retail Bank In Australia

Post by Sharat on September 28, 2017 · Under banking · Comments Off on Goldman Sachs Could Set Up Online Retail Bank In Australia 

Australian banks have been put on notice after global investment bank Goldman Sachs announced that it is intending to enter the UK market with a high-interest online savings account in 2018. In an interview with the Financial Times, Stephen Scherr of Goldman Sachs said the investment bank plans to increase its retail profile by offering online personal banking in the UK in the same way it has already done in the US. The bank intends to provide consumers with easy-to-use savings accounts that offer high rates of interest. Continue reading

ANZ Adopts Samsung Pay Giving Customers Extra Choice

Post by Sharat on August 21, 2017 · Under banking · Comments Off on ANZ Adopts Samsung Pay Giving Customers Extra Choice 

Australian banking major ANZ has added Samsung Pay’s digital wallet platform which makes it the first of the big four lenders to allow its customers who hold debit or credit cards the option of choosing between Apple Pay and Android Pay. ANZ said it is allowing its customers to choose any of the major mobile payment technologies as well as its own platform ANZ goMoney. The bank said the decision was driven by a desire to offer customers superior services by embracing digital technologies. Continue reading

Australians Poorly Educated When It Comes To Personal Finance

Post by Sharat on June 28, 2017 · Under banking · Comments Off on Australians Poorly Educated When It Comes To Personal Finance 

Australians feel confident that they know what they are doing when it comes to their money. However, the vast majority simply do not have the knowledge to back that confidence up according to the results of a new study from ME Bank. The online lender polled 1,500 Australians and the results showed that just 13% rated their financial knowledge as being “below average”. When that knowledge was tested, a whopping 60 per cent failed a basic banking literary quiz. Continue reading

Australians Turning Away From Cash In Favour Of Digital Payments

Post by Sharat on June 14, 2017 · Under banking · Comments Off on Australians Turning Away From Cash In Favour Of Digital Payments 

There is now irrefutable evidence that the way Australians are banking is changing. According to a new report, Aussies are eschewing cheques and cash at a rate unrivalled in history. Last year alone there was a 20 per cent drop in cheque issuance. According to figures from the report authored by the Australian Payments Network the 20% fall in cheque issuance last year was the largest drop ever recorded and is part of a longer-term trend which suggests that cheque issuance has fallen by 56% since 2011. Continue reading