Banking

Mar
07

Power has shifted from banks to consumers: Bendigo Bank MD

A fundamental change in banking has occurred in a relatively short period of time: power has shifted from large financial institutions to consumers. In response, banks need to rethink how they serve their customers. That’s the view of Marnie Baker, managing director, Bendigo and Adelaide Bank. “The times are gone now where the power sits with the financial institution. The power is absolutely in consumers hands and they are dictating what they expect to see in an experience,” Baker told Which-50. Notably, the days of going to see a bank in their time and at their instruction have passed, Baker said, and today financial services need to be embedded into […]

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Mar
01

Verrency extends its global reach with Banco Davivienda partnership to explore payment innovation services in Latin America

Banco Davivienda, one of Colombia’s largest banks, has signed an agreement with global payments innovator Verrency to be a launch partner in Latin America. The deal enables Banco Davivienda to leverage the Verrency platform to rapidly trial and launch new card programs, payment services and fintech partner solutions to its consumers and small business customers.Banco Davivienda joins Verrency’s growing list of financial institution clients recognized as innovation leaders in digital transformation around the world. The list includes banks such as Emirates NBD’s Liv., the fastest growing bank in the UAE targeting millennials through lifestyle-based banking experiences; Volt Bank, Australia’s first independent 100% digital bank; UnionPay, Asia’s largest cards network; an […]

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The Banking Royal Commission’s final report: How Basiq can help

With the release of the banking royal commission’s final report, it is clear that responsible lending remains a key concern within the financial services industry. Basiq’s Affordability API can ensure that lenders are carrying out efficient and responsible lending based on high-quality data. In response to lending concerns banks have adopted more stringent serviceability assessments in compliance with existing consumer credit laws. A significant factor in the tightening of loan assessments is the process of verification. According to the report, verification should take into account both income and expenditure and go beyond taking an applicant at their word. This is especially as according to the the Australian Financial Review: “more […]

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St.George customers can now use Google Pay to withdraw cash

St.George, BankSA and Bank of Melbourne customers can select cheque or savings when using Google Pay to withdraw cash at the checkout. EFTPOS has today announced it’s expanding its service to Google Pay with St.George, BankSA and Bank of Melbourne. The partnership means that customers of these participating banks can use Google Pay on their Android smartphone to withdraw cash at the checkout of participating stores, all without their physical debit card. The partnership enables customers to select savings or cheque when making contactless purchases with Google pay, meaning the transaction will be processed as an EFTPOS transaction rather than going through as credit. Just like when you use your […]

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Feb
27

Identitii joins BIAN to help banks digitise information exchange using Blockchain

Australian Fintech enabling the secure overlay of transaction-level detail on top of financial messages using a private blockchain, has joined BIAN.

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Feb
25

The royal commission sparked anger at the big banks. Bitcoin’s not the only alternative.

In the wake of the banking royal commission, many people are fed up with the big institutions, and are hunting for alternatives. But the growing number of options — everything from stashing your money under the mattress to investing in cryptocurrency or switching to a credit union — can be pretty overwhelming. And if you’re thinking of completely ghosting your bank, it might not really be feasible — yet. “In Australia our entire payment system is mediated through the major banks … essentially you have to go through a bank to pay for anything,” says Brendan Markey-Towler, an economist and researcher with RMIT’s Blockchain Innovation Hub. But, he adds: “Watch […]

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Feb
25

Telstra and CBA partner on 5G banking trials

The Commonwealth Bank of Australia is kicking off trials of 5G banking and edge computing thanks to a partnership with Telstra and Ericsson announced at Mobile World Congress (MWC) 2019. Under the collaboration, Telstra, CBA, and Ericsson will test “end-to-end banking solutions over 5G” during the next few months, the companies told media on Sunday in Barcelona. Speaking with ZDNet, Ericsson ANZ head Emilio Romeo said some of the 5G use cases that the trial will look at include exploring different network architectures such as network slicing, dynamic orchestration, and control use plane separation. Network slices on demand would be particularly useful for enabling enterprise customers such as banks to […]

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Feb
22

Apple Pay goes plastic: Goldman Sachs and Apple partner on new credit card launch

The Apple and Goldman Sachs joint credit card could be hitting the market soon. After announcing last year that the tech giant and Wall Street firm would be launching an Apple Pay credit card, the Wall Street Journal reports that employee testing of the product should begin within the coming weeks. Both companies are looking to expand their consumer base, and this new Apple Pay credit card just might be their ticket. Apple has long been a tech favorite among the Millennial crowd, but they are beginning to shift their focus to other products and services as iPhone sales start to lose steam.   To read more, please click on […]

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