New research shows a significant number of Australians switch banks but the process can be made easier, says the Australian Bankers’ Association... Non-major reports strong growth...
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Banks aim to make switching easier
New research shows a significant number of Australians switch banks but the process can be made easier, says the Australian Bankers’ Association.
One in six customers has switched their main bank in the past three years, new research released yesterday by the Australian Bankers’ Association has shown.
Of these, 68% said it was easy and 21% found it difficult, with the most common reasons for difficulty being too much hassle to change automatic payments and direct debits; the complicated process; and it takes too much time and effort.
The research comes ahead of yesterday’s inaugural ABA Switching Roundtable in Sydney, which brings together banks, consumer groups, regulators and card schemes to better understand views about switching.
The ABA’s chief economist and executive director – industry policy, Tony Pearson, said the roundtable would help banks understand the concerns people have with switching, and work out how to address them.
“The aim of the roundtable is to help us identify new initiatives which would improve the ease and convenience of switching banks or banking products.”
Non-major reports strong growth
Industry super fund-owned bank ME today reported an after-tax underlying net profit of $40.4 million for the six months to 31 December 2016, a rise of 34% on the previous corresponding period.
ME CEO, Jamie McPhee, said it was a strong result in the face of margin pressures that are expected to continue throughout the year.
Home loan settlements hit $3.2 billion for the six months, up 54% compared to the previous corresponding period, while ME’s home loan portfolio grew 9% to $20.6 billion. Total assets grew 6% to $24.6 billion.
McPhee said several strategic initiatives with its industry super fund partners were progressing well including providing customers with a single view of their banking and super accounts through a partnership with Link Group, which is scheduled to be launched with a major industry super fund in the second half of FY17.
New research shows a significant number of Australians switch banks but the process can be made easier, says the Australian Bankers’ Association.
One in six customers has switched their main bank in the past three years, new research released yesterday by the Australian Bankers’ Association has shown.
Of these, 68% said it was easy and 21% found it difficult, with the most common reasons for difficulty being too much hassle to change automatic payments and direct debits; the complicated process; and it takes too much time and effort.
The research comes ahead of yesterday’s inaugural ABA Switching Roundtable in Sydney, which brings together banks, consumer groups, regulators and card schemes to better understand views about switching.
The ABA’s chief economist and executive director – industry policy, Tony Pearson, said the roundtable would help banks understand the concerns people have with switching, and work out how to address them.
“The aim of the roundtable is to help us identify new initiatives which would improve the ease and convenience of switching banks or banking products.”
Non-major reports strong growth
Industry super fund-owned bank ME today reported an after-tax underlying net profit of $40.4 million for the six months to 31 December 2016, a rise of 34% on the previous corresponding period.
ME CEO, Jamie McPhee, said it was a strong result in the face of margin pressures that are expected to continue throughout the year.
Home loan settlements hit $3.2 billion for the six months, up 54% compared to the previous corresponding period, while ME’s home loan portfolio grew 9% to $20.6 billion. Total assets grew 6% to $24.6 billion.
McPhee said several strategic initiatives with its industry super fund partners were progressing well including providing customers with a single view of their banking and super accounts through a partnership with Link Group, which is scheduled to be launched with a major industry super fund in the second half of FY17.
