Tagged With banking

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Last week, we were given a sneak peak at Halo: a new contactless payment system from Bankwest that puts your banking details into a ring. Boasting batteryless, app-free operation and waterproofing up to 50 metres, it's the first "IoT wearable" concept that I'm actually exited about.

It's also one of the cheapest wearables on the market, with an introductory price of $29. Here's what you need to know!

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The major Australian banks are following familiar public relations tactics in requesting a parliamentary commission of inquiry into banking and financial services. When the public mood is against an industry, it will try to win the public over, while getting the politicians to ignore the public mood. If that fails, the industry gradually concedes ground until attention goes elsewhere.

Predicting the future is near impossible -- but that doesn‘t stop us all from having a red hot go. Human beings have been predicting the future since the beginning of history and the results range from the hilarious to the downright uncanny.

One thing all future predictions have in common: they‘re rooted in our current understanding of how the world works. It‘s difficult to escape that mindset. We have no idea how technology will evolve, so our ideas are connected to the technology of today.

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Commonwealth Bank has removed fees for all bank customers that use its automated teller machines (ATMs). This means that members of ANZ, NAB, Westpac-St.George and other banks will no longer be slugged with a $2 cash-withdrawal fee for using CommBank ATMs. Hurrah!

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Daniel Bergan is Westpac's lead on customer experience and has been at the forefront of the bank's recent technology transformation. Despite Westpac being around for 200 years, Bergan says the company has gone through many transformations. But the pace of change has accelerated recently. At the Verint Engage conference held in Melbourne on 6-7 September, he spoke about this transformation and how it impacts customer interactions.

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It's easy to be sceptical of banks. If you don't like big banks, there's an alternative, though: credit unions. Credit unions have become increasingly popular, but there are still a lot of misconceptions about how they work and what they offer.

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When Apple Pay, the contactless payment service for iPhones and Apple Watches, launched last year it was only available to American Express customers. Apple then partnered with ANZ Bank, but the service remained largely unavailable to individuals using other financial institution. The good news is 31 banks have signed up to offer Apple Pay to their customers through one of Australia's largest payments solutions provider Cuscal. Here's the list of new banks that have jumped on-board Apple Pay.

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The Commonwealth Bank of Australia (CBA) has used blockchain technology to complete a trade transaction with a major US bank to facilitate the sale of cotton to China. Blockchain technology is often associated with the cryptocurrency Bitcoin but it can be used broadly to track ownership and authenticity of documents as well as digital and physical assets. CBA is claiming it as 'the first global trade transaction between two independent banks'. Here are the details.

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This week, Australia's four major banks were forced to explain why they are raking in billions of dollars in profit at the expense of consumers to a parliament hearing. They were also grilled about a string of banking scandals in recent years. Here's a summary of what the Commonwealth Bank, ANZ Bank, NAB and Westpac had to say for themselves.

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The governmnent’s new laws to tackle manipulation of the bank bill swap rate may seem like a crackdown on badly behaving bank employees but in reality the Australian Securities and Investments Commission (ASIC) hasn't used the full force of the law in the past to prosecute. So perhaps it's time Australia followed the lead of the US and UK who are really using law to hold banks to account.

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The Commonwealth Bank of Australia (CBA) has blamed a programming error for approving personal account overdrafts applications that should have been rejected. As a result, the bank has been fined $180,000 by the Australian Securities & Investments Commission (ASIC) for violating responsible lending laws and has been forced to write off $2.5 million in loan balances. Here are the details.

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A large-scale malware hijacking threat has been discovered that's capable of taking over Android phones and gaining access to users' bank logins. Vulnerable banking apps include Westpac, Commonwealth Bank, St. George, National Australia Bank, Bankwest and ANZ. Here's what you need to know.

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Australia has had 24 years of consistent growth. Is it all about to come to a crashing end? The following in-depth analysis from three professors of economics and a market forecasting expert paints a pretty bleak picture. It resembles nothing less than a "perfect storm".