Australia's 'Big Four' banks have decided to remove the cash withdrawal fee for using their ATMs. This means you will no longer be charged $2 for using a CBA, Westpac, ANZ or NAB ATM with your card, regardless of who you bank with. Or to put it another way, the banks are rorting us slightly less than before.
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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.
A few weeks ago, the Commonwealth Bank updated the onscreen menu on its Automatic Teller Machines (ATMs). Presumably, the redesigned interface was implemented in an attempt to make customers' lives easier (and perhaps to garner some good will after that recent ATM money-laundering scandal.)
Unfortunately, the results are a bit of a dog's breakfast. Here's why.
The Commonwealth Bank is facing another scandal as the Australian Transactions Reports and Analysis Centre (AUSTRAC) launches civil proceedings accusing the bank of being complicit in money laundering.
This exposes a deeply worrying prospect, that the Australian public are vulnerable to crime and terrorism directly funded through the Australian banking system.
The Commonwealth Bank is piloting a targeted offers program where customers can receive deals directly onto their mobile devices when they're physically in shopping centres. The bank doesn’t want to bug people with deals they don’t like so it has opted for a Tinder-like system to gauge customer preferences.
CommBank Albert is an Android-based point-of-sale tablet that will compete directly with traditional eftpos terminals in Australia. The device's main claim to fame is the ability for merchants to install customised apps for numerous business purposes. Boasting a secure EMV interface for accepting chip and PIN cards, NFC support for contactless payments, Wi-Fi connectivity and an inbuilt receipt printer, it's essentially a "smart" payment terminal that can be adapted on the fly to meet the changing needs of customers.