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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Banks such as Westpac, NAB, ANZ, and Commonwealth have employed deliberate delaying tactics to arbitrarily make the process of cancelling a credit card more difficult. Australian banks are yet to meaningfully respond to an industry-led report that found there is a serious need for reform in how credit cards are handled, and as we move closer to a cashless society, it's becoming more and more important.
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.
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.
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.
Android Pay's debut in Australia has been in the works for months and if rumours are to be believed, the service could begin trials as early as this week. Somewhat surprisingly however, just one of the big four will be involved in the launch.
Commonwealth Bank has recently partnered with tech startup Kounta to launch a new comprehensive POS app for its Albert EFTPOS tablet device, providing support for a number of common frontline check out functions. The new app combines the POS needs of many small businesses, providing a one-stop solution for complex business needs. Here's what you need to know about CBA's take on Kounta.
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.
Commonwealth Bank is generally reckoned to be the market leader when it comes to bank technology deployment in Australia -- but it still managed to spend less on many areas of IT over the last six months than before. Here's where CommBank spends its money on IT services.
Feel like there are too many cards in your wallet? Sydneysiders may soon be able to shrink theirs a little, with the Commonwealth Bank confirming it is actively working to build cards that incorporate the sometimes controversial Opal smartcard for Sydney public transport.
Commonwealth Bank made an $8.3 billion profit last financial year, and its IT systems are generally held to be the best of any major Australian bank. You might not have $1.38 billion to spend on technology, but you can still adopt some of the approaches CommBank uses.
CBA customers will soon be able to collect cash from ATMs with a few clicks of their CommBank smartphone app. The ‘cardless’ cash service is the first in Australia and will be rolled out via a new app update in May. The app update will also introduce a new 'Lock and Limit' tool to help customers keep their card secure and rein in their spending.
So this is a nifty extra on the soon-to-be-released Samsung Galaxy S5. If you have a Commonwealth Bank or Westpac account, you can use the phone's built-in NFC for fast Tap 'N Pay payments.
The Commonwealth Bank has finally released its latest CommBank app for iOS devices, following its launch on Android and Windows Phone platforms late last year. The new version of the app introduces a host of new features including a redesigned user interface and contactless NFC payments via an optional 'PayTag' sticker.
The Commonwealth Bank has overhauled its mobile banking application with a host of new features including NFC instant payment options and a redesigned user interface. In an interesting break from tradition, the new app is landing on Android and Windows Phone platforms first, with iPhone users forced to wait until January.
Yesterday, the Commonwealth Bank announced a new banking app that will allow customers to make NFC payments on Android and iOS devices. Supermarket chain Coles is also launching NFC payments, which will initially be limited to a 5000 customer trial. While this news is definitely cause for excitement, there's no denying that Australia is lagging behind most of the developed world when it comes to NFC payments -- and a lot of the blame can be laid squarely on a certain phone company from Cupertino, California.