BANKS AND BANKING – AUSTRALIA

Mobile banking apps and the internet are more satisfying for customers than branch visits or phone banking

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Mar-22

The new Roy Morgan Satisfaction with Banking Channels Report shows the CBA recording the highest customer satisfaction levels for branch visits, internet banking and mobile banking – using an app on a mobile phone or tablet – among the big four banks. The report also showed mobile banking and internet banking as the service channels with the highest customer satisfaction. As of December 2021, CBA was the strongest performer of the big four with the highest customer satisfaction across three of the service channels including mobile banking (90.8%), internet banking (87.8%) and branch banking (83.5%). The CBA had customer satisfaction of 76.3% for phone banking. There was little to split its competitors, with ANZ coming in second overall with 89.2% (mobile), 86.6% (internet), 83.2% (branch) and 76.6% (phone). Westpac followed with 87.9% (mobile), 86.1% (internet), 82.1% (branch) and the highest of the big four for phone banking (79.4%). NAB rounded out the big four with 89.8% (mobile), 86.5% (internet), 81.5% (branch) and 77.3% (phone). This new data comes from Roy Morgan Single Source, Australia’s most comprehensive consumer survey, derived from in-depth interviews with over 60,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

NAB backflips on outrageous credit card cash ban

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Original article by Charlotte Grieve
Brisbane Times – Page: Online : 1-Mar-22

It was recently revealed that the National Australia Bank was getting staff to encourage customers to use options other than cash payments in NAB branches when making credit card payments. It denied that the policy amounted to a ban on cash payments in branches, but internal training documents suggest otherwise. However, following an angry reaction from NAB customers and staff, the NAB has done a backflip on its credit card cash ban, which had been described as "outrageous" by the Finance Sector Union.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FINANCE SECTOR UNION

Mobile banking apps and the internet are more satisfying for customers than branch visits or phone banking

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Original article by Roy Morgan
Market Research Update – Page: Online : 1-Mar-22

The new Roy Morgan Satisfaction with Banking Channels Report shows the CBA recording the highest customer satisfaction levels for branch visits, internet banking and mobile banking – using an app on a mobile phone or tablet – among the big four banks. The report also showed mobile banking and internet banking as the service channels with the highest customer satisfaction. As of December 2021, CBA was the strongest performer of the big four with the highest customer satisfaction across three of the service channels including mobile banking (90.8%), internet banking (87.8%) and branch banking (83.5%). The CBA had customer satisfaction of 76.3% for phone banking. There was little to split its competitors, with ANZ coming in second overall with 89.2% (mobile), 86.6% (internet), 83.2% (branch) and 76.6% (phone). Westpac followed with 87.9% (mobile), 86.1% (internet), 82.1% (branch) and the highest of the big four for phone banking (79.4%). NAB rounded out the big four with 89.8% (mobile), 86.5% (internet), 81.5% (branch) and 77.3% (phone). This new data comes from Roy Morgan Single Source, Australia’s most comprehensive consumer survey, derived from in-depth interviews with over 60,000 Australians each year.

CORPORATES
ROY MORGAN LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

CBA unveils $2bn share buyback

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Original article by Joyce Moullakis
The Australian – Page: 13 & 24 : 10-Feb-22

The Commonwealth Bank of Australia has posted a 2021-22 interim cash profit of $4.75bn, which is 23 per cent higher than previously. The result was boosted by strong growth in mortgage and business loans and a decline in bad debts. However, the bank’s net interest margin fell by 17 basis points to 1.92 per cent. Shareholders will receive a fully franked interim dividend of $1.75 per share, while CBA will repurchase $2bn worth of its shares. CEO Matt Comyn has flagged the possibility of returning more capital to shareholders.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

NAB & CBA lead business banking satisfaction but biggest increase over the last year is by ANZ

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Original article by Roy Morgan
Market Research Update – Page: Online : 10-Nov-21

New research from Roy Morgan shows that small business owner banking satisfaction for the four major banks was at 69.9% in the 12 months to September 2021, down 0.4% points from a year ago. Although virtually unchanged on a year ago, small business owner banking satisfaction for the four major banks is up 1.2% points from February 2020 (68.7%), prior to the onset of the COVID-19 pandemic. Satisfaction with National Australia Bank increased by 3.3% points from a year ago to 71.6%, and NAB now has the highest business owner banking satisfaction of the four major banks. Just behind NAB is the Commonwealth Bank, with a business owner banking satisfaction rating of 70.4%. However, the largest increase in satisfaction was achieved by the ANZ, up 5.1% points to 70.0%. Westpac is in fourth position with small business owner banking satisfaction of 66.9%. These are the latest findings from interviews with 2,443 small businesses owners in the 12 months to September 2021, as part of the Roy Morgan Business Owner Satisfaction Monitor regarding their level of satisfaction with the financial institution they deal with.

CORPORATES
ROA INTERNATIONAL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC

‘Disappointing’: Big four banks to skip financial crime inquiry

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Original article by Charlotte Grieve
The Sydney Morning Herald – Page: Online : 8-Nov-21

Labor Senator Deb O’Neill says it is "disappointing" that none of the big four banks have taken up an invitation to appear before a Senate inquiry into the effectiveness of Australia’s anti-money laundering regime. O’Neill was the instigator of the inquiry, which is looking at issues such as expanding the AML regime to cover professions such as lawyers and accountants, along with the effectiveness of the Australian Transaction Reports & Analysis Centre, which is the regulator of the AML regime. The big four banks – the Commonwealth Bank, Westpac, the ANZ and the National Australia Bank – will instead be represented at the inquiry by the Australian Banking Association.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Judo kicks in first bank float in 25 years

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Original article by Aleks Vickovich, William McInnes
The Australian Financial Review – Page: 15 : 2-Nov-21

Judo Capital Holdings’ shares closed at $2.26 on 1 November, compared with an issue price of $2.10. The owner of Judo Bank now has a market capitalisation of $2.5bn, making it Australia’s 162nd-biggest listed company. CEO Joseph Healy says Judo has a unique banking business model, and he emphasises that it does not regard itself as a fintech. Judo is focused on lending to small and medium enterprises, and it boasts a loan book worth around $4.4bn.

CORPORATES
JUDO CAPITAL HOLDINGS LIMITED – ASX JDO, JUDO BANK PTY LTD

NAB facing criminal charges for failing to pay casuals entitlements

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Original article by Charlotte Grieve
The Sydney Morning Herald – Page: Online : 26-Oct-21

National Australia Bank has been accused of allegedly violating Victorian laws over its failure to pay long service leave entitlements to casual employees. Victoria’s recently established Wage Inspectorate has filed criminal charges against NAB, while the bank has filed a counter-claim in the Federal Court over the issue. NAB executive Susan Ferrier notes it does not provide casual workers with long service leave under enterprise agreements that have been in place for 20 years, while she says the NAB does not believe casual workers are not covered by state laws for long service leave.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FEDERAL COURT OF AUSTRALIA, VICTORIA. WAGES INSPECTORATE

NAB boosts staff to reduce crime risk

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Original article by Joyce Moullakis
The Australian – Page: 17 : 26-Oct-21

National Australia Bank has ramped up the number of employees who are managing financial risk in recent years. The bank employed more than 1,500 people in this area as at 31 August, compared with just 200 in 2018. In addition, NAB has advised that it spent $816.1m on improving its financial crime and fraud controls in the four years to June. CEO Ross McEwan also recently told a parliamentary economics committee that NAB is taking its obligations regarding compliance with anti-money laundering laws seriously.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Answers sought on bank closures

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Original article by Patrick Commins
The Australian – Page: 4 : 22-Oct-21

Data from the Reserve Bank of Australia shows that the number of full-service bank branches in regional and remote areas fell by 10 per cent between 2017 and 2020. This equates to about 270 branch closures. The federal government has established a Regional Banking Task Force, which will examine the impact of bank branch closures on regional communities. The taskforce will include politicians and representatives from the banking sector.

CORPORATES
RESERVE BANK OF AUSTRALIA