BANKS AND BANKING – AUSTRALIA

Aussies using only their Mobile or Tablet to bank triples in 3 years

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 24-Aug-15

A Roy Morgan Single Source survey has found that an estimated 1.1 million (5.8 per cent of) Australians use only their mobile phone or tablet to conduct banking activities in an average four week period. In three years, the number of Australians doing "mobile-only banking" has tripled. This means they do not use any other banking channel, such as website, branches, adviser/banker or the telephone, to deal with their bank. By June 2015, 33 per cent of Australians conducted internet banking using a mobile phone or tablet (app) in an average four week period. This has resulted in a group of people that only deal with their banks via a mobile or tablet. As assumed, younger generations take up digital channels at higher rates than older ones, with close to one out of ten people under 34 years old doing "mobile-only banking".

CORPORATES
ROY MORGAN RESEARCH LIMITED

Big four banks mauled in bear market as capital rules bite

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Original article by Clancy Yeates
The Australian Financial Review – Page: 14 : 24-Aug-15

Shares in Australia’s major banks continue to be under pressure. Since the beginning of 2015, they have lost more than $A85 billion in their combined market value, or more than 20 per cent. Shares in the ANZ Banking Group declined 23.9 per cent from their April peak of $A37.25. Investors worry about the bank’s exposure to Asia and to Australian mining companies.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, CADENCE CAPITAL LIMITED – ASX CDT, BELL POTTER SECURITIES LIMITED, ALPHINITY INVESTMENT MANAGEMENT PTY LTD

Westpac takes tougher line on interest-only mortgages

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Original article by Clancy Yeates
The Australian Financial Review – Page: 16 : 17-Aug-15

Westpac will apply new standards to interest-only mortgages. The bank told brokers that borrowers will now have to show that they will be able to service an interest-only loan after the interest-only period had ended. The bank will also reduce the maximum interest-only period for owner-occupier home loans from 15 years to 10 years.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, STANDARD AND POOR’S ASX 200 INDEX

CBA to cut lending for new homes

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Original article by Michael Bleby
The Australian Financial Review – Page: 10&8 : 10-Aug-15

The Commonwealth Bank of Australia plans to introduce restrictions on lending to first-home buyers and investors for property purchases in greenfield housing developments. The bank told brokers that the approval of finance for buyers of land lots would be delayed until all preliminary work on the project has been completed. Developers worry that the plan, if implemented, would have a negative impact on the housing sector.

CORPORATES
URBAN DEVELOPMENT INSTITUTE OF AUSTRALIA (VICTORIA), COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, FRASERS AUSTRALAND PTY LTD, HOUSING INDUSTRY ASSOCIATION LIMITED

Big banks make overtures to home buyers

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Original article by Duncan Hughes
The Australian Financial Review – Page: 48 : 6-Aug-15

Australian lenders are actively targeting the owner-occupier segment of the residential property market, due to new restriction on lending to property investors. Westpac-owned regional banks are offering a range of incentives for owner-occupiers, while some smaller lenders are reducing their loan-to-value ratios in a bid to gain market share from their larger peers.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, BANK OF MELBOURNE LIMITED, CAPITAL HOMELOANS PTY LTD, BLUEBAY HOME LOANS PTY LTD, LIBERTY FINANCIAL PTY LTD, MORTGAGE AND FINANCE ASSOCIATION OF AUSTRALIA

Mobile banking tipped to wipe 600 branches

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Original article by James Eyers
The Australian Financial Review – Page: 14 : 3-Aug-15

A UBS report forecasts that the growing shift to the use of mobile banking services will result in a 5.6 per cent reduction in the number of bank branches globally. Australian bank executives who participated in the UBS survey expect local bank branch numbers to be slashed by 11 per cent in coming years, which would equate to 603 branches. The survey also forecasts that the proportion of banking transactions carried out using mobile technology will rise from 25 per cent to 46 per cent in the next three years.

CORPORATES
UBS AG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SCENTRE GROUP – ASX SCG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, NAB VENTURES

ANZ offers women free super advice

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Original article by Ruth Liew
The Australian Financial Review – Page: 3 : 29-Jul-15

It is estimated that Australian women who work full-time are paid about $A15,000 less each year than their male peers. Women also tend to have about 50 per cent less in superannuation upon retirement. The ANZ Bank has launched initiatives aimed at addressing this imbalance. Female customers whose super balance is less than $A50,000 will be offered free financial advice. ANZ’s female employees will also be paid an additional $A500 in super each year.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, QUEENSLAND. DEPT OF THE PREMIER AND CABINET

Westpac’s $1m-a-day IT glitch

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 1 & 6 : 28-Jul-15

The Commonwealth and ANZ banks increased their mortgage interest rates for property investors in late July 2015, while cutting fixed interest rates for owner-occupiers. However, Westpac and National Australia Bank currently have a single reference rate for both types of customers, which has forced the latter to increase interest rates for both. Westpac’s IT systems do not allow it to charge different interest rates at present, which is said to be costing it about $A1.15m each day.

CORPORATES
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, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, BANK OF MELBOURNE LIMITED, ST GEORGE BANK LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSSIE HOME LOANS LIMITED, DEUTSCHE BANK AG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Housing loan customers of the big four drive improved satisfaction

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 23-Jul-15

A Roy Morgan Research Single Source survey shows that the satisfaction level of the personal customers of Australia’s four major banks was 81.4 per cent in the six months to June 2015, which is 0.6 per cent higher than the previous corresponding period. The improvement was a result of a big increase in the satisfaction of their home loan customers (up 3.2 per cent). The customer satisfaction level of other customers remained on 81.6 per cent. National Australia Bank had the highest customer satisfaction rating of the four major banks, at 82.6 per cent, but the Commonwealth Bank was the top-rated bank in terms of main financial institution (at 84.2 per cent). Teachers Mutual Bank remained the best performing bank overall, with a customer satisfaction rating of 95.1 per cent.

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

Aussie banks ready for Apple Pay

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Original article by Shaun Drummond
The Australian Financial Review – Page: 17 : 17-Jul-15

Apple is believed to be seeking a 0.15 per cent share of banks’ credit card interchange fees when it launches the Apple Pay service in Australia. The mobile payments service was officially launched in the UK on 14 July 2015, and is being supported by most of that nation’s lenders. David Gunn of Bain & Company notes that Australian banks have considerable bargaining power as they have already made a major investment in contactless payment technology.

CORPORATES
APPLE INCORPORATED, BAIN AND COMPANY, RESERVE BANK OF AUSTRALIA, VISA INTERNATIONAL, MASTERCARD AUSTRALIA LIMITED, PAYPAL INCORPORATED, WAL-MART STORES INCORPORATED, SAMSUNG CORNING COMPANY LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA