• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Financial services still a minor growth option for Post

20 January 2011 5:02PM
Plans by Australia Post to widen its range of banking services remain muted, if the priorities outlined in a submission lodged for the Senate economics committee's bank competition inquiry this week are any guide.The submission outlines, in a few dot points, plans for "strengthening Post's role in financial services".The first point flags "greater industry adoption and support for Bank@Post", the long-established service providing over-the-counter services for all retail banks and most credit unions and building societies.A second point is "assisting the Australian community to competitively access services" and the third and final point is utilising Post's network to "enable communities in rural and regional Australia to access a broader range of products and services than is currently available".None of that short list hints at any willingness to broaden the scope of Post's offering in banking, such as the much-rumoured option of seeking its own banking licence.The submission provides a couple of metrics omitted from Post's 2010 annual report.Post said it processes more than 23 million banking transactions each year, including 2.7 million cheques, as well as 125 million payments through Postbillbay and $1.6 billion in money orders each year.The corporation also noted that late in 2010 it acquired SecurePay, a payments gateway.Post also recently introduced a prepaid Visa card.One of the nominated growth opportunities for Post is in identity verification, including for banks, though this is being surpassed by automated, online services. Post said it provided 2.4 million identity verification transactions last year.The Senate committee has two more days of public hearings for its inquiry into competition in the banking sector, one in Sydney tomorrow and one in Melbourne on Wednesday.Westpac's CEO, Gail Kelly will appear with other senior staff tomorrow, along with the Australian Securities and Investments Commission, the Financial Services Council, Tyro Payments and the Australian Payments Clearing Association. The Australian Competition and Consumer Commission, Credit Union Australia, ME Bank and the Consumer Action Law Centre feature at the final hearing next week.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use