Financial institutions / Big five & fintech (1,918 items)

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Foreign News: Appetite for digital-only drops, traditional banks left in cold at Brit bank awards, Amazon looking at cheque accounts, shadow banking booms

A survey of more than 1000 consumers worldwide found that willingness to bank with digital-only banks dropped to 63 per cent in the second half of last year, down from 74 per cent in the first half year. read more

No cover for credit insurance fail by CBA

The Royal Commission into banking misconduct will tolerate no censorship by Commonwealth Bank of documents relating to its CreditCard Plus insurance product, the commission ruled on Friday. It means dialogue between the bank and ASIC over a recent A$10 million refund will be aired in hearings next week. read more

ANZ pays for Esanda fraud

ANZ has been ordered to pay a A$5 million penalty after the Federal Court found its former car finance business Esanda failed to take reasonable steps to verify the income of 12 car loan borrowers despite having good reason to doubt the authenticity of payslips being provided through brokers, and despite knowing that one of the brokers had previously been investigated for fraud. read more

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