Financial institutions / Big five & fintech (1,352 items)

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ADVERT: NAB’s Vision For Real Time Payments and a Seamless Payments Experience

In light of increased consumer demand for flexibility, convenience and digital capability, the quicker and more effectively organisations are able to create a seamless, customer-centric payments experience, the more they stand to gain in winning market share and ROI.Like many other financial institutions, retailers and payments organisations, NAB is preparing for the roll out of the New Payments Platform (NPP) this year, with a comprehensive strategy for using real time payments to deliver greater value to customers. read more

Richer mortgage data a stress for select ADIs

"Uuhmmm, we're not too sure that we, or some other banks we know well, will be able to easily find the most reliable data on that", a handful of banks have more or less told the banking regulator, when advised they and the sector must prepare to report in a more detailed fashion on mortgage lending metrics. read more

Maestros evade S&P ratings razor

Navigating fraught terrain, S&P Global Ratings yesterday spared all the major banks and six lesser Australian banking names from its epic ratings downgrade that embraces 23 entities, most ADIs and a handful of non-banks. S&P's sparing of the major banks is one conundrum for a banking sector under ever closer scrutiny.As recently as seven or eight weeks ago, S&P planned to feature all four of Australia's major banks in the near sector-wide reset one notch lower of rated Australian banks. S&P sets out the macro risk in Australia plainly, saying the country's banking sector faces "an increased risk of a sharp correction in property prices and, if that were to occur, a significant rise in credit losses." read more

Comment: Bank tax maths will add up in time

The four or five or more Australian and foreign banks that will be made to pay the planned liability levy will shell out, in aggregate, no less than the A$6 billion the Australian government (with popular support) has resolved to collect.Industry PR has the four biggest banks projecting a tax take less than two thirds the budget estimate. Revisit the models' assumptions. The tax collectors and the new tax are both unavoidable. read more

NAB and Westpac correct advice on strife

A drastic pair of corrections from past disclosures - from NAB, mainly, and also Westpac - features in an update from ASIC on Friday on the state of play (and the compensation costs) from "fees for no advice" in the industry.AMP, ANZ, Commonwealth Bank, National Australia Bank and Westpac "have so far repaid more than A$60 million of an expected $200 million-plus total in refunds and interest for failing to provide general or personal financial advice to customers while charging them ongoing advice fees," the Australian Securities and Investments Commission said on Friday. read more

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