Australia

Consumers are being shortchanged by the oligopoly.

ANZ and CBA have lowered their mortgage rates to boost lending.

Consumers remain wary of banks in light of the damaging inquiry. Open banking is facing considerable headway in Australia as three in five banking consumers (66%) admitted that they remain unwilling to share their financial data with non-bank organisations or third party players, according to a survey by Accenture.

The housing downturn is expected to weigh in on profitability.

Customer satisfaction was high for mid-sized lenders like Bendigo and ING.

CBA and ANZ have agreed to pay a total $1.85m in community payments.

A corporate regulator is proposing a three-year repayment period.

Startup 86 400 will launch in early 2019.

The bank is concentrating on institutional and corporate banking.

Lenders may not be willing to take risks with little return guarantees.

Customers will be able to connect with multiple service providers without changing existing payments and tech infrastructure.

The units will be demerged into a new company called CFS Group.

The number of customers unlikely to recommend their bank hit a two-year peak.

Consumers made over 8.3 billion card payments in 2017, equal to 23 million transactions a day.

Moody’s lauds the move as a welcome development to improve transparency.

The four major lenders slashed over 4,000 full-time roles in 2017.