Australian Banking & Finance articles from April 2002

Australian Banking & Finance archives from April 2002

Web sites boost custom; nearly one in five bankers predict that the Internet will be their leading consumer-banking channel by 2005.(Brief Article)(Statistical Data Included)
April 16, 2002... WHILE LESS THAN ONE PER CENT OF BANKERS IDENTIFIED Internet banking as their current leading consumer-banking channel by volume, nearly 18% expect it to be so by 2005. A US survey which Australian bankers and analysts say is likely to be...

ANZ challenges top execs in reshuffle.(Brief Article)
April 16, 2002... IS THE BANKER SITTING NEXT TO ANZ's successful CEO John McFarlane being groomed to be his successor? That's the question the market is asking after the latest management reshuffle at the ANZ. Elmer Funke Kupper, 36, has risen rapidly...

Lenders set to double bond sales. (Current Account).(Brief Article)(Statistical Data Included)
April 16, 2002... AUSTRALIAN LENDERS SOLD $4.3 billion of domestic mortgage-backed bonds in the first quarter, almost half the total in 2001, as people took advantage of government subsidies for first-home buyers and interest rates at 28-year lows. ...

ANZ appointment to resolve disputes. (Current Account).(full-time customer advocate hired)(Brief Article)
April 16, 2002... THE ANZ BANK HAS RAISED THE bar in customer dispute resolution among the banks, appointing a full-time customer advocate. The customer advocate will oversee the 5000 or so complaints made to the ANZ every year, largely by consumers and...

Banking world. (Current Account).
April 16, 2002... [ILLUSTRATION OMITTED] Caption: Specialist David A. Miranda, talks on the phone and looks up at a monitor on the floor of the New York Stock Exchange as the Federal Reserve announced last month the overnight bank lending rate would stay at...

SG Australia launches `unique product'. (Current Account).(commercial mortgage-backed securities securitisation program)(Brief Article)
April 16, 2002... SG AUSTRALIA, THE MERCHANT banking subsidiary of Societe Generale Group, has launched a CMBS securitisation program for Mortgage Plus to support the development of the commercial lenders business in Australia. The program has been...

St George adds to ATM network. (Current Account).(automatic teller machine)(Brief Article)
April 16, 2002... ST. GEORGE IS TO EXPAND ITS Automatic Teller Machine (ATM) network by adding 100 new ATMs and replacing 250 existing machines making them far more recognisable with bold new signage and more easily accessible for physically disabled customers....

CSFB sacks 300 investment bankers. (Current Account).(Credit Suisse First Boston)(Brief Article)(Statistical Data Included)
April 16, 2002... NEW YORK: CREDIT SUISSE FIRST Boston fired 300 investment bankers, about 15% of its banking staff, in the latest effort by chief executive Officer John Mack to rein in the highest compensation costs on Wall Street. The cuts include as many...

On the record. (Current Account).
April 16, 2002... "We all wanted to be in the number one spot but we also realised we were not rowing in the same direction." JP MORGAN MANAGING DIRECTOR SCOTT REID ON THE RELAUNCH OF BROKING FORM ORD MINNETT. "We are left with a position that four...

Bendigo's `green' foray. (News).(Bendigo Bank launches Green Personal Loan)(Brief Article)
April 16, 2002... BENDIGO BANK HAS LAUNCHED the first of a planned series of "green" loans. Managing director Rob Hunt said the Bendigo Green Personal Loan would be available to customers to fund a variety of home improvement projects designed to promote...

ANZ flattens structure. (News).(ANZ Bank)(Brief Article)
April 16, 2002... ANZ BANK IS FLATTENING ITS senior management structure as it pushes on with the development of its strategy of specialisation. "We are now entering the next phase in the development of our specialisation strategy," chief executive John...

ABA steps up attack on card proposals. (News).(Australian Bankers' Association)(Brief Article)
April 16, 2002... THE AUSTRALIAN BANKERS' Association has used Coles Myer's announcement that it would be enhancing its Fly Buys program and connecting a loyalty program to the Coles Myer credit card to step up its attack on the Reserve Bank's proposed reforms...

HSBC chief sets some tough targets; the world's second biggest banking group HSBC is following a different course to its main global rivals and the market is divided over its likely success. In the first of a two-part series Bloomberg profiles chairman John Bond and examines his strategic convictions. (News).(HSBC Holdings PLC)(Brief Article)(Statistical Data Included)
April 16, 2002... AS JOHN BOND, CHAIRMAN OF HSBC Holdings Plc, gazes eastward from the bank's 10th floor executive office suite, he can see two towers looming over the London skyline. One will house HSBC's London-based staff later this year. Next to it...

Watch executive job growth. (News).(Australia)(Brief Article)(Statistical Data Included)
April 16, 2002... ECONOMISTS SEARCHING FOR proof of an economic recovery can find the signals they looking for in the impending growth of the executive job market. History shows us that it is the CEO, COO, Sales and Marketing Director, CIO and other senior...

Committed employees = committed customers. (examining the customer).(Brief Article)
April 16, 2002... IN THE AUSTRALIAN FINANCIAL services market there has been a lot of talk about "what's next, after customer loyalty?" Before thinking of the answer maybe some thought should be given to: is it the right question? In fact, the real question...

2IC. (News).(Greg Moynihan of Suncorp Metway Ltd.)(Brief Article)
April 16, 2002... In a regular series identifying the executives most likely to be the next breed of CEOs of financial institutions in Australia, Australian Banking & Finance profiles Greg Moynihan. GREG MOYNIHAN, Group General Manager Banking & Wealth...

Small financial institutions and the new Basel Accord. (credit union comment).(Australia)(Brief Article)
April 16, 2002... VISITING OFFICIALS FROM THE Basel Committee met recently with Australian financial, institutions to discuss progress on the new Capital Accord. Discussions among institutions and regulators will continue through 2003 but it is clear that...

Executive suite. (News).(forecast from John McGee, CEO of Homeloans Ltd.)(Brief Article)
April 16, 2002... JOHN MCGEE - CHIEF OPERATING Officer, Homeloans Ltd With the prospect that interest rates may rise in the coming months there has been much talk about what customers should do in these times. I foresee that any increases will only be...

Professional fraudsters target household rubbish. (News).(bin raiders find trove of info in household trash)(Brief Article)(Statistical Data Included)
April 16, 2002... A NEW SURVEY HAS HIGHLIGHTED an alarming rise in, what has been termed, `bin raiding' as consumers leave themselves open to identity theft and credit card fraud. Personal information such as bank statements, credit card slips and utility...

ATMs reinforce brand image. (News).(ATMs offer great business and marketing opportunities)(Brief Article)
April 16, 2002... FOR MOST FINANCIAL INSTITUTIONS, Automated Teller Machines (ATMs) and cash dispensers represent the single largest investment in electronic channel services. So ubiquitous is the ATM in society, it also represents the best opportunity for...

Automated systems boost productivity: call centres are increasingly becoming a strategic channel for financial institutions to manage their customer inquiries. (Call Centres And Voice Recognition - Special Feature).(Brief Article)
April 16, 2002... ACCORDING TO A BENCHMARK study conducted by callcentre.com and ACA Research, 69% of customer contact is now handled through call centres. (see separate report on page 17) Witness Systems managing director, Asia Pacific, Dermot McCutcheon...

Upgrading contact centres. (Call Centres And Voice Recognition - Special Feature).(banking industry)(Brief Article)
April 16, 2002... THERE IS GROWING ATTENTION internationally to upgrading the efficiency of banks' call centres. One emerging aspect relates to the integration of customer telephone and email communications into a single contact centre. Clearly, with...

Business front-office likely to disappear. (Call Centres And Voice Recognition - Special Feature).(Brief Article)(Statistical Data Included)
April 16, 2002... NEW STATISTICS ON THE $9.9 billion Australian call centre industry suggest the business front office environment could disappear in the near future. Conducted by call centre research specialist, callcentres.net, the 2002 Australia & New...

Improving education. (Call Centres And Voice Recognition - Special Feature).(banking industry)(Brief Article)
April 16, 2002... MIRRORING THE SUBTLETIES OF natural dialogue will be the critical factor in delivering increased customer satisfaction through the use of speech recognition technology. A gathering of speech experts and industry representatives at the...

Know your customer's voice. (Call Centres And Voice Recognition - Special Feature).(banking industry)(Brief Article)
April 16, 2002... SMART SELF-SERVICE SOLUTIONS have the clear potential to lower staffing and operational costs by reducing call volumes. They can also provide (according to a report by Forrester last year) an increase in customer satisfaction by five to...

The customer interaction where it really counts; optimising the contact centre to win and retain customers. (Call Centres And Voice Recognition - Special Feature).(banking industry)(Brief Article)
April 16, 2002... WHILE TENS OF MILLIONS OF dollars has been spent on CRM technology by organisations within the banking and finance sector, for many companies there is still a lack of understanding of what actually happens at the moment of contact with the...

Account holders dominate. (the Nielsen/netRatings report).(banks online)(Brief Article)
April 16, 2002... THE ONLINE CHANNEL WITHIN the banking context has for the most part been dominated by an overriding need to deliver a secure and reliable transaction facility for customers. Added functionality and enhanced content continues to improve the...

Viewpoint: three respected industry figures have their say. (New Economy Banker).(comments on how new technology has or has not helped world of finance)(Brief Article)(Interview)
April 16, 2002... Q: Has technology delivered on its promises? Des Powell, managing director, See Beyond "The IT Industry cannot be blamed for organisations making poor investments in technology. An IT investment should be evaluated in the same way...

Macquarie's China play. (News).(Macquarie Bank sets up Macquarie Securitisation Shanghai Company Ltd. to do business in China)(Brief Article)
April 16, 2002... MACQUARIE BANK HAS SIGNED an exclusive co-operation agreement with China's biggest mortgage lender, hoping to open a window into the country's untapped securisation market. China's biggest banks have applied to launch the first...

Monster and ANZ link to service SME market. (News).(Monster.com to provide recruiting and human resource services to small - to - medium enterprises served by ANZ)(Brief Article)
April 16, 2002... RECRUITMENT PORTAL Monster.com.au is to provide ANZ's runningmybusiness users with online recruitment solutions and HR content. Launched recently by ANZ, runningmybusiness is a unique web-based service that provides small to medium...

The critical question. (News).(interview with AXA executive)(Brief Article)
April 16, 2002... Q: AXA has returned a profit of $395 million for the 15 months to December 31. Is the company where you want it to be right now? "We have come a long way in transforming our business over the last two years. In Australia and New Zeal,...

Behind the screens. (News).(various news items)(Brief Article)
April 16, 2002... Gail Kelly is causing a fair bit of grief among senior staff as she establishes herself as boss of St George Bank. Investment services head Richard Cawsey quit last month and we're told a few more senior managers won't be far behind. St George...

Bankers "living in a war zone". (News).(in Argentina)(Brief Article)
April 16, 2002... WORKING IN A BANK USED TO BE the archetypal, safe job in Argentina, where a son would follow in his father's footsteps. But with the country in political. and economic turmoil banking has become a risky business. Working in a bank "is like...

Banks intensify service focus.(Brief Article)
April 30, 2002... THE AUSTRALIAN BANKING sector does not rate account fees as a key factor in customer retention strategies. An Australian Banking & Finance newsmagazine survey of some of our leading banks found that the level of service and ability to meet...

Asians join global retail loan trend.(banks in Asia providing retail loans)(Brief Article)
April 30, 2002... FROM A RUSH FOR CAR LOANS in Thailand to the birth of a market in mortgage-backed securities in China, banks across Asia are scrambling to boost profits and spread risk by joining the global trend to target retail borrowers. While South...

Abbey National hits Australian market. (Current Account).(Abbey Natoinal Treasury - Services is formed)(Brief Article)
April 30, 2002... THE SIXTH LARGEST BANK IN THE UK Abbey National is moving into the Australian market. The group has established a subsidiary company Abbey National Treasury -- Services (Australia), to specialise in project finance work, focusing initially...

Banking world. (Current Account).(Brief Article)
April 30, 2002... Alberto Azpe, Harris Bank Hispanic Community Banking President, displays his Mexican voter-ID card to teller Mayra Flores at a Harris Bank branch in Waukegan, Illinois. Bank of Montreal's Harris is starting to accept the cards, Credencial para...

GE capital sets up capital raising. (Current Account).(GE Capital seeks to buy Australian Guarantee Corp. from Westpac)(Brief Article)
April 30, 2002... WESTPAC'S SALE OF AUSTRALIAN Guarantee Corp to GE Capital has become a near certainty with GE preparing the ground for a $1 billion debt issue. The ACCC has delayed its verdict on the sale, but GE is confident enough to have mandated UBS...

Cashcard joins clearing body. (Current Account).(Cashcard Australia, Australian Payments Clearing Association)(Brief Article)
April 30, 2002... CASHCARD AUSTRALIA HAS JOINED the Consumer Electronic Clearing System of the Australian Payments Clearing Association (APCA) as a full member. Cashcard chief executive Greg Baker said the APCA membership follows closely on Cashcard's...

Online advisory business boom. (Current Account).(Brief Article)
April 30, 2002... ONLINE SELF-SERVICE FINANCIAL planning applications that support the delivery of objective, consistent advice across multiple customer touch points will, provide financial institutions increased customer retention and satisfaction, resulting in...

On the record. (Current Account).(Brief Article)
April 30, 2002... "The club's not in great shape at the moment -- the reputation of the banking industry is pretty weak." ANZ BANK CHIEF EXECUTIVE JOHN MCFARLANE, SUGGESTING NAB BOSS FRANK CICUTTO HAD IGNORED AN UNDERSTANDING BETWEEN THE CLUB OF TOP BANKS TO...

Visa approves e-card issuance. (Current Account).(Visa International, ECard)(Brief Article)
April 30, 2002... VISA HAS APPROVED ECARD AS A certified systems integrator for Visa member banks. Visa's certification establishes ECard as an approved service provider for the preparation, processing and distribution of chip card personalisation data. ...

Regulator takes hard lines on solicitor mortgage schemes; the Australian Securities and Investments Commission has taken a hard line to overhaul solicitors' mortgage schemes after a national investigation found there was a chronic lack of management expertise and unqualified personnel. (News).(Brief Article)
April 30, 2002... ASIC CHAIRMAN DAVID KNOTT said since July last year the regulator found there were some 6000 run-out loans totalling $1.3 billion, with an estimated 50% in default. The default rates ranged from 80% in Queensland to 15% in Victoria. ...

Suncorp shows it cares for customers; Queensland's largest financial institution, Suncorp Metway is set to combat the perception that banks do not care about their customers by launching a set of new initiatives called the `Customer Service Commitments'. (News).(Brief Article)
April 30, 2002... RANGING FROM GIVING HOME and personal loan customers confirmation of how much they can borrow in under 15 minutes, to reducing branch queue and call centre waiting times, and approving business banking loans in five days, the `Commitments'...

ANZ addresses wealth void. (News).(ANZ and ING Groep to offer wealth management through ING Australia joint venture)(Brief Article)
April 30, 2002... ANZ'S $3.75 BILLION FUNDS management and life insurance joint venture with global player ING Groep NV (ING) has addressed a long-standing gap in ANZ's platform, according to analysts. The terms of the much-anticipated deal look fair, though...

Ensuring value from thinner bonus dollars. (human capital).(Brief Article)
April 30, 2002... HOW BIG WILL THE BONUS POOL be this year? In investment banking, come year-end, it's the question on everyone's lips. But this year the news isn't all, good: many firms have found that bonus pools are smaller than in previous years. It...

BankWest chases small business with unique offer. (News).(small business service introduction)(Brief Article)
April 30, 2002... BANKWEST HAS LAUNCHED A revolutionary new offering designed specifically for small, to medium sized businesses in Australia. Called FreeBTM, it offers a fee free business cheque account and direct access to business banking managers who...

Equities outlook deteriorates. (News).(industry analysis and data)(Brief Article)
April 30, 2002... THE OUTLOOK FOR WORLD equities has deteriorated in the past month, according to the Merrill Lynch Fund Manager Survey. Institutional investors say profit expectations fell back, interest-rate prospects deteriorated, equity valuations...

Customers don't know your product repertoire: after three years and millions of dollars spent on marketing and advertising, banks are no closer to raising customer awareness or interest in their broader range of services. (News).(bank industry customer survey)(Brief Article)
April 30, 2002... THAT CONCLUSION COMES FROM an exit poll of bank branch customers at super-regional and national banks conducted by NewGround, a strategic marketing, facility, and employee development firm for the financial services and technology industries....

Is the Euro capable of challenging the dollar? (News).(currency analysis)(Brief Article)
April 30, 2002... FOR THE FIRST TIME SINCE THE fall of the Roman Empire most of Europe has a single, common currency. Twelve European currencies -- among them the mighty German mark, the ancient Greek drachma -- began to vanish on New Year's Day. The US...

The art of specialist mortgage servicing. (News).(mortgage processing services details)
April 30, 2002... OUTSOURCING SUPPORT FOR THE processing of mortgages has become one of the most important management decisions faced by Australian lending institutions. Driving the growing mortgage servicing sector are two major pillars which underpin the...

Code safeguards net banking. (News).(banking industry standards details)(Brief Article)
April 30, 2002... THE NEW ELECTRONIC FUNDS Transfer Code of Conduct [EFT Code] which came into force on April 1 makes Internet banking safer for consumers. According to Leif Gamertsfelder, head of the e-security group at national law firm, Deacons, the...

3G rollout to enliven finance sector: PwC Consulting's Australasian leader for financial services, Doug Simpson, and Asia Pacific leader for IT Solutions, Fred Balboni, discuss the emergence of wireless technologies and a new channel for customer service. (Mobile Financial Services -- Special Feature).
April 30, 2002... IN DECEMBER 2001 THE UK internet bank, Smite, announced that it is to become the first European advertiser to promote its goods and services on a third-generation handset, after tying up a deal with Manx Telecom. Manx, which is owned by...

Domestic banks adopt cautious approach. (Mobile Financial Services -- Special Feature).(Brief Article)(Statistical Data Included)
April 30, 2002... IT IS WELL KNOWN THAT Australians readily embrace technology. With the uptake of mobile phones and the changing nature of the financial services sector, it is not hard to come to the conclusion that mobile financial services are the next...

Community branch gains reputation and customers. (Mobile Financial Services -- Special Feature).
April 30, 2002... QUEENSLAND'S FIRST COMMUNITY branch is celebrating its third birthday with new figures showing a strong year of trading so far The Heritage Crow's Nest Community Branch was the first community branch to open in Queensland, when the state's...

Mobile phones maximise payments profit potential. (New Economy Banker).(mobile payments and commerce services forecasting data)
April 30, 2002... MOBILE COMMERCE (M-COM-merce) will take electronic commerce (e-commerce) from the home and office and place it firmly in the pockets of those on the move, enabling "anytime, anywhere" internet transactions. The increasing ubiquity of...

Online product innovation maintains the growth cycle. (New Economy Banker).(Brief Article)
April 30, 2002... THE REMARKABLE ACCEPTANCE of online financial services has been driven by a number of customer cycles, from the traditional `early adopter' and white collar professional, to the broader mainstream, thanks to fast Internet penetration,...

National appoints new CIO. (New Economy Banker).(Brief Article)
April 30, 2002... NATIONAL AUSTRALIA BANK HAS BROUGHT IN AN outsider to drive its technology division. Ian Crouch has been appointed CIO and will report directly to managing director and CEO, Frank Cicutto. He joins the National from A.T. Kearney/EDS,...

Bond determined to stay with customer-driven strategy: in the second and final part of a series on the world's second largest banking group HSBC, Bloomberg analyses chairman John Bond's "steady" strategy and questions its likely success. (News).(Financial services management strategy and trends review)
April 30, 2002... HSBC ISN'T THE ONLY FINANCIAL institution trying to peddle more products and services to customers. Citigroup, Switzerland's Credit Suisse Group and Germany's Allianz AG, to name a few, all are trying to get retail bankers to pitch insurance...

Behind the screens. (News).(National Australian Bank)(Brief Article)
April 30, 2002... NAB boss Frank Cicutto must surely rank as the most resilient bank CEO in the Land. Some good news was needed to take the heat off after the HomeSide misadventure and the NAB executive team thought it was contained in the "Positioning For...

The last time I went to my bank ... (News).
April 30, 2002... I'VE HAD A COUPLE OF UNUSUAL experiences with my personal banking transactions in the last month. I chose to open an online account with a bank to transact through the net. Attached to the signed application form, I forwarded a cheque for...