Australian Banking & Finance articles from September 2006

Australian Banking & Finance archives from September 2006

Allianz, MLC and ING Australia's best.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)
September 15, 2006... At the Australian Banking & Finance magazine's Insurance Awards ceremony on Tuesday, 5 September 2006, ING's Paul Bedbrook was named Best Australian Insurance Executive, Allianz was recognised as Best General Insurance Company and MLC was voted...

QBE is group of the decade.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(QBE Insurance Group Ltd.)(Brief article)
September 15, 2006... The Insurance Group of the Decade award recognises a company that has achieved outstanding results over the past 10 years and has demonstrated an overwhelming level of commitment and dedication to the growth of the Australian insurance...

MLC the best in life.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)
September 15, 2006... In 2006, NAB's wealth management division has demonstrated outstanding specialist life insurance expertise and performance. MLC comprises a number of companies that provide wealth creation (investments), wealth protection (insurance),...

A 'human' call centre.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)
September 15, 2006... CommInsure's primary focus is on providing outstanding service and straightforward insurance solutions for both advisers and customers--on making it easy for people to deal with the company, from taking out a policy to ongoing administration...

Swiss Re's partnership approach pays off.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(Swiss Reinsurance Co.)(Brief article)
September 15, 2006... This year Swiss Reinsurance celebrates its 50th year in the Asia-Pacific region and the award for Best Reinsurance Company. Over the past half-century, Swiss Re has developed a partnership approach to doing business in Australia, working...

Standing by regional Australia.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(Wesfarmers Federation Insurance Ltd.)(Brief article)
September 15, 2006... This is the fourth year in a row, since the inception of the Australian Banking & Finance Insurance Awards, that Wesfarmers Federation Insurance (WFI) has been voted Best Regional Insurer. For more than 80 years the company has focused on...

CommInsure covers travellers.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)
September 15, 2006... CommInsure's Travel Insurance range has the comprehensive depth and breadth to be judged Australia's Best General Insurance Product for 2006. The product suite includes Worldwide Travel Insurance, Economy Travel Insurance and Domestic...

Insurance innovation key to success.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(Paul Bedbrook of ING Australia won the best insurance executive award)
September 15, 2006... ING Australia's chief executive officer, Paul Bedbrook, has been voted Best Australian Insurance Executive for 2006 The innovative life risk insurance produce, OneCare, and ING's Direct Insurances business have been given much of the credit...

Website best practice.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)
September 15, 2006... Since its inception in January 2004, ING's e-business program has been enhancing the company's website and online service for advisers and customers. During this time, the e-business team has delivered a strong, reliable online infrastructure...

Product targets mortgage brokers.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)
September 15, 2006... A home loan is, in many cases, the biggest financial commitment of a person's life. MLC has identified that most people don't have adequate insurance in place to cover this. That's why the company developed EasyCover, a debt insurance...

Insurance Council's too promotion.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(Insurance Council of Australia)(Brief article)
September 15, 2006... This year's Best Insurance Promotion award was presented to the Insurance Council of Australia for the marketing of its new General Insurance Code of Practice. The Insurance Council's executive director and CEO, Kerrie Kelly, said that she...

Tech-savvy CommInsure.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(Brief article)
September 15, 2006... The Best Technology Innovation award for 2006 was presented to CommInsure for its CommSee platform, which operates throughout the Commonwealth Bank network. CommInsure is an industry leader that offers a fresh approach to protecting the...

Broking ... and much more.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(Aon Corp.)(Brief article)
September 15, 2006... Aon is the deserved winner of this year's Best Insurance Broker award. The company in Australia has brought together a range of resources, skills, products and services for insurance broking, reinsurance broking, risk management, financial...

Allianz reaps reward from customer focus.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)
September 15, 2006... Australia's Best General Insurance Company attributes its recent success to a renewed commitment to outstanding service and to exceeding customer expectations. In accepting the Best General Insurance Company award for 2006, the chief...

Innovative insurance for 'over 50s'.(2005 AUSTRALIAN BANKING & FINANCE INSURANCE AWARDS)(Australian Pensioners Insurance Agency)
September 15, 2006... Founded in 1986, Australian Pensioners Insurance Agency (APIA) is Australia's leading insurer for Australians over 50. Over the past 20 years, APIA has gained a reputation for innovation, having introduced many product features that have...

Banking in paradise: as the Queensland economy continues to prosper, so do the state's financial services organisations.(SPECIAL FEATURE: QUEENSLAND--A GROWING FINANCIAL CENTRE)
September 15, 2006... According to newly re-elected premier, Peter Beattie, Queensland is "the growth state of the nation." Looking at the statistics, it is hard to disagree. Queensland's economic growth rate, at 3.8 percent, is significantly above the...

Queensland a growth environment for Heritage.(SPECIAL FEATURE: QUEENSLAND--A GROWING FINANCIAL CENTRE)(Heritage Building Society Ltd.)
September 15, 2006... The chief executive of Heritage Building Society believes south east Queensland is the perfect place for a building society to grow and prosper. According to John Minz, the success of Queensland financial institutions can be largely...

What's your risk appetite?(tips to manage)
September 15, 2006... When it comes to risk, business managers pull in opposite directions. Shareholders' ceaseless demand for earnings growth encourages them to increase risk-taking--yet recent corporate disasters have simultaneously made shareholders, boards and...

Driving efficiencies in the insurance industry: at a recent Australian Banking & Finance magazine executive luncheon, sponsored by HP, CommInsure managing director Simon Swanson spoke about the relative health of the Australian insurance industry and the likelihood of a growth wave in the future.(HP EVENT: DRIVING EFFICIENCIES IN THE INSURANCE INDUSTRY)
September 15, 2006... Simon Swanson believes that Australia suffers from a chronic under-investment in both life and general insurance, due largely to the recent growth of superannuation investment, accounting standards, and government policy. "In life...

Banking and technology--the challenges and opportunities.(CISCO LECTURE SERIES--MICHAEL HARTE LECTURE)(on information technology investment)
September 15, 2006... At a recent lecture hosted by Australian Banking & Finance magazine and EDS, Commonwealth Bank chief information officer, Michael Harte, presented his views on growth and competition, developing trends and technologies, and how to measure IT...

HSBC best at email response to credit card queries.(NEWS)
September 15, 2006... HSBC is the best financial institution in Australia and New Zealand at providing customers with information on credit cards via email, according to website customer experience firm Global Reviews. Global Reviews director Dr Adir Shiffman...

Suncorp profit tops A$1 billion.(NEWS)(Suncorp Group)(Brief article)
September 15, 2006... Suncorp group announced a record profit for the year ending 30 June, topping A$1 billion for the first time in companys history. Pre-tax profit reached A$1.04 billion which represents a 10.1 percent increase on last years figure. ...

Rowland appointed new MD of mortgages at ANZ.(NEWS)(Michael Rowland appointed as managing director of mortgages)(Brief article)
September 15, 2006... ANZ has appointed Michael Rowland as managing director of Mortgages. He will report to group managing director, Personal, Brian Hartzer. Rowland has moved across from ANZ National Bank of New Zealand where he is currently chief financial...

Insurance industry applaudes winners.(2006 INSURANCE AWARDS--PICTORIAL)
September 15, 2006... Australian Banking & Finance magazine presented the 4th Annual Insurance Awards gala celebration on September 5th in Sydney with an impressive turnout of industry professionals to recognise the outstanding achievements of insurance companies...

On the record.(Michael Harte's lecture on information technology investment)(Australian Banking & Finance magazine conference)
September 15, 2006... "Dark matter is that thing that neither absorbs nor emits light. It is said to make up 25 per cent of the universe, but nobody knows what it looks like. This is a bit like spending on IT. We know it is there, but we don't know where it has...

Westpac and CBA diverge on offshoring: the debate on offshoring in financial services was raised again by leading Australian bankers at recent events hosted by Australian Banking and Finance magazine, with Westpac and CBA flagging very different approaches to the issue.
September 30, 2006... Westpac's group executive, business and consumer banking, Mike Pratt, has defended his bank's possible plans to offshore various business processes. Speaking at Australian Banking & Finance magazine's 'The Future of Retail Financial...

Banking service prices decline globally: the third annual World Banking Report, published this year, revealed a 1.5 per cent decline in local prices for retail banking services.(NEWS)
September 30, 2006... The publishers--Capgemini, ING Group and the European Financial Management & Marketing Association (EFMA)--studied the global retail banking market throughout 2005, with particular emphasis on its pricing structure. The report contains an...

Oriel to acquire Value Chain: Oriel Communications Limited has signed a Heads of Agreement seeking to acquire Value Chain (International) Limited, an Australian company that provides advanced technology and services that help financial institutions and other organisations to effectively manage business processes without replacing their existing IT systems.(NEWS)
September 30, 2006... The acquisition will be for shares to the value of up to A$40 million. On its completion, Value Chain's founder and chief executive, Ananda Rao, will join Oriel as CEO of the expanded company. Before establishing Value Chain, Mr Rao was...

ANZ only Aussie participant in TSU project.(Australia and New Zealand Banking Group Ltd., SWIFTNet Trade Services Utility)(Brief article)
September 30, 2006... ANZ IS THE ONLY AUSTRALIAN bank to participate in the SWIFTNet Trade Services Utility (TSU) pilot which began on 19 February 2006. The TSU scheme has been designed to help banks offer advanced supply chain services to their corporate...

The indestructible Andrew Penn: the rehabilitation of Andrew Penn's career and reputation is finally complete with his appointment as group chief executive of Axa Asia-Pacific Holdings Ltd.(Brief article)
September 30, 2006... Penn (right) has replaced Les Owen, who departed the role on 30 September after deciding not to renew his contract. AXA chairman Rick Allert announced Penn's appointment in August and praised his track record. "Andy has had a...

Top bankers: Australian institutions must go global: our best bankers believe the future success of Australia's financial services sector lies in its ability to engage effectively with international competition, both within Australia and in overseas markets.(OPTUS BEST BANKERS PANEL DISCUSSION: WRAP UP)
September 30, 2006... Four winners from the 2006 Australian Banking & Finance magazine Awards assembled recently at a luncheon to discuss the current health and future direction of Australian and international banking. They were Allan Moss (managing director and...

Impudent newcomers take on incumbents in retail banking: Australia's traditional retail banks are people-focused and wary of technology, while newer entrants to the Australian market are brand-oriented and eager to offer services online rather than face-to-face. That's the conclusion from a recent high-level discussion on the future of retail financial services.(QAS RETAIL FINANCIAL SERVICES LUNCHEON: WRAP UP)
September 30, 2006... In late September, Australian Banking & Finance magazine invited Australia's top retail bankers to a lunch at which they revealed their strategies to retain and increase their customer base. Speakers included David Gall (group executive,...

Mortgage brokers go for broke: the extraordinary growth of one of Australia's most dynamic industries continues unabated: according to Phil Naylor, chief executive of the Mortgage Industry Association of Australia (MIAA), the increase in his organisation's membership base directly reflects the health of the mortgage broking industry in this country.(Industry overview)
September 30, 2006... "In 2002, we had just over 2,000 members. Now we have around 12,500," he said. "Recent industry research also shows that brokers write around 40 per cent of all mortgages in Australia. Ten years ago, that percentage was practically zero."...

MIAA proposes name change.(Mortgage Industry Association of Australia)(Mortgage and Finance Association of Australia)(Brief article)
September 30, 2006... THE MORTGAGE INDUSTRY ASSOCIATION OF AUSTRALIA (MIAA) has broadened its charter and is proposing a change of name to reflect the evolving industry and the fact that many of its member now offer forms of finance other than residential mortgages....

How financial institutions can innovate through IT.(SYMANTEC ROUNDTABLE LUNCHEON: WRAP UP)
September 30, 2006... In late August, Australian Banking & Finance magazine and Symantec brought influential industry figures together to discuss financial institutions' use of technology to gain growth and market share. Participants at the dicussion included...

BNP Paribas celebrates 125 years in Australia: Australia's oldest foreign bank will mark its local anniversary at the end of October with significant contributions to the arts and to medical research.(SPECIAL REPORT)(Company overview)
September 30, 2006... By any measure, BNP Paribas is a global banking powerhouse and money market leader. It is Europe's profitability and the Eurozone's largest bank with a market capitalisation of more than g80 billion. It is also the global leader in the European...

New opportunities for customer service.(NEWS)
September 30, 2006... Based on developments overseas, there are a couple of areas where banks could consider additional customer focused solutions and offer some distinguishing features. The two areas are increased ATM functionality, and the introduction of...

On the record.(bank management)(Brief article)
September 30, 2006... "Brands are more important than branches... At the end of the day, a good financial product will get you a ticket to the game, but what wins you the game is the brand." Virgin Money chief executive officer, DAVID WAKELY, at Australian...