Australia

Australia’s biggest banks to pay $84.51m for insurance lawsuit

CBA, Westpac, and ANZ allegedly misled customers by selling or issuing policies of no value.

Australia’s biggest banks to pay $84.51m for insurance lawsuit

CBA, Westpac, and ANZ allegedly misled customers by selling or issuing policies of no value.

Citi launches digital proxy voting service in Australia, New Zealand

Investors can vote and receive confirmation in real-time.

Australian banks’ cyber risk growing: S&P

Regional lenders are most vulnerable, especially to a data breach.

St. George Bank tops Australian banks in digital experience net satisfaction: study

Auswide Bank received a negative net satisfaction score for their range of digital products.

Australian regulator grants IN1Bank a second extension on restricted ADI license

The digital bank is still aiming to get a full license by the end of the year.

Australian regulator removes Westpac add-on liquidity requirement

The removal of the add-on takes effect this 1 September.

Australia’s Judo Bank on track for earnings growth

Its net interest margin is expected to be 3% over the next two years.

Australia’s mortgage delinquency rate to rise in coming quarters

It is beset with the same issues as of its peers: inflation and interest rates.

Australia’s fintech investments down 75% in Q2

If it continues this trend, fintech investments will be down 39% in 2022.   Financial technology (companies in Australia raised $0.8b of capital during the first six months of the year, according to data gathered by Fintech Global. 

Volt Bank returns deposits to customers after announced closure

The bank struggled to raise enough funds to sustain its business.

Credit card keyword searches in Australia skyrockets by 81%

Approximately 75% of keywords were related to activating a new credit card.

Suncorp sells banking business to ANZ for $3.33b

ANZ will continue to operate it as Suncorp Bank for five years.

Australian regulator revokes Citigroup’s banking license

This follows after CPL’s consumer banking business was acquired by NAB.