Channel 10 banks on Wonderland

Wonderland cast members Jessica Tovey, Michael Dorman, Brooke Satchwell and Anna Bamford prepare to shoot the 22-part series Source: The Sunday Telegraph

IT'S the TV drama that Channel 10 is hoping will give it a ratings boost.

Wonderland began filming in Sydney this week with a host of familiar faces in front of the camera including Brooke Satchwell, Jessica Tovey, Emma Lung and Tim Ross.

Set in a beachside apartment block, the 22-part drama - created by one of the original producers of Rafters - is about the friendship and lives of four couples. Channel 10 is banking on the latest drama to tempt viewers back to its screens.

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Reform fails to get you to switch banks

TREASURER Wayne Swan's key banking reform to make it easier for customers to switch financial institutions has failed to gain traction.

Most Australians have an everyday transaction account but only 2000 people a month have used the "tick and flick" program to switch banks.

The plan was aimed to simplify moving a customer's transaction account from one bank to another but just 16,100 people have used the program in its first eight months since July. The service allows a customer's new financial institution to do all the work to move them across from their former bank to the new one.

When it was introduced, Swan outlined that the goal was to make it easier for people "to walk down the road and get a better deal".

"This removes the hassle involved in that process," he says.

National consumer watchdog Choice's chief executive Alan Kirkland says banks have been "dragged kicking and screaming" to these reforms and have done little to promote the ease of switching.

"The banks and other financial institutions have to pull their weight in promoting these reforms," Kirkland says.

"It's a real disappointment, we think these reforms are critical to driving greater competition in the banking sector."

InfoChoice general manager Alastair Schirmer also blames the low uptake on a lack of communication and awareness surrounding the program.

"I thought it would have been higher than that . . . when you look at the amount of people who have transaction accounts across Australia, which is pretty much all Australians," he says.

"Two thousand a month seems relatively low.

"It probably all comes back to awareness."

Using the program, the customer's new financial institution will contact their previous bank to receive all their direct debits and credits over the past 13 months and these details will be moved across.

However, despite the low figures of people using the service, a spokeswoman from the Treasurer's office says "it's expected more and more Australians will use this easy service to switch banks".

Australian Bankers' Association chief executive Steven Munchenberg says about four out of five customers are satisfied with their financial institution and have no reason to switch.

"We know from Roy Morgan polling that about 80 per cent of customers are satisfied with their bank," he says.

"The one in five people who might be dissatisfied and therefore might decide to switch banks don't have to use the switching package."

HOW TO MAKE THE MOVE
- Contact your new bank for a transaction account.
- Ask them to contact your previous bank to get a list of all your regular direct debits and credits you have made in the past 13 months.
- Decide which ones you want moved to your new account with the help of your new bank.
- Sign a form authorising your new bank to provide all the organisations with your new account details.

View the original article here

Reform fails to get you to switch banks

TREASURER Wayne Swan's key banking reform to make it easier for customers to switch financial institutions has failed to gain traction.

Most Australians have an everyday transaction account but only 2000 people a month have used the "tick and flick" program to switch banks.

The plan was aimed to simplify moving a customer's transaction account from one bank to another but just 16,100 people have used the program in its first eight months since July. The service allows a customer's new financial institution to do all the work to move them across from their former bank to the new one.

When it was introduced, Swan outlined that the goal was to make it easier for people "to walk down the road and get a better deal".

"This removes the hassle involved in that process," he says.

National consumer watchdog Choice's chief executive Alan Kirkland says banks have been "dragged kicking and screaming" to these reforms and have done little to promote the ease of switching.

"The banks and other financial institutions have to pull their weight in promoting these reforms," Kirkland says.

"It's a real disappointment, we think these reforms are critical to driving greater competition in the banking sector."

InfoChoice general manager Alastair Schirmer also blames the low uptake on a lack of communication and awareness surrounding the program.

"I thought it would have been higher than that . . . when you look at the amount of people who have transaction accounts across Australia, which is pretty much all Australians," he says.

"Two thousand a month seems relatively low.

"It probably all comes back to awareness."

Using the program, the customer's new financial institution will contact their previous bank to receive all their direct debits and credits over the past 13 months and these details will be moved across.

However, despite the low figures of people using the service, a spokeswoman from the Treasurer's office says "it's expected more and more Australians will use this easy service to switch banks".

Australian Bankers' Association chief executive Steven Munchenberg says about four out of five customers are satisfied with their financial institution and have no reason to switch.

"We know from Roy Morgan polling that about 80 per cent of customers are satisfied with their bank," he says.

"The one in five people who might be dissatisfied and therefore might decide to switch banks don't have to use the switching package."

HOW TO MAKE THE MOVE
- Contact your new bank for a transaction account.
- Ask them to contact your previous bank to get a list of all your regular direct debits and credits you have made in the past 13 months.
- Decide which ones you want moved to your new account with the help of your new bank.
- Sign a form authorising your new bank to provide all the organisations with your new account details.

View the original article here

Banks reject call for new tax

BANKS have rejected calls for a new tax on the industry, saying the move would hurt retirees and small businesses.

The Australian Greens have proposed a tax on the big four banks in exchange for the Federal Government's protection to ensure they do not fail.

The minor party proposes a levy of 0.2 per cent on all bank assets above $100 billion, which would apply to ANZ, Commonwealth Bank, NAB and Westpac.

"It is time to ask the big banks that are making record profits to pay a fairer share to the community," Greens deputy leader Adam Bandt said today.

But the Australian Bankers' Association (ABA) said the majority of profits made by banks are returned to shareholders, a lot of whom are retail shareholders and superannuation funds.

"Last year, banks paid out a record $19 billion in dividends - seven per cent more than 2011," ABA chief executive Steven Munchenberg said. "In the past five years, banks have paid out $82 billion in dividends."

A levy on assets, effectively the banks' loans, would also hurt small businesses and the economy, he said.

"What you would find is there would be less incentive to lend to small businesses, or we would have to increase the prices at which we lend," Mr Munchenberg said.

"Anything to make it even less attractive to lend to them, or to make it more expensive when we lend to them, you are effectively at risk of reducing the supply of credit to a vital part of the economy."

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Banks launch technology war

Managing money is getting a boost from technology. Source: National Features

TECHNOLOGY advances that make it easier to manage our money have become a new battleground for banks and other financial institutions.

Only 20 per cent of Australians receive full financial advice, and an explosion of online tools and apps is under way that will help fill the void.

The Commonwealth Bank this month launched MyWealth, which targets Australia's three million self-directed investors with an online platform that lets them do banking and invest in shares and funds with one login.

CBA expects competition and chief innovation officer for equities and margin lending Lisa Frazier says the way people manage their wealth is changing.

"The technology is the core enabler," she says. "This is just the beginning and we are now working on property and superannuation.

"Customers tell us: 'We are in control and make the decisions'."

A sticking point in managing money online has been the fact many people use multiple providers for their banking, shares and super, and the providers don't share data.

However, this is likely to change and Frazier says sharing is already happening in the US.

New apps are being rolled out regularly with a growing list of features. National Australia Bank's new Money Tracker app "learns" from its experiences with its users, remembers transactions for use in the future, and suggests budget targets for them.

NAB executive general manager direct banking Sam Plowman says people want helpful and intuitive automation.

"A customer can forecast what their financial position will be in 10 years based on current income and expenses," he says. "They can then input 'what if' scenarios, such as 'what if I got a pay rise of $5000 in year three and then purchased a house in year seven'."

New research by State Custodians Mortgage Company found 83 per cent of Australians prefer managing their money online, and 73 per cent are using apps to manage their finances.

"People want to be able to use their mobile phones to access their financial information and fast," says State Custodians chief executive Heidi Armstrong. "Australians are technology-savvy and expect financial advice or information within a matter of minutes."

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Banks make $80,000 profit on mortgages

Big Four banks making more profit with mortgages. Source: News Limited

Big Four banks making more profit with mortgages. Source: News Limited

BANKS are making a profit of almost $80,000 on each new mortgage customer over the lifetime of the loan - the highest level in almost a decade - making out-of-cycle reductions in lending rates "inevitable" as competition grows.

Experts said the surge in bank profit levels with the Big Four pocketing more than $25 billion last year has been driven in recent months by a huge lift in the profit margin of millions of Australian's home loans.

And UBS analyst Jonathan Mott yesterday warned of a political backlash if the majors didn't cut rates outside of Reserve Bank movements.

There is a real risk politicians will step-in and regulate the market to ensure consumers get a better deal, he said.

The new research shows the banks are making an annual profit of about $2,640 on the average $300,000 mortgage that is being written - this would represent a profit of $79,200 over the lifetime of a 30-year mortgage.

But Mr Mott said the surge in profits stemming from the mortgage sector is being eroded by the the growing losses being made by the bank's generous term deposit rates - which he expects to continue falling over coming months "Banks are in a purple patch," he said.

"Over the last 12 months a rapid reduction in credit spread and mortgage repricing implies that writing a wholesale funded home loan has never been more profitable. And we believe that if the global economy continues to show signs of stability and growth, debt markets continue to rally (reducing wholesale funding costs) leading to an easing in deposit competition, then the banks will be in a position to begin passing through out-of-cycle rate cuts to mortgage customers."

Since this rate-cutting campaign began in November 2011, the Reserve Bank has lowered the official cash rate by 1.75 percentage points to 3 per cent, equal to the "emergency lows" of the financial crisis.

But over the same period on average the Big Four have dropped their mortgage rates by only 1.36 per cent from a peak of 7.79 per cent to the current standard variable rate of 6.42 per cent.Three smaller banks last week cut mortgage rates outside of the Reserve's cycle for the first time, putting pressure on the major banks to lower the standard variable rates (SVR).

After handing down a another bumper profit result Commonwealth chief executive Ian Narev this month conceded the competitive nature of the Australian mortgage market and the fall in funding costs, meant it was "conceivable'' the big banks might cut lending rates even if the Reserve kept the official rate on hold.

But the Australian Bankers Association yesterday said there have been only two periods in the past 23 years when mortgages rates have been lower than today.ABA chief executive Steven Munchenberg said mortgage rates have fallen significantly in the past five years which should be good news for consumer and business confidence.

View the original article here

Banks launch technology war

Managing money is getting a boost from technology. Source: National Features

TECHNOLOGY advances that make it easier to manage our money have become a new battleground for banks and other financial institutions.

Only 20 per cent of Australians receive full financial advice, and an explosion of online tools and apps is under way that will help fill the void.

The Commonwealth Bank this month launched MyWealth, which targets Australia's three million self-directed investors with an online platform that lets them do banking and invest in shares and funds with one login.

CBA expects competition and chief innovation officer for equities and margin lending Lisa Frazier says the way people manage their wealth is changing.

"The technology is the core enabler," she says.

"This is just the beginning and we are now working on property and superannuation.

"Customers tell us: 'We are in control and make the decisions'."

A sticking point in managing money online has been the fact many people use multiple providers for their banking, shares and super, and the providers don't share data.

However, this is likely to change and Frazier says sharing is already happening in the US.

New apps are being rolled out regularly with a growing list of features. National Australia Bank's new Money Tracker app "learns" from its experiences with its users, remembers transactions for use in the future, and suggests budget targets for them.

NAB executive general manager direct banking Sam Plowman says people want helpful and intuitive automation.

"A customer can forecast what their financial position will be in 10 years based on current income and expenses," he says.

"They can then input 'what if' scenarios, such as 'what if I got a pay rise of $5000 in year three and then purchased a house in year seven'."

New research by State Custodians Mortgage Company found 83 per cent of Australians prefer managing their money online, and 73 per cent are using apps to manage their finances.

"People want to be able to use their mobile phones to access their financial information and fast," says State Custodians chief executive Heidi Armstrong.

"Australians are technology-savvy and expect financial advice or information within a matter of minutes," she says.

View the original article here

Banks launch technology war

Managing money is getting a boost from technology. Source: National Features

TECHNOLOGY advances that make it easier to manage our money have become a new battleground for banks and other financial institutions.

Only 20 per cent of Australians receive full financial advice, and an explosion of online tools and apps is under way that will help fill the void.

The Commonwealth Bank this month launched MyWealth, which targets Australia's three million self-directed investors with an online platform that lets them do banking and invest in shares and funds with one login.

CBA expects competition and chief innovation officer for equities and margin lending Lisa Frazier says the way people manage their wealth is changing.

"The technology is the core enabler," she says.

"This is just the beginning and we are now working on property and superannuation.

"Customers tell us: 'We are in control and make the decisions'."

A sticking point in managing money online has been the fact many people use multiple providers for their banking, shares and super, and the providers don't share data.

However, this is likely to change and Frazier says sharing is already happening in the US.

New apps are being rolled out regularly with a growing list of features. National Australia Bank's new Money Tracker app "learns" from its experiences with its users, remembers transactions for use in the future, and suggests budget targets for them.

NAB executive general manager direct banking Sam Plowman says people want helpful and intuitive automation.

"A customer can forecast what their financial position will be in 10 years based on current income and expenses," he says.

"They can then input 'what if' scenarios, such as 'what if I got a pay rise of $5000 in year three and then purchased a house in year seven'."

New research by State Custodians Mortgage Company found 83 per cent of Australians prefer managing their money online, and 73 per cent are using apps to manage their finances.

"People want to be able to use their mobile phones to access their financial information and fast," says State Custodians chief executive Heidi Armstrong.

"Australians are technology-savvy and expect financial advice or information within a matter of minutes," she says.

View the original article here