The big four banks of Australia have announced a A$1billion investment in a new system to allow real-time transfers and payments as part of reforms aimed at appeasing public dissatisfaction with the financial system. The banks – Commonwealth Bank of Australia, Australia and New Zealand Banking Group, Westpac Banking Corp and National Australia Bank – have been forced to respond to public demand for better banking services. The four together control 80% of lending in Australia and have enjoyed years of record profits. Andrew Thorburn, chairman of Australian Banking Association and CEO Of National Australia Bank, said the banks have been hearing the concerns of Australians and the banks are committed to taking action so that banking will offer a better experience. Real-time payments will allow Australian customers to overcome current delays of up to five business days when making transfers. It will also ensure funds are available on a 24/7 basis. Other initiatives announced by the ABA include financial literacy resources for small businesses and farmers, and making it easier for customers to change banks and accounts.
