29 September 2020
A new digital plan announced by the Federal Government is a major step forward that will modernise the way Australians do business and deliver significant benefits to consumers.
“COVID-19 has highlighted century-old regulations slowing business down”, said ABA Chief Executive Anna Bligh AC.
The ABA is part of a coalition of business groups advocating for the fast tracking of moves to a paperless, contactless digital economy.
“These changes will make banking faster and easier”, Ms Bligh said.
The Australian Banking Association applauds the permanent changes allowing electronic transactions and virtual annual general meetings.
“It’s now vital that state governments follow suit, and work together through the national cabinet to ensure state and territories laws are consistent and enable consumers to conduct a range of everyday activities such as electronic mortgages”, Ms Bligh said.
“It’s now vital that state governments follow suit, and work together through the national cabinet to ensure state and territories laws are consistent and enable consumers to conduct a range of everyday activities such as electronic mortgages”ABA CEO Anna Bligh
The Government’s funding for implementing and expanding the Consumer Data Right for open banking is also a welcome move.
Open banking will enable Australians to switch banks more easily and find products that suit their needs. The consumer data right will enable the safe and secure transfer of consumer data.
The Australian Banking Association looks forward to working with the Government to deliver the changes.
A new digital economy
“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.