14 November 2018
There are no excuses for the behaviour that has been exposed by the Royal Commission.
We as Australia’s banks accept full responsibility for these failures and right now are working to make
this right for customers who have been hurt. The ABA thanks all those customers who have come
forward to give evidence along with Commissioner Hayne and his team for the comprehensive
examination of the issues.
It is clear throughout the report, and the hearings, that there were several themes of unacceptable
behaviour. These include a focus on sales rather than service, poor culture and the way staff and third
parties were paid.
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The ABA submission to the Senate Economic Committee, the submission addresses the importance of certainty regarding capital raises and distributions to banks.
Australian banks operate in a competitive and dynamic environment. They compete with each other and with other financial service providers, including tech companies, to provide products and services to consumers. Given the pace of technological change and transformation, banks are constantly innovating their customer offerings and processes to remain competitive. To compete effectively, banks continually adapt to respond to customer needs and preferences. As such, banks have, over the past several decades, become increasingly digital.
This submission details the ABA’s views on key areas of focus including the future of work; equal opportunities for women; future labour force participation.