12 CBA sticking with branches
believes that the retail branch is still going strong despite the growth in digital. CBA’s Head of Retail Banking Matt Comyn has said that it is not planning any major changes to its network of 1,000 branches. It will not decline by any more than 10 in 2016.
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He added that the FI is keen to defend its title as a “leading bank” on technology and innovation. Two thirds of CBA’s customers are now engaged with digital banking and half of them log on every month. A little over 21% of total sales in CBA’s retail banking operations are made online etc, while growth in digital usages from customers in their 50s has seen a 30% rise year-on-year.
ommonwealth Bank of Australia (CBA)
Despite this, CBA says that a retail network is still key. “We believe that the branch network is still relevant for many of our customers, we think that’s going to persist for a significant period of time,” notes Comyn. “As customer preferences shift, then we’ll also shift the way we serve.”
When asked how long a physical presence will be critical to CBA’s plans, Comyn added that they would remain relevant “for many years”. Other Australian banks have been cutting back on branches in the country. According to figures in the latest results, ANZ lost 23 and Westac closed 173 in the last year.
Alex Hamilton BoE opens doors to FinTech startups
shot and stabbed in her West Yorkshire constituency, with Carney instead giving a speech reflecting on her life. The accelerator was then introduced a day later.
Carney would have said: “I am announcing that the Bank is launching a FinTech accelerator to work in partnership with FinTech firms on challenges that we, as a central bank, uniquely face. The accelerator will work with new technology firms to help us harness FinTech innovations for central banking.”
central bank in the world to launch a FinTech accelerator. The initiative was due to be unveiled by Governor Mark Carney during his annual Mansion House in June. But it was delayed following the death of Labour MP Jo Cox, who was
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The scheme has already carried out initial work in the areas of data anonymisation, cyber security and distributed ledger technology. Other areas of potential interest include finding new ways to structure and analyse large datasets, machine learning, particularly in relation to anomaly detection and pattern recognition, and protection of the Bank’s sensitive data.
he Bank of England has become the first
The Financial Conduct Authority (FCA) made a similar move last year, launching a sandbox to help companies test their new ideas with the regulator before launching into the marketplace.
Scott Thompson
NEWS
www.ibsintelligence.com © IBS Intelligence 2016
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