Premium Only Content

What is the Role of a Bank?
A theme throughout this inquiry into Australia's bank closures is that bank representatives continue to say they are committed to providing cash for the foreseeable future despite Australians using cash less frequently. The Commonwealth Bank has no plans to remove the distribution of cash even though it is a cost to the bank to keep cash available, according to CEO Matt Comyn. I know that Australians are afraid of losing cash. There's no doubt that the best way to keep cash alive is to keep on using it.
Despite regional bank closures, more than 90% of customers remain which is seen as a sign less customers see a physical branch as important because more of them are using online services.
I asked Matt Comyn about the bank's digital expansion which includes the CommBank App. He said this app is used by eight million customers and the vast majority of customers appreciate the bank's investment in it. The bank's contract with Australia Post, worth tens of millions of dollars, is a partnership allowing customers to make transactions at Australia Post outlets where the bank has been shutting down branches. For many rural customers the Bank@Post scheme doesn't offer everything they need.
We also discussed the many ways the Commonwealth Bank along with the rest of the Big Four Banks are supported by the government including bail-in, props such as government guarantees for overseas borrowing, regulatory support and their advantages over smaller banks.
When I asked about the shareholdings by asset managers such as BlackRock, Vanguard and State Street, Matt Comyn responded that most of the bank's shareholders are Australian retail shareholders, domestic superannuation shareholders, and shares held by 12 million Australian families. Share dividends will be high this year with a record $10.2 billion profit and a pay packet for its CEO of $10.4 million.
The Commonwealth bank serves about 10 million customers. Among those customers are many Australians who are worried about digital controls, branches closing, and the gradual loss of cash as a readily available and convenient means of transaction. The Commonwealth Bank prides itself on supporting its customers so let's hope they're also a listening bank.
Transcript: https://www.malcolmrobertsqld.com.au/what-is-the-role-of-a-bank/
-
1:34:55
DJC GAME STUDIOS
2 hours ago $0.60 earnedThe LuNcHTiMe StReAm - LIVE Retro Gaming with DJC
14.7K -
4:30:22
Planet ShanChan Gaming
5 hours ago $0.34 earnedMinecraft with Maam!
404 -
1:02:17
Sean Unpaved
3 hours agoTemperatures Rising In The NBA; March Madness Breakdown
28.4K2 -
54:38
Ben Shapiro
3 hours agoEp. 2160 - The Case For Derek Chauvin | Episode 1: The Background
72.1K40 -
1:05:16
Timcast
4 hours agoTrump DEMANDS Impeachment Of Judge Who BLOCKED TdA Deportation, Judge Claims EQUAL POWERS To Trump
226K222 -
3:20:40
RawUncutTV
4 hours agoJango A Big Hunt : Monster Hunter Wilds
16.1K -
5:21:52
SoundBoardLord
6 hours agoThe Red Dead Journey Continues (Island Paradise Episode)
36.6K -
2:12:01
Steven Crowder
6 hours agoFrom Hunter Biden's Security to the JFK Files - How the Trump Admin is Exposing Deceit
595K467 -
36:13
Plan â‚¿ Forum
7 days agoChris Pavlovski at Pâ‚¿F El Salvador PODCAST
57.1K3 -
1:58:33
The Charlie Kirk Show
3 hours agoInnovation Over Stagnation + The West vs. Islam | Miles, Sedra, Franklin | 3.18.25
96.8K15