Macquarie bank adopts tailored approach to digital development

Peter Terlato 2 September 2016

business banking mobile technology

Finding inspiration beyond financial services to improve products.

Macquarie Banking and Financial Services Group has transformed its online and mobile services, creating a more customised and intuitive banking environment that offers greater flexibility and versatility for customers.

The bank's new personalised digital environment pairs the latest technology with a full range of products including transaction accounts, savings accounts, credit cards and home loans.

Customers can tag and track transactions, keep archived records by uploading receipts and warranties, budget better by setting saving and spending goals, automatically collate spending through machine learning technology and utilise search-how-you-speak technology.

The bank's accounts have been upgraded to include everyday benefits such as no monthly fees, refunded ATM fees in Australia, no fees on international purchases and a 50c rebate on in-store cash withdrawals over $100.

Macquarie debit and credit accounts can also be linked to Android Pay, allowing customers to make contactless payments through their smartphone on purchases up to $100.

"We set out to provide customers with tools to manage their money that look and feel more like social media sites, search engines and video or music streaming services," Macquarie's head of personal banking Ben Perham says.

"We see our competition as the last app a customer used. That’s the bar we’ve set ourselves in terms of customer experience."

Macquarie Bank has only a small network of branches in Australia but many financial institutions are actively reducing the number of bricks-and-mortar branches they operate, owing to the significant advancement of online money management.

Macquarie's decision to embody a more personalised approach to banking goes against decades old services and fee structures of the traditional global banking system.

The financial technology industry is gaining traction down under, stirring interest both at home and abroad.

Despite tough market conditions and a global drop in investments, Australia has been praised as a forward-thinking, cultivator of venture-capital (VC) backed fintech startups.

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