Commonwealth (ASX. CBA) bank has launched a new security access feature that confirms transactions made by each customer. Titled Netcode SMS, the system sends a code instantly to the user’s mobile device each time a transaction is completed. This service is free to all Commonwealth customers. read more..

SUNCORP-METWAY (SUN.AX) reported great news to stake and equity holders as the company’s profits increased just over 100%. The company reported $780 million net income for fiscal year 2009 that ended June 30th, 2010, compared to $348 million from the same time last year. This is the first time net income has increased for Suncorp in the last three years. Meanwhile revenues grew 11% from $14.2 billion last year to $15.7 billion. read more..

For the second time in three months, the technical network associated with ANZ Bank malfunctioned nationwide, causing untold thousands of EFTPOS and credit card transactions to be conducted with pen and paper. read more..

HSBC has announced the appointment of David Walker as its new executive in charge of credit cards management. Mr. Walker joined HSBC in 1995 from NAB and has held multiple management positions, including strategy and operations for global investments, mortgage management, and a regional sales and service position.

Also at this time, Alice Del Vecchio is taking the reins of the mortgage division, having held a similar position with Aussie Group after serving various positions with Westpac. Ms. Del Vecchio has two decades of financial banking and services experience.

Credit cards and mortgages are two sectors of consumer lending HSBC seeks to grow, and Mr. Walker and Ms. Del Vecchio are central elements to the bank’s strategy, said Graham Heunis, head of HSBC Australia’s personal financial services division.

“HSBC’s retail banking strategy is focused on bringing the best of HSBC’s international products and services to the Australian market and establishing main-bank relationships with customers holding multiple products,” said Mr. Heunis. “Credit cards and mortgages are central to this strategy.

He continued, “We are growing our credit cards business in Australia directly, as well as through third-party retail alliances. HSBC’s credit card receivables increased by 18.5% in the first half of 2010, double the rate of the overall credit card market, and we are focused on continuing this growth. Our advantage in this sector comes from the Group’s global experience and scale in credit cards (100 million customers worldwide) which allow us to drive efficiencies through common systems and propositions.”

Mr. Walker’s predecessor in the credit cards management role was Keith Lewis, who will now manage sales and services for the personal financial services division.

Source: http://www.hsbc.com.au

Over the next year and a half, Citibank will add 150 ATM outlets to its existing network through a new partnership with Customers Ltd, an independent ATM operator. This will provide the bank’s clientele with one of the largest fee-free ATM networks in Australia. read more..