| The last decade or so has seen a rise in the Australian | | | | bank and its primary responsibility is the monetary |
| economy but it has also seen in a downfall in banking. | | | | policy. Some of the key roles of the RBA include |
| Banking, as we know has become a necessity and | | | | maintaining the stability of the financial system and |
| loans are increasingly becoming a popular means of | | | | enhancing the efficiency and safety of the Australian |
| sufficing an immediate requirement. Banks in Australia | | | | payments system. |
| have always been traditionally focused and some of | | | | These are some of the most popular banking |
| the top banks focusing on fulfilling basic consumer | | | | institutions in Australia. Off late, it has been noticed by |
| requirements of include: | | | | various research groups that Banks are falling way |
| Adelaide Bank | | | | behind in their promises to upkeep customer |
| This bank is a listed publicly and has its head office in | | | | satisfaction and to consistently thrive to offer |
| South Australia. It provides different types of financial | | | | competitive interest rates on their loans. As a result, |
| services through a detailed distribution network and by | | | | more and more people are turning towards newer and |
| forming new national alliances. | | | | non-traditional forms of accessing capital such as |
| AMP Banking Australia | | | | non-bank lenders and now social lending or peer to |
| AMP is one of the leading wealth management | | | | peer lending networks. |
| companies in Australia with an excess of AUD$84 | | | | This phenomenon can be disastrous for banks as has |
| billion in assets. | | | | been experienced by banks in the UK following the |
| ANZ (Australia and New Zealand) Bank | | | | launch of Zopa. Zopa is considered a pioneer in peer |
| ANZ Bank is considered as one of the biggest banking | | | | to peer lending and anyone can take an online loan |
| companies in Australia as well as New Zealand and | | | | from the Zopa borrowing platform. The salient point is |
| was also ranked among the top 50 banks in the world. | | | | that the borrower can set his or her repayment |
| The world headquarters for ANZ is situated in | | | | amount with a maximum interest rate. The interest |
| Melbourne where it started off in the 1830s. | | | | rate is definitely lower than what banks are offering |
| Bank of Queensland (BOQ) | | | | and hence more people are finding it advantageous |
| Bank of Queensland is the second largest | | | | from their point of view. |
| Queensland-based banking and financial institution and | | | | Social lending has landed on the Australian shores with |
| is listed among the top 5 biggest banks in Australia. | | | | Lending Hub au) now being seen in the same light as |
| BankSA | | | | Zopa and Prosper. Of course the funding vehicle is still |
| It was formerly called the Bank of South Australia and | | | | under development but one can safely predict that the |
| today it is one of the largest financial institutions in | | | | social lending networks will start to take lending market |
| South Australia and is also the main provider of | | | | share from the banks. Another aspect that has |
| personal finance, housing and rural banking in the State. | | | | pushed social lending ahead is the fact that it is more |
| Today BankSA is owned by St George Bank. | | | | community oriented, which banks are not (although the |
| Commonwealth Bank of Australia | | | | banks like to portray themselves as being people and |
| The Commonwealth Bank of Australia is one of | | | | community focused they have spent the last 4-5 |
| leading banking and financial institutions, which has | | | | years closing branches and making banking highly |
| positioned itself for future growth and is aiming to | | | | automated and less consumer focused). |
| make banking accessible to all Australians. | | | | According to a recent study in Britain, it has been |
| Macquarie Bank Limited | | | | found that 74% of people feel a positive attitude |
| The Macquarie Bank offers different types of | | | | towards borrowing from a social lending community as |
| investment banking opportunities and also caters to | | | | opposed to borrowing from their own high street |
| selected retail financial service markets as well as | | | | banks. Almost 49% people feel that the banks have |
| commercial banking in Australia. | | | | not been able to keep their promise of offering |
| National Australia Bank | | | | customer satisfaction. Another 81% believe that the |
| The National Australia Bank is an internationally | | | | banks are self-interested while a good 76% believe |
| acclaimed financial services group that has been | | | | that they are greedy. |
| providing comprehensive range of financial services in | | | | All in all these features make banking institutions highly |
| Australia as well as 15 other countries. | | | | unpopular especially now in the light of the |
| RBA - Reserve Bank of Australia | | | | unprecedented growth of social lending communities |
| The Reserve Bank of Australia (RBA) is the central | | | | and peer to peer lending solutions. |