Latest news with #ubank
Finextra
11 hours ago
- Business
- Finextra
NAB hires Lloyds' Pete Steel for new digital, data and AI role
Australia's NAB has appointed Lloyds Banking Group's Pete Steel to the newly created role of group executive, digital data and artificial intelligence. 0 Reporting to CEO Andrew Irvine, Steel will lead the bank's digital, data and AI teams and initiatives as well as be accountable for design, customer onboarding and NAB's digital unit ubank. He joins in January, subject to regulatory approvals. Steel is currently managing director, customer experience at British giant Lloyds, overseeing 16,000 people responsible for consumer sales and service, digital, artificial intelligence, personalisation, branches, call centres and advisers. Before that, he founded fintech Expertli and spent 16 years at CBA in executive roles including group chief digital officer. Says Irvine: 'Digital, data and AI are critical enablers for the delivery of our strategic ambition of customer-centricity and now is the right time to have an executive solely accountable and focussed on accelerating our progress in these areas. 'Pete's deep experience in using digital and technology solutions to deliver for customers and driving commercial outcomes will be a valuable addition to my executive leadership team.' Steel's appointment to the new role is another indication of the growing movement among banks to embed AI at the top of their leadership structures. His current employer Lloyds recently hired former AWS executive Dr Rohit Dhawan as director of AI and advanced analytics and added Aritra Chakravarty head of agentic AI and Magdalena Lis as head of 'responsible' AI.
Yahoo
24-03-2025
- Business
- Yahoo
Three major banks deal interest rate blow for Aussies ahead of RBA call
Three of the Big Four banks have cut interest rates for savings customers ahead of the Reserve Bank of Australia's (RBA) meeting next week. Commonwealth Bank (CBA) and Westpac have slashed term deposit rates, while NAB and subsidiary ubank have taken a knife to savings account rates. CBA has cut several of its term deposit specials, with its 6-month, 10-month and 12-month specials cut by 0.10 per cent. The major bank's highest available rate is now its 10-month at 4.50 per cent. Westpac and its brands BankSA and Bank of Melbourne have made a similar move, reducing the rate on their 11-month term deposit special by 0.10 per cent. The new rate is now 4.50 per cent for in-branch customers, or 4.60 per cent for those who apply online. RELATED ANZ, Macquarie Bank slash interest rates ahead of RBA call: 'Have cake and eat it' Centrelink closures and payment changes for millions over Easter and Anzac Day Australians offered fresh $150 energy rebate from July 1 in $1.8b budget promise: 'Hip-pocket relief' NAB has cut its Rewards Saver bonus rate by another 0.10 per cent, bringing the total interest rate down to 4.65 per cent for customers who make at least one deposit and no withdrawals during the month. Subsidiary ubank, who previously offered one of the better bonus interest savings rates on the market, has also cut its popular Save rate by 0.15 per cent to 5.10 per cent for balances up to $100,000, and 0.10 per cent to 4.65 per cent for balances over $100,000. This is the second time the banks have cut their savings rates in the last few weeks, with NAB and ubank passing on the 0.25 per cent rate cut shortly after the RBA's announcement. ANZ also axed the 2.25 per cent introductory bonus on its Online Saver account earlier this month, along with cutting its Progress Saver interest rate by 0.10 per cent. The interest rate cuts come as banks shuffle their fixed home loan interest rates, with ANZ and Macquarie recently cutting rates by up to 0.25 per cent. Mozo's database found the Big Four were not offering the best returns for savers. ING Savings Maximise currently has the best bonus rate at 5.40 per cent for balances up to $100,000. Rabobank has the best introductory rate at 5.45 per cent for four months, before reverting to 4 per cent for balances up to $250,000. Australian Unity has a 4.85 per cent has the top unconditional rate for balances up to $250,000. Mozo money expert Rachel Wastell said interest rates varied "dramatically" between banks, so it was "more important than ever for savers to shop around". 'For savers still with the Big Four, now is the time to compare," she said. "Challenger banks, specialist banks and smaller regional lenders are leading the charge when it comes to deposit rates, and if you want to make the most of your hard-earned money, you shouldn't be settling for less.' The RBA will meet next week to set the cash rate. The central bank is expected to leave the cash rate on hold at 4.1 per cent, after cutting rates in February. CBA, NAB and Westpac's economic teams expect the central bank will cut rates again in May, while ANZ thinks there will only be one more cut in in to access your portfolio
