Things are changing in the banking world thanks to advances in technology, the need for increased security and demand for customer convenience. Last year, the big banks removed ATM fees. The Reserve Bank, the ACCC and the Banking Royal Commission are also keeping an eye on bank fees, rates, and healthy competition between banks and other financial institutions.

Here, we look at some of the changes you can expect, and what those changes mean to you.

bank change 2018

Towards a paperless economy

The move away from cash and cheques towards a paperless economy has been happening for some time. More and more merchants accept EFTPOS, debit and credit cards, and electronic transfer. Many now also accept tap-and-go payment.

There are costs associated with card transactions, in particular, tap-and-go, and these may be passed on to the customer. Larger merchants may be able to absorb these costs, but smaller merchants are often affected, as they have less bargaining power than larger merchants and are still up for the same flat rates.

The Reserve Bank, though, is looking out for you, to help ensure things work in your favour.

“As the economy shifts away from paper-based payments, it is important that the payments system provides end users with access to low-cost electronic payments,” says Tony Richards, Head of Payments Policy, Reserve Bank.

It’s easy to tap and go, and often we do it without consideration. However, it is worth checking whether surcharges on card payments apply. Large surcharges on tap-and-go transactions have now been banned, but there may still be a small fee for using your card, because it costs merchants more than cash.

It’s also worth checking your bank statements regularly, to make sure you haven’t paid more than you should.


More and more people are using electronic transfers to pay bills and other payees. BSBs and account numbers, though, are notoriously hard to remember. To address this and to improve personal security, BPAY has introduced PayID.

You can create your own PayID, choose your memorable personal ID, such as an email or phone number, and link one bank account. Then, when you are accepting payment from another person or business, you can share your email or phone number, instead of your BSB and account number.

The purpose of PayID is to make payments more convenient and safer. PayIDs are not compulsory, so if you don’t want one, don’t set one up.

New Payment Platform (NPP)

The NPP will be implemented this January to address slow electronic transactions between different banks. Thanks to new technology, payments can be made 24 hours a day, any day of the year, and the money will move into another account within a minute.

More biometric login and device fingerprinting

As electronic transactions increase, and more and more people use internet banking apps, security must also increase. In 2018, expect to see more biometric login and device fingerprinting to protect your personal accounts.

Get in touch with your Smartline Adviser to chat more about what lenders are offering, and the personal security measures they have in place.

Share on:

DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.