Excellent feature story on Aussie Post with apparently more intelligence that it is gearing up for an entry into banking:
“And some in the industry say after just a few weeks in the job, Fahour is already taking advice on which direction to drive the group’s financial services business…
Under one of Joye’s proposed models, Australia Post would work with the second tier banks and credit unions to offer mortgages. Alternatively, he says, Australia Post could white label the products of an existing non-bank lender, using the Australia Post brand…
On the deposit side, Joye says Australia Post could offer a deposit-taking capability for non-bank or second tier lenders. “If a bank like Members Equity could raise deposits through 4,000 branches, you are using Australia Post to benefit existing institutions, rather than compete against them. You would be using it to supplement the competitive dynamics that already exist.”
