Aussie Post is doing what I suggested, albeit with the wrong partners. I'd proposed they open up their many thousands of retail outlets as distribution channels for smaller regional banks, building societies, and non-bank lenders that do not have the reach of the majors. This would help level the competitive playing field in the origination arena. At this early stage, however, Aussie Post looks to be focussed on firming up its business banking relationship with their CEO, Ahmed Fahour's, alma mater, NAB. To be frank, it does seem like a pretty sensible way to help monetise the existing infrastructure. From Banking Day today:
"Australia Post and NAB draw closer
13 July 2010 6:53am
National Australia Bank will extend its agreement with Australia Post and triple the number of Post retail outlets at which NAB's business banking customers could use the latter’s Bank@Post services.
The Bank@Post service will enable NAB's business banking customers to conduct daily banking at more than 1500 Australia Post retail outlets across the country, including making cash or cheque deposits. NAB already uses Post to accept insurance premiums.
Post will phase in the additional NAB business banking services over 12 months."
