Money Minute – May 8 2017 Smart Banking

Smart Banking

Good morning to all. I wonder if the treasurer knows about that hundred thousand dollars, because it would be no tax on that technically,  I would think.

Budget Week

Now listen,  it is budget week and where I’m coming to you from this morning is the Bank of Melbourne Chinatown branch on the corner of Little Bourke and Swanston Street in Melbourne. It is budget week and of course it is going to be a key, but have a look at this it looks more like a hotel lobby than it does a traditional old bank branch.

Now one of the reasons why is technology is changing, this will come out in the budget the economic growth rates are expected to be around 3% for this year. There’s going to be more jobs starting to pick up all that type of thing. That’s because technology is starting to take the place of the mining boom and of course the after-effects of that we are all aware of. The phone and the way in which that is changing technology, we know that automatic teller machine usage is actually going down.

Bank Vault

As  I come down here I want to take you down to show you the internal part of the bank, this is the vault, this is actually Steve Sure who’s the boss of retail at the bank of Melbourne. Show me this Steve, as we get in here. So this is the actual vault, let’s go in.

Come on in,  thank you so much.

Ross: The vault is here , here it is right here, but where’s the door? There’s no vault, where’s the door?

Steve Sure:  It’s all hidden  down the back there Ross, it’s behind it very secure safe, so all you’ve got to do to access your safety deposit box, where you’ve know doubt got your valuables. Pop in your card,  key in your pin number.

Ross: Have a look at that one as we go through, it’s pretty easy it’s not a real PIN number. There it is.

Steve Sure: Now we need your fingerprint.

Ross: Fingerprint goes on there, as we’ve done this before and set it all up.

Steve Sure: It’s also taking a photo of you for extra security.

Ross: Have a look at this, safe deposit box 61 is now being transported. So this safe deposit box is coming from somewhere in the back. People would have seen this before?

Steve Sure: They have, ten years ago. This featured in The Da Vinci Code and the bank of Melbourne is now the first bank in Australia to actually have this installed.

Ross: So it’s a bit like a dry-cleaning turning up in some ways isn’t as it goes round on the lockers so there’s a robot out the back there, picking up my safety deposit box and it’s on the way right now.

Steve Sure: Yes.

Ross: Oh here it is, safe deposit box 61 all of my valuables. So this is you know the modern way in which banking is being done, isn’t?

Steve Sure: Absolutely, clearly technology has changed the way people bank. People still want a place to put their valuables and documents so that they are secure.

Ross:  There is movement here.  Here we go, let’s have a look.

Steve Sure:  Now you’ve also got a key, your security.

Ross: Key for security. Let’s go into that we open up the safety deposit box and we find out what I’ve got inside, which is, gold,  look at that gold. It’s actually not real gold, they wouldn’t trust me with the real stuff so they’ve given me something that’s like that. I’ll tell you what Steve, Karl, Lisa that is the way in which technology and banking is going to work into the future.

Markets

I can tell you the Dow Jones is up 55 points over the weekend Aussie dollar seventy four point four US cents

Source: Today Money Minute/Ross Greenwood

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