Australia's Big Four banks amongst the worlds top spenders on R&D
Three of Australia's Big Four banks have been ranked amongst the worlds 1500 biggest spenders on R&D, in their attempt to improve technologies for business accounts and personal banking, reports itnews.com.au
The top spender on research and development of the Australians banks was ANZ who came in at number 203 on the European Commission's list of the top R&D spenders across the globe, spending over $588.1 million on research and development.
The National Australia Bank were noted for doubling their R&D expenditure to $478.6 million in 2012. "Our plan is to have relationships with business where R&D is more crucial to their own business model, particulerly in the technology sense," said NAB spokesman Dan Holland
Australia's banks are supported by the Federal Government's R&D tax incentive, that offers a 40 percent offset for R&D investment, says itnews.com.au. However, Australia's banks were placed well behind their European counterparts, Spain's Banco Santander topping $1.79 billion and the Royal Bank of Scotland investing $1.58 billion in R&D, and that's despite the RBS's 27.6 percent decline in growth.
User friendly, online, 24/7 banking is now the norm expected by many Australian businesses and increased competition amongst the Big Four means that customers will be the winners, with improved services and features on their business banking accounts.
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