Savings accounts info confidentiality 'is at the core of banking'

The confidentiality of customer information – such as their savings accounts details – is central to good banking practices, it has been claimed.

According to the Australian Bankers’ Association (ABA), clients’ privacy is critical to the country’s financial institutions.

This comes in response to recent media reports concerning statements made by senators Nick Xenophon and Steve Fielding over the processing of some information overseas.

According to the Sydney Morning Herald, Mr Xeonophon commissioned a study with the Finance Sector Union that found 91 per cent of people would not want their information dealt with abroad.

However, David Bell, chief executive of the ABA, said: "Confidentiality of customer information is at the core of a successful banking operation.

"The ABA is confident that banks take appropriate measures to protect customer information."

Meanwhile, Commonwealth Bank recently announced that it has made its online banking channel NetBank more transparent and easier for people to view their personal details.

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