BoQ: Online banking makes it easier to compare term deposits

The rise of online banking has made it easier for consumers to compare term deposits and switch between institutions, Bank of Queensland (BoQ) chief financial officer Ewan Cameron has said.

Speaking at an RBS Morgans Institutional Conference, Mr Cameron claimed that online banking has caused a "permanent change" in people's behaviour when it comes to deposits, the Courier-Mail reported.

He commented that while interest rates were the main attracting factor for term deposits, BoQ also planned to use its branch owners to contact online customers and encourage a relationship involving other products.

Meanwhile, the newspaper observed that both BoQ and fellow regional lender Suncorp were keen to insist that their home loan credit criteria remains stable despite recent stories about banks loosening standards.

Earlier this week, Frank Gelber, chief economist at research firm BIS Shrapnel, argued that Australia's strong recovery from the economic downturn will see mortgage rates soar to nine per cent and above over the next three years.

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