The Samsung Gear 2 smart watch

Chief Executive of Bendigo subsidiary Community Telco Australia, David Joss, will use his Samsung Gear 2 smart watch to buy an afternoon tea in a transaction directed through another Bendigo innovation, a mobile payment system that also credits customers with reward dollars they can redirect to community projects.

These innovations are part of a quiet technology revolution being driven by a bank perhaps best-known for its 16-year roll-out of locally owned Community Bank branches. While Community Banking itself is innovative and remains unique in the world, the bank’s technology advances put it at the forefront of payments innovation – so much so that Samsung’s vice president of enterprise and small and midsize business (SMB) for Australia, New Zealand and Southeast Asia, Craig Gledhill, recently declared Bendigo to be “at the forefront of payment system developments internationally”.

Little recognised is Bendigo’s achievement in completing the bank/telco/switch triumvirate necessary for success in the rapidly evolving world of digital banking and payments. Bendigo established its wholly owned Community Telco Australia and helped establish and remains a shareholder in payments switch company Strategic Payments Services (SPS). Bendigo has also signed a memorandum of understanding with Samsung to develop mobile payment systems for the Australian market.

Bendigo and Adelaide Bank already has a patent pending for its redy payment system. Launched in June, “redy brings a cutting technology edge to our focus on building communities,” said Bendigo’s Executive Customer Voice, Marnie Baker.

“Our bank is built on responding to customer needs and helping its communities to prosper and here we have a device that does both by enabling customers to donate a percentage of the redy transaction fee to the charity or cause of their choosing.  We are leveraging the power of aggregated micro-payments to help communities source new funding streams via a form of crowd funding.

”redy also acts as an effective ‘shop locally’ initiative, retaining capital in local markets rather than see it leaking into internet sales.”

redy is today being extended to provide the ultimate in consumer convenience with a wearable solution on a Samsung watch.  “We believe that this is the first time that a Bank has released a wearable solution that allows consumers to complete a payment at the point of sale,” Ms Baker said.

Bendigo also recently launched one of Australia’s first small mobile EFTPOS devices for businesses that want to take payments on the go.

Provided in conjunction with Quest Payment Systems and SPS, Bendigo microPay uses new technology that makes accepting card payments more portable and easier for both the business operator and their customers.

Ms Baker said: “Bendigo microPay is a pocket-sized, lightweight payment card reader that connects to any network, giving business owners more freedom and connectivity than ever before.”

“This is a great tool for market stall-holders, tradesmen or other mobile businesses, as they’ll be able to receive payments on the spot while offering their customers greater convenience.”

Bendigo Bank’s customers will also see a bespoke mobile electronic banking platform launch in September. “Mobile is our quickest growing device for accessing electronic banking services, so we went out and asked our customers what it should include and what it should look like,” Ms Baker said. “The first release includes their feedback and we plan regular releases based on user experience and continued feedback from our customers.”

Ms Baker said Bendigo and Adelaide Bank was “acutely aware” of the changing banking landscape and the need to remain relevant.

“We are coming off a great technology base. We are running a really smart customer relationship management system which provides us with a single view of our customers’ holdings and their relationship with the Bank.

“And as is evident from the likes of redy and Bendigo Micropay, our unique stable of assets is enabling us to innovate and leap ahead of the pack in some instances – usually through partnering with smart technology companies like Samsung and Community Telco.

“These innovations are all part of our strategy to be a good bank but to be bigger than that in ways that surprise and hopefully delight people.”

The smart watch transaction

The transaction will be performed at Bendigo business and redy merchant, The Wholesome Bean.

Ms Baker said: “We believe that we are the first Bank to launch a wearable payments solution that fully completes a transaction.

“We have been able to do this because of the unique way that we have developed the redy payment solution using QR codes at the point of sale.”

Redy passes no identifying information from consumer to merchant at the point of sale. The consumer opens the app. The merchant creates a QR code offering the item for the agreed price and the offer is sent to the redy server. The consumer scans the code and their phone tells the server the offer is accepted. The server matches the two pieces of information and completes the transaction. This protects the consumer’s identity because the merchant has not captured any personal information about them. It is also highly secure.

David Joss said: “just as mobile phones are becoming more commonplace as payment devices, there is little doubt that wearable technology is the next extension of the customer’s mobility experience.

“Although only released for the Samsung Gear 2 at this stage, we will continue to develop for wearable technologies as they continue to enter the market.

“We have an extensive roadmap of developments that will be released through redy over time.”

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Young Australians awarded more than $1 million worth of scholarships.

Young Australians have shared in more than $1 million worth of scholarships thanks to Bendigo and Adelaide Bank and its program partners.

This year the Bank has handed out more than 170 scholarships, to first and second year students.

The program has been made possible thanks to support from the Bank’s Community Bank® network, and its educational partners La Trobe University and  University of Melbourne.

This makes the program one of the largest privately funded scholarships in Australia, with more than $2.5 million handed out to 260 students since its inception.

Bendigo and Adelaide Bank Chairman Robert Johanson said he did not imagine how far the program would grow when he launched it in 2007 with just one scholarship.

Mr Johanson said this year’s recipients came from every corner of the nation, from a
remote cattle station in central Queensland, to the southern tip of Tasmania.

“For many young people in rural and regional areas, this financial support is the difference between whether they can attend university or have to miss out,” Mr Johanson said.

“We want to make sure these gifted students have the opportunity to fulfil their potential no matter the difficulties they have faced.

“Each of this year’s recipients has overcome a range of obstacles including drought,illness, disability, poverty, war and violence, but none have let that get in the way of achieving their academic dreams.

“They are all a testament to the power of hard work in the face of adversity, of never giving up.”

For 19-year-old Laura Auberson, of Orange NSW, winning the Bendigo and Adelaide Bank 2014 Scholarship means she will be the first person in her family to attend university.

Laura said that living in a rural town meant a costly relocation was the only option to access the best in tertiary education, and coming from a single-parent family, money was tight.

Thanks to the scholarship Laura will be able to study law at University of Adelaide, as well as continue her violin studies at the prestigious Elders Conservatorium, without unneeded financial stress.

“I can’t wait to experience university life, gain new skills, and make new friends,” Laura said.

“The Bendigo and Adelaide Bank scholarship means I can concentrate on reaching
my academic goals and making my family proud.”

Recipients of the Bendigo and Adelaide Bank 2014 Scholarship include:

• Najibullah Hashimi – Castlemaine, Victoria
• Vanessa Forsythe – Gladstone, Queensland
• Hadia Elahi – Swan Hill, Victoria
• Hilary Wood – Blackall, Queensland
• Jae-Marie Jaensch – Nuriootpa, South Australia
• Gaby Bolton – Inverleigh, Victoria
• Alicia Giles – Bendigo, Victoria
• Eva Duck – Gympie, Queensland
• Jeannie Harris – Upper Castra, Tasmania
• Charles Kellock – Eagle Point, Victoria
• Jasmine Brauman – Davistown, New South Wales
• Rebekah Dolan – Terranora, New South Wales
• Laura Auberson – Orange, New South Wales
• Kate Donovan – Atherton, Queensland
• Daniel Lee – Blackmans Bay, Tasmania
• Riziki Kickombe – Bendigo, Victoria

Click here for a full list of scholarship recipients, visit

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More than 100 scholarships will be awarded as part of the 2013 program – both to first year undergraduates as well as those second year students who received first year scholarship support in 2012.

“The program has grown immensely since its launch in 2007, especially in the past two years with the Bank’s corporate scholarships now joined by those offered by our supporting Community Bank® branches,” Chairman Robert Johanson said.

“This year the program supported 71 students to pursue their academic dreams and the program continues to grow which is good news for those students who face challenges in pursuing tertiary studies.”

In 2007 the corporate scholarship was launched to provide some financial support to disadvantaged, yet academically outstanding students living in rural and regional Australia who need to move away from home to commence their university studies.

Since then, the program has grown to include scholarships funded by supporting Community Bank® branches which are designed to support local students from their district.

Whilst the bulk of the scholarship program focuses on students from rural and regional locations, several metropolitan Community Bank® branches are also assisting local students from their district.

Mr Johanson said the program’s rapid expansion clearly demonstrates the wider Bank’s commitment to building stronger communities.

“The recent tough economic times as well as challenging family circumstances can have a significant impact on a young person’s ability to continue their education. The additional costs of living away from home prevent many people taking up their opportunities. We believe in helping build the capacity of communities and there’s no better way than supporting young people to pursue their dreams,” he said.

“Thanks to our ongoing partnership with Community Bank® branches, together we are supporting even more students to follow their academic dreams and maybe one day use their skills and knowledge to benefit their local community.

The corporate Bendigo and Adelaide Bank Scholarship supports outstanding students from rural and regional areas who need to move away from home to further their studies. Scholarships offered by participating Community Bank® branches aim to support local students with study-related costs.

Successful applicants initially receive funding for one year and, depending on academic performance, the scholarship may be renewed to support their second year of study.

A range of inspiring young people were recognised this year for their scholastic efforts including Tom Diaz, of Lamplough, in country Victoria. Tom has now completed his first year of an Arts degree at Melbourne University, whilst commuting each day from central Victoria so he could also continue to help on his family’s farm on weekends.

Another inspiring story is Ram Khanal, a Bhutanese refugee from Lavington, New South Wales who is studying Medical Science at the Australian National University in Canberra. Despite the challenges, with diligence and commitment to his studies together with tremendous support from his secondary school and family, Ram achieved wonderful academic results which made him an ideal candidate for his scholarship.

“Each of the 71 students awarded in 2012 had an inspiring story and this year we are pleased to be able to offer more students from more locations the opportunity to follow their dreams and to enter university,” Mr Johanson said.

Applications for the 2013 program will close on Friday 25 January 2013.

For more information about the 2013 Bendigo and Adelaide Bank Scholarship, click here.

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The new arrangement will see Bendigo and Adelaide Bank become the exclusive sponsor of REIA’s two flagship market data and analysis publications, Real Estate Market Facts and the Housing Affordability Report.

REIA CEO, Ms Amanda Lynch has described the new partnership as a perfect match and says it demonstrates a wonderful commitment to the real estate industry by the bank.

“Support like this is critical to enable us to do the number-crunching work our members expect of us. We’re very excited to have such a respected partner on board to ensure the continuation of these important publications,” Ms Lynch said.

Executive, Bendigo Wealth, Mr John Billington is equally enthusiastic about the new relationship and says involvement in the production of Australia’s most authoritative sources of real estate analysis will also result in tangible benefits for banking customers and the bank’s business partners such as mortgage brokers and independent financial planners.

“Nobody understands the real estate industry like the Institute and its members and this partnership will help give us additional insights that we can use for the benefit of customers,” Mr Billington said.

General Manager, Third Party Lending at Adelaide Bank, Damian Percy, said “Given the bank’s involvement in assisting people into housing for more than 100 years, we are particularly pleased to be able to support the quarterly Housing Affordability Report. The Housing Affordability Report is an important publication and a pertinent reminder that housing is more than an asset class. Appropriate and affordable housing underpins stable and successful communities. We forget that at our peril,” Mr Percy concluded.

The June quarter editions of Real Estate Market Facts and the Housing Affordability Report will be the first releases under the new partnership agreement and will be available through the www.reia.com.au website in early September.

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BOCAL is a bank focused on the Greek and Cypriot communities through a network of 14 branches based in New South Wales, Victoria and South Australia with interest bearing assets of A$1.4 billion. BOCAL is the largest Hellenic bank in Australia with a strong track record of growth driven by successful community engagement and customer satisfaction.

Bendigo and Adelaide Bank Chairman, Robert Johanson, said the purchase of BOCAL provided a strategically complementary addition to the broader BEN network.

“The business aligns closely with the cultural and strategic values of BEN, and its performance is a reflection of high customer advocacy and an excellent track record of direct community engagement,” Mr Johanson said.

Bendigo and Adelaide Bank Group Managing Director, Mike Hirst, said there were good growth opportunities for the business through access to BEN’s broader product offering, further targeted branch expansion, and the removal of growth constraints currently being imposed on the business.

“BOCAL is an attractive business with a strong capital and liquidity position,” Mr Hirst said.

“It is predominantly funded by retail deposits, maintains a conservative risk profile with 99pc of the loan book secured against property, and has an excellent credit history. BEN is confident that there is significant scope to improve the earnings of the business through funding and operational synergies.”

Equity raising
BEN is undertaking a fully underwritten A$120m share placement to selected institutional investors at a price of A$8.45 per share. In addition, retail shareholders will have the opportunity to participate in a non-underwritten share purchase plan (SPP) early in 2012. The proceeds from the capital raising will support the acquisition funding.

“The proceeds of the raising will strengthen BEN’s capital base and provide us with flexibility to grow, particularly with the benefit of our improved credit rating,” Mr Hirst said in reference to S&P’s upgrade of BEN’s long-term credit rating from BBB+ to A- on 6 December 2011. Now all global credit rating agencies have assigned BEN with a long term issuer rating of at least an equivalent ‘A-‘ rating.

Trading in BEN shares on the ASX will be halted for one day while the share placement is being undertaken. Trading is expected to recommence on Monday, 19 December 2011 following the announcement of the outcome of the share placement. The placement shares will rank equally with all existing fully paid ordinary shares in the capital of BEN.

Following the institutional placement, BEN will offer eligible shareholders the opportunity to participate in a non-underwritten SPP. The SPP will provide eligible ordinary shareholders (being those persons registered as ordinary shareholders as at 7pm (EDST) on 15 December 2011 who reside in Australia or New Zealand) with the opportunity to subscribe for new BEN ordinary shares. Further details of the SPP will be provided to eligible shareholders in due course.

If the acquisition of BOCAL does not proceed, the proceeds from the equity raising will be used to strengthen BEN’s capital base, and provide it with increased flexibility for future growth.

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S&P’s decision to raise the bank’s long-term rating from BBB+ to A– means the bank is now rated ‘A’ by all three of the world’s leading credit rating agencies.

Moody’s ‘A’ rating predates the merger of Bendigo and Adelaide banks. Fitch upgraded the bank in May 2011. The S&P upgrade has also been applied to BEN’s wholly owned subsidiary Rural Bank, which gains an ‘A–‘ rating with a stable outlook.

In welcoming S&P’s announcement, BEN’s managing director Mike Hirst noted that few banks in the world were being upgraded in the current difficult economic environment.

“That brings added lustre to our achievement, but it sounds a note of caution at the same time.

“We are obviously pleased to deliver on our stated aim to achieve an A rating from all credit agencies, but we are under no illusions about just how tough the economic environment is.

“Maintaining our hard-won position will require continued focus.”

Mr Hirst said BEN had identified two years ago the need to achieve an A rating in order to open up new funding markets.

“Funding is obviously challenging all banks globally, but the upgrade will certainly enable us to access funding otherwise denied to us.

“Importantly, it will also enable us to service supporters who were precluded from banking with us because we were not A rated.

“One thing it will not do, though, is change our fundamental approach to risk and management. Retail funding remains our key focus because of the strong relationships it brings with our customers, partners and communities. Their support and advocacy is a key to our continued success.”

Bendigo and Adelaide Bank has 1.4 million customers and more than $50 billion in assets held by its diversified businesses.

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Every account opened will use the Adelaide Bank Cash Management Account (CMA), unless an alternative is selected, when The Emerald Wrap launches in March 2012.

The Emerald Investment, Super and Pension Wrap will offer a wide range of responsible and ethical investment alternatives, all provided within a consolidated administration service.  The platform is being deployed via a partnership with Powerwrap, a Melbourne-based, independent, platform operator.

Justin Medcalf, co-founder of distributor, The Emerald Club, said that he and other financial advisers focused on the responsible and ethical investment industry have formed the Ethical Advisers Co-op to further promote the industry.  One of the Co-op’s most important initiatives was to create greater buying power and increase the appeal of being an Ethical Adviser. Hence Medcalf and co-founder, Tim Xirakis, created an RI platform service, designed in partnership with some of the co-op advisers for the ultimate benefit of current and future clients.

“Until now, most advisers offering responsible and ethical investments have had little choice but to use platforms designed by larger institutions, with little to no influence on investment menu and other platform features. This meant that in most cases advisers where unable to access the best of the best RI funds and were forced to use an unsuitable banking option,” Mr Medcalf said.

The new investment platform will provide access to managed funds and SMA model portfolios that have been certified by industry association, the Responsible Investment Association of Australasia and with a maximum administration fee of 0.428% for investment and 0.574% for super and pension, The Emerald Wrap is an attractive option for not only existing ethical advisers, but also those advisers looking to offer RI for the first time.

Diego Del Rosso, Senior Manager – Strategic Partners and Alliances at Bendigo Wealth, said he was pleased that The Emerald Wrap had chosen Adelaide Bank’s CMA.

“Australian investors and financial advisers are increasingly seeking to make investment decisions that take account of wider societal implications, rather than just investment returns.  By bringing responsible and ethical investment funds together in the one place, the new Ethical Investment Platform will support and encourage this trend.”

“Bendigo and Adelaide Bank is pleased to have been recognised by The Emerald Wrap as truly ‘walking the talk’ in terms of both our operations and offerings to customers and partners.   From the design of our headquarters through to the range of green products and the social dividend returned via our Community Bank model, this new partnership is a natural fit,” Mr Del Rosso concluded.

In addition to offering close to 25 RI funds and over 200 traditional managed funds, the platform will also offer managed models of equities using Powerwrap’s SMA functionality, thereby giving advisers and their clients greater transparency.

“Ethical investors do want to see the underlying shares that they are invested in.  It gives them added confidence as to the positive contribution they are making by only investing in those companies that are assessed as being responsible and ethical,” Mr Medcalf said.

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