Commonwealth Bank has handed itself an early Christmas present that could potentially shield it against expensive compensation claims from business customers who suffer financial losses during banking outages.
Commonwealth Bank’s award-winning banking platforms suffered a monster outage on Monday after attempts to upgrade the company’s mobile app at the weekend appeared to trigger a meltdown across its retail network.
Consumers are falling back on credit cards and buy now pay later accounts to meet cash flow needs but credit card debt levels remain well below pre-COVID levels, according to new research.