Australian banks have updated their guidelines to ensure customers facing financial hardship can access support with greater ease and compassion.
The Australian Banking Association (ABA) has released an updated industry guideline that outlines best practice for banks in supporting customers during financial difficulty, reinforcing the sector’s commitment to help people when they need it most.
This refreshed guidance builds upon the existing obligations under the Banking Code of Practice, providing a clear framework for banks to follow as they engage with customers experiencing financial stress. The ABA emphasised that the changes are designed to remove barriers for customers seeking help, ensuring they receive care and practical support tailored to their unique circumstances.
Australian Banking Association CEO Anna Bligh said, “When people are doing it tough, the last thing they need is a complicated or stressful process to get help.” She added, “This guideline is about making it easier for customers to reach out and know they’ll be treated with care and compassion.”
Bligh noted that banks are focusing on identifying warning signs of financial stress earlier to have better conversations with customers, with a view to delivering practical, personalised support. “Banks are making it a priority to spot the warning signs early, have better conversations with customers, and offer practical, tailored support that works for each person’s situation,” she said.
The updated guideline signals a proactive approach from the banking industry to reassure customers that help is available without unnecessary hurdles. The ABA encouraged Australians experiencing financial challenges to contact their bank, underlining the industry’s collective effort to provide a safety net during periods of financial strain.
“We want every customer to know, if you’re struggling, your bank is ready to help, you don’t have to tough it out on your own,” Bligh said.
The initiative comes as part of the ABA’s continued efforts to strengthen trust within the financial system, with a focus on practical solutions that prioritise the wellbeing of customers across the country.
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