Banking

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The Reserve Bank of Australia has made its first call on the official cash rate for this financial year.

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Following much debate about when the RBA would exit its easing policies, the central bank has held the cash rate at a record-low 0.1 of a percentage point for another month.

Speculation is running wild about interest rates rising before the RBA’s long-time ‘deadline’ of 2024, and the RBA appears to be inching into that debate.

Towards the end of last month, RBA assistant governor for economics Luci Ellis reiterated the central bank’s position of “supporting monetary conditions”, noting that the pandemic is not over and that Australia still has a long way to go to achieve an inflation rate of 2-3 per cent.

Commenting on the bank’s latest decision, Harley Dale, chief economist at CreditorWatch, said that it’s “no surprise to anybody”.

Stressing the importance of “not getting ahead of ourselves”, Mr Dale advised against speculation over the future of the economy.

“Right now, nobody knows when circumstances will become appropriate for interest rates to rise and that includes the RBA itself,” Mr Dale said.

“The June 2021 RBA Credit Aggregates and the May results for the CreditorWatch monthly Business Risk Review are just two of many examples of how Australia’s recovery lacks the breadth and depth we require.

“There are holes in the ‘how good are we doing’ headlines, and that includes a sharemarket that is more vulnerable than seems to be the focus that it deserves,” he added.

After conceding last month that the RBA’s conditions for a rate hike are still far from being met, AMP Capital’s Shane Oliver reiterated there is still a way to go to reach wage growth of above 3 per cent and target-zone inflation, particularly with coronavirus still causing periodic problems.

“That said, we expect the conditions for a rate hike to be in place by 2023 so anticipate a 2023 rate hike, ahead of the RBA’s own expectations for no rate hike until 2024 at the earliest,” he added.

However, leading banks disagree with the current time frame set out by the central bank, with many confident the conditions to change monetary policy will be met sooner. 

Last month, both Westpac and Commonwealth bank detailed rate hike predictions, with the latter foreseeing a rate lift as soon as November 2022.

CBA’s head of Australian economics, Gareth Aird, explained that the big four bank’s predictions have been at odds with the RBA’s “2024 at the earliest” forward guidance for months.

“Our message has been consistent and unswerving: the labour market will tighten quickly, and this means that wages and inflation will lift, particularly because the supply of labour is constrained,” Mr Aird said.

Similarly, Westpac opined “game-changing” employment figures will see the RBA lift the official cash rate by as much as 0.75 per cent by the end of 2023, starting with a 15 basis points increase in the first quarter.

“We now expect that the RBA will assess that it has achieved the conditions necessary for the first interest rate hike by the first quarter of 2023,” Westpac’s chief economist, Bill Evans, said at the time.

Researchers, on the other hand, are less confident, with BIS Oxford Economics’ Sean Langcake opining on Tuesday that the wage pressures aren’t quite there yet.

“The labour market continues to outperform expectations, and has weathered the withdrawal of JobKeeper well. But we are still some time from seeing broad-based wage pressures emerge,” Mr Langcake said.

And while the speculations forecasts continue at home, the bank of banks – the Bank for International Settlements (BIS) – issued a warning to its banking peers last month, noting that the rapid rise in house prices across the world, including in Australia, poses serious challenges to recovery.

Judging that “some central banks may have little choice but to tighten”, the BIS warned that postponing normalisation beyond a certain point may actually harm the economy.

“Keeping monetary policy accommodative to support fiscal consolidation could encourage a further build-up of financial imbalances in the private sector,” the BIS said.

“Given the exceptionally low service burdens, it could also induce further increases in government debt. In both cases, the economy’s sensitivity to higher interest rates would rise.”

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-07-06 04:28:00" ["slug"]=> string(52) "17023:rba-makes-cash-rate-call-amid-wild-speculation" ["parent_slug"]=> string(16) "271:borrow-money" ["catslug"]=> string(11) "275:banking" ["event"]=> object(stdClass)#6160 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(307) "

The Reserve Bank of Australia has made its first call on the official cash rate for this financial year.

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Aussies lodged over 70,000 complains against banks, insurers, super funds, investment firms and financial advisers over the past 12 months, securing as much as $240 million in compensation and refunds.

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Australians lodged 70,510 complaints with the Australian Financial Complaints Authority (AFCA) over the past year, securing over $240 million in compensation and refunds as well as outcomes such as fee waivers, debt forgiveness and apologies.

In addition, AFCA’s investigations into a range of systemic issues resulted in remediation payments to consumers totalling nearly $32 million in the past financial year. 

The most complained-about product in 2020-21 was credit cards, accounting for 14 per cent of all complains, followed by home loans (9 per cent) and personal transaction accounts (8 per cent). With credit cards, the most common issues were default listings and unauthorised transactions – the latter accounting for 11 per cent of card complaints.  

“Significantly, complaints involving financial difficulty were down nearly 40 per cent from the numbers we saw the previous year,” AFCA’s chief ombudsman, David Locke, said.

“That’s a great outcome and reflects the positive response from government and industry to the impact of COVID.”

However, it’s too early to say “we’re out of the woods”, Mr Locke noted.

“It may be some months before we know the full impact of the end of government emergency support and assistance from financial firms such as deferred loan repayments. And, of course, we are still living with COVID-19,” he cautioned.

Overall, complaints were down 12 per cent on 2019-20, a year that included the initial months of the COVID-19 pandemic and a spike in complaints in areas such as travel insurance. 

In 2020-21, there were 8,303 COVID-related complaints, up from 5,013 in just four months at the end of 2019-20 after the pandemic was officially declared. That translates to an average of 692 a month in 2020-21, down sharply from an average of 1,253 a month from March through June 2020. 

The AFCA data for 2020-21 also shows travel insurance complaints down 22 per cent, as Australians stayed at home, and superannuation complaints down 31 per cent, after a jump the prior year when the government allowed the early release of super at the start of COVID.

On the other hand, complaints related to personal transaction accounts rose 48 per cent, with unauthorised transactions accounting for 29 per cent of those complaints. Also, complaints about electronic banking increased 76 per cent, with unauthorised transactions accounting for 28 per cent of those complaints, and mistaken internet payments accounting for a further 19 per cent. 

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Aussies lodged over 70,000 complains against banks, insurers, super funds, investment firms and financial advisers over the past 12 months, securing as much as $240 million in compensation and refunds.

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Tens of thousands Australians are set to receive a combined $87 million as a big four bank begins remediation action over failing to notify customers of investing opportunities between 2005 and 2019.

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Westpac said it will remediate customers whose financial advisers may have failed to notify them of corporate actions between 2005 and 2019.

According to ASIC the corporate actions that may have failed to be communicated include buy backs, renounceable and non-renounceable rights issues, share purchase plans and takeovers.

“Westpac’s failure to notify customers of corporate actions means customers may have missed out on various opportunities,” a statement released by ASIC on Friday reads.

“These include purchasing additional shares often at a discount to the market price, the creation of temporary rights or options that can be sold for a profit, and the ability to sell shares and receive a benefit that can be tax advantageous depending on the shareholder’s circumstances.

“Westpac’s remediation covers an estimated 328,000 potential missed corporate action notifications impacting approximately 32,000 customer accounts. This is a complex remediation due to the various types of corporate actions involved.”

Westpac said it aims to compensate most of the affected customers by the end of the year.

“Compensating customers affected by misconduct is a very important part of licensees’ obligations to act fairly, honestly and efficiently. We are pleased to see that Westpac has taken action to remediate affected customers regardless of how much time has passed," ASIC commissioner Danielle Press said.

“We encourage affected customers to engage with the communications from Westpac to understand how they were impacted and to seek further information from Westpac if required.” 

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Tens of thousands Australians are set to receive a combined $87 million as a big four bank begins remediation action over failing to notify customers of investing opportunities between 2005 and 2019.

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The big four banks are offering retail and business customers support as NSW battles through a second lockdown. 

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Australia’s major four lenders have each come out with support for NSW customers who have been negatively impacted by the COVID-19 pandemic. 

NSW Premier Gladys Berejiklian announced a two-week lockdown for Greater Sydney, the Central Coast, Blue Mountains and Wollongong from 6pm on Saturday, 26 June, until midnight on Friday, 9 July.

According to the state's Premier, the restrictions or lockdown measures mean there are only four reasons residents can leave their home including shopping for food or other essential goods and services; medical care or compassionate needs, including getting vaccinated; exercise outdoors, in groups less than 10; and essential work or education, where they cannot work or study at home.

Having an obvious impact on businesses and consumers' livelihoods, the banks were quick to reach out to their customers. 

As New South Wales enters a period of tougher COVID-19 restrictions, NAB group executive, Andrew Irvine, said the bank remains ready to support customers who need help.

“Throughout the pandemic we’ve been there to support customers and our bankers are ready and willing to help any businesses and individuals who need assistance," Mr Irvine said.

Here’s what your bank is offering:

Commonwealth Bank

Australia’s largest bank has announced it is offering retail and business customers impacted by the latest lockdown in New South Wales access to a raft of support and assistance measures. 

CBA’s CEO Matt Comyn said he wanted to assure CBA customers who need assistance that the bank has put measures in place to offer support, including short-term repayment deferrals.  

“We know this lockdown will have an impact on the Sydney-based business community and we’ve been speaking to our customers to understand if they need assistance. Our business customers have demonstrated great resilience throughout the pandemic and we’re committed to doing what we can to help them through this lockdown period and beyond,” he explained.

Business customer support

• Repayment deferrals on asset finance and eligible business loans;
• A refund of merchant terminal fees for up to 90 days for eligible customers;
• A waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for eligible customers;
• Specialised tailored support for larger business customers; and
• CBA loans provided through the Federal Government-backed SME Loan Recovery Scheme. This offers eligible businesses loans up to $5 million with variable interest rates from as low as 2.6 per cent p.a. for secured loans, and from 2.85 per cent p.a. for secured loans with a repayment holiday from 12 months. Unsecured loans are available with rates from 3.25 per cent p.a., and from 3.75 per cent p.a. with a repayment holiday from 12 months.

Retail customer support 

• Accessing money you may have available in redraw in your eligible loan;
• Restructuring your home loan debt;
• Switching to a Fixed Rate home loan;
• Reducing your repayments to the minimum monthly repayment amount; and
• Using money in your Everyday Offset (if available to you).
• CBA has also introduced a freeze on forced sales until September 2021 this year for eligible customers impacted by the COVID-19 pandemic who are struggling with repayments.

Westpac

Westpac has outlined the support measures available to help business and consumer customers impacted by the latest COVID-19 restrictions in Sydney.

Customers in need of financial assistance can access the bank's dedicated support team who will tailor assistance to suit the customer’s circumstances.

“We want our customers to know we are here to support them through this period. Westpac offers a range of options tailored to suit the customer’s individual circumstances, including reduced or deferred repayments and low interest rate loans,” said Chris de Bruin, Westpac Chief Executive Consumer & Business Banking.

Business customers

• Case management support for our small business customers experiencing financial difficulty.
• Reduced or deferred repayments on asset and equipment finance and eligible business loans.
• Business loan restructuring with no fees incurred.
• Referrals to financial counsellors or other support services.
• Eligible customers may be able to access low interest rate business loans through the Federal Government’s SME Recovery Loan Scheme.

Consumer customers

• Credit card repayment and interest rate reductions for a period of time.
• Home or personal loan repayment deferrals or reductions, interest rate reductions and loan term extensions.
• Fee waivers across a range of products.
• Restructuring of debt.
• Referrals to financial counsellors or other support services.

NAB

The National Australia Bank highlighted how the COVID-19 pandemic is impacting every business person and consumer differently.

“Our bankers will work with customers to understand their individual situation, the pressures they’re under and how we can then tailor support specifically for them,” Mr Irvine said.

“Our bankers are experienced and well versed with helping step customers through things and be able to put in place solutions to help.”

Business customers 

• Restructuring of business facilities along with reduced or waived applications fees;
• Deferral of principal payments across multiple product options;
• Waiving costs and charges for withdrawing term deposits early giving customers quick access to cashflow;
• Credit card and personal loan relief;
• Professional wellbeing support.

Consumer customers 

• Providing a temporary reduced payment arrangement;
• Giving a temporary payment break;
• Where appropriate, restructuring a home loan or consolidating debt to suit different situations;
• Wellbeing and financial counselling support. 

ANZ

ANZ has also announced an extended support package for small business and home loan customers affected by the latest COVID-19 lockdown in New South Wales.

While not providing media a list of all the ways the bank will help,  ANZ has announced it is extending support for retail customers who apply with measures including short-term payment relief, waiving fees, restructuring home loan debt or switching to a fixed rate loan. 

Business customers can also access short-term payment relief on asset finance or business loans, receive a refund on merchant terminal fees and have some other fees waived. 

ANZ’s Group Executive Australia Retail and Commercial Banking, Mark Hand said the bank knows this lockdown will have a big impact on our customers in and around Sydney.

"Like the lockdowns we’ve seen in other states, we know it can be some time before the real effects are felt by families and businesses.

“We want our customers to know there is help available if they need it in this difficult time. Our teams are standing ready to assist and will work with customers to understand their specific needs and help tailor individual solutions,” Mr Hand concluded.

The bank urged customers who need further details to visit their website. 

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The big four banks are offering retail and business customers support as NSW battles through a second lockdown. 

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Game-changing employment figures and the strength of the momentum in the Australian economy will influence an interest rate rise prior to 2024, a big four bank has said.

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In its latest economic note, Westpac expressed its confidence in Australia’s economic momentum, which has yielded “game-changing” employment figures, with all signs said to be pointing to an official cash rate rise to as much as 0.75 per cent by the end of 2023.

According to the bank’s chief economist, Bill Evans, the strong economy will outweigh the RBA’s current lower for longer sentiment, pushing an official rate rise well ahead of the bank’s schedule.

“We now expect that the RBA will assess that it has achieved the conditions necessary for the first interest rate hike by the first quarter of 2023,” he explained.

In fact, Westpac believes three rate rises will occur prior to the end of 2023 – an increase of 15 basis points in Q1, to be followed by a further 25-basis-point lift in Q2, and a final 25-basis-point hike in Q4.

Mr Evans said the bank’s expectations are very much centred on the “very strong labour market”, with the RBA previously expressing its desire to see unemployment reach between 4 to 4.5 per cent before it considers a rate lift.

“The May employment report is a major ‘game changer’ for policy. It underscores the strength of momentum in the economy and endorses the range of other measures pointing to a very strong labour market,” he explained.

“The recovery is now clearly into a self-sustaining upswing, and the need for emergency stimulus policies has eased significantly.”

The chief economist was quick to highlight that the jobless rate is expected to keep subsiding, as the economy enters a self-sustaining upswing. 

“With the starting point for the unemployment rate now at 5.1 per cent, rather than the 5.5 per cent we had previously expected for May 2021, we now forecast that the unemployment rate will reach 4.0 per cent by June 2022 and will drift down through the second half of 2022 to reach 3.8 per cent by year’s end,” he continued. 

Mr Evans added, “Reaching full employment much earlier than previously expected points to upward pressure on both inflation and wages growth. We now expect underlying inflation to reach 2.25 per cent and wages growth to reach 2.75 per cent by December 2022.”

Noting that while not all of the RBA’s previous preconditions will be met by 2023, Mr Evans opined that the “sustainably above 3 per cent” wage growth condition, which had been used as a guideline in some of the governor’s speeches, is no longer a requirement. 

On the contrary, Mr Evans believes the key conditions for raising rates are “actual inflation is sustainably within the 2-3 per cent target range” and “return to full employment”, both of which Westpac expects to be met by end 2022.

“We think there may be some flexibility around the 3 per cent wages growth condition,” the economist concluded. 

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Game-changing employment figures and the strength of the momentum in the Australian economy will influence an interest rate rise prior to 2024, a big four bank has said.

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As the fintech space matures, more and more customers are willing to break away from the major banks in favour of digital-only banking. 

Write comment (0 Comments) " ["fulltext"]=> string(3513) "

With online banking becoming the norm for many Australian consumers, traditional banks are at risk of losing customers to more digitally native rivals.

According to new research by the deVere group, 59 per cent of Millennials surveyed said they only ever use (or are planning to switch to) exclusively digital banking services.

deVere Group CEO Nigel Green said that the shift away from traditional banks “is more bad news for traditional banks, which seem to have been in a perpetual game of ‘catch-up’ in recent years amid evolving customer expectations, regulatory requirements and tech advances.”

“The poll’s findings are a big deal for old-school banks.”

Mr Green expects that this trend will only accelerate as an estimated $68 trillion in wealth is to be passed down from the Baby Boomers to their children over the next few decades.

“Mobile-first Millennials expect easy, immediate access and control of their finances in the palm of their hand. They demand to be able to transfer money and pay bills in one tap or swipe. They want to be able to review their spending habits, be offered guidance, and have real-time access,” said Mr Green.

“In most cases, ‘too big to fail’ traditional banks are struggling to keep pace with the tech innovations that are now driving shifting customer expectations. Legacy technologies and clunky business models are presenting considerable transformation challenges.”

deVere’s comments come only months after a survey by analytics software firm FICO found that 70 per cent of Australian consumers preferred to engage with their bank during financial hardship via digital channels rather than the alternatives.

“The risk of infection and social distancing requirements made branch visits less appealing last year, accelerating a shift to digital banking channels globally,” said Aashish Sharma, risk lifecycle and decision management lead for FICO in Asia Pacific.

According to Mr Sharma, “Being able to deliver and manage numerous channels in line with customer preference and deliver a seamless and engaging experience is a challenge that is here to stay.”

“Investment in customer management and communication tools that span these channels and product silos and can deliver personalisation and improved decision-making is key to making digital banking a success,” he said. 

In March 2020, research by Ray Morgan suggested that mobile banking was quickly proving itself dominant when it came to offering the highest level of customer satisfaction relative to other banking channels. 

Roy Morgan CEO Michele Levine noted that, “If we look at the four banking channels available to customers, we see that the two with the highest satisfaction ratings – mobile banking apps and internet banking – are also the two that are autonomous and don’t require any direct involvement from banking staff.”

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As the fintech space matures, more and more customers are willing to break away from the major banks in favour of digital-only banking. 

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"2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "First article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [8]=> object(stdClass)#6211 (32) { ["id"]=> string(1) "8" ["title"]=> string(18) "Second article URL" ["name"]=> string(18) "second-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:04" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5959 (3) { ["data":protected]=> object(stdClass)#5962 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5961 (3) { ["data":protected]=> object(stdClass)#5964 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(18) "Second article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#6210 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5963 (3) { ["data":protected]=> object(stdClass)#5966 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5965 (3) { ["data":protected]=> object(stdClass)#5968 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#6207 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5967 (3) { ["data":protected]=> object(stdClass)#5970 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5969 (3) { ["data":protected]=> object(stdClass)#5972 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#6208 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5971 (3) { ["data":protected]=> object(stdClass)#5974 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5973 (3) { ["data":protected]=> object(stdClass)#5976 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#6203 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5975 (3) { ["data":protected]=> object(stdClass)#5981 (1) { ["options"]=> object(stdClass)#5979 (2) { ["options0"]=> object(stdClass)#5978 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#5980 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5977 (3) { ["data":protected]=> object(stdClass)#5983 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#6206 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5982 (3) { ["data":protected]=> object(stdClass)#5985 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5984 (3) { ["data":protected]=> object(stdClass)#5987 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#6216 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5986 (3) { ["data":protected]=> object(stdClass)#5989 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5988 (3) { ["data":protected]=> object(stdClass)#5991 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(64) "/borrow-money/banking/adoption-of-digital-only-banks-accelerates" ["image"]=> string(48) "images/article-826x550/online-banking-app-ne.jpg" ["image_alt"]=> string(43) "Adoption of digital-only banks accelerates " } }