Agency banking wallows for Post
Traditional agency banking and bill payment services have become "declining" features of the business of Australia Post, the corporation said in its annual report for the year to June 2013.However, investment in trusted services resulted in overall revenue growth of 7.9 per cent in Post's financial, identity and commercial services portfolio last year.Post said there was a five per cent rise increase in international money transfers processed on behalf of Western Union, as well as sales of more than 50,000 Australia Post travel insurance policies. These are underwritten by Great Lakes Reinsurance.Post said that customer visits to digital channels - including websites, applications and mobile sites - were up by 57 per cent. It said: "The use of self-service tools, such as bill payments and parcel tracking, grew to 50.7 million, an increase of 63 per cent."Post, in keeping with recent annual reports, avoided disclosing data on the number of bill payments processed.Post said its Load & Go Visa pre-paid card reached its five-year projected sales forecast within 18 months of launch. Blackhawk Australia is the manager of this product and Indue the issuer.