Briefs: Suncorp launches incubator, Kiwibank ditches cheques, credit reports too slow
Suncorp is getting into the fintech world, with the launch of an incubator program. Successful applicants will work in the Suncorp Digital Incubator Program for three months and "validate their ideas" with the group's banking and insurance staff. The focus will be on supporting Queensland fintechs. The program is open for applications. New Zealand's Privacy Commissioner says credit report companies are too slow to respond to customer requests for their information, and unless they improve they will be breaching new timeframe deadlines that come into force in July. The Commissioner's "spot check" ahead of the regulation change was based on 30 mystery shoppers who requested their credit reports from Equifax, Centrix and illion. Kiwibank is to ditch cheques from 2020, making it the first mainstream New Zealand bank to do so. It won't issue cheque or deposit books from September this year and will no longer accept or provide cheques from March next year. CEO Steve Jurkovich said the bank had to make a decision about "whether to invest millions of dollars in a sunset technology". He said only 1 per cent of Kiwibank transactions are now done by cheque, Newsroom reports.