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Welcome to our blog series, Unlocking the Future of Product and Lifecycle Management (PLM).

Embracing the 2025 Banking Code: How Skyjed Can Guide Your Compliance Journey

A New Chapter in Banking: The 2025 Code Arrives

ASIC has recently approved the latest iteration of the Banking Code of Practice, slated for implementation on February 28, 2025. This updated Code marks a renewed commitment by the banking industry to continue to prioritise customer interests and enhance regulatory compliance.

Why This Code Matters: Elevating Customer Protection

The February 2025 Banking Code introduces several key enhancements aimed at bolstering customer protections and operational standards across the banking sector:

• Expanded Small Business Eligibility: Increasing the aggregate borrowing limit from $3 million to $5 million, extending coverage to an additional 10,000 businesses.
• Enhanced Inclusivity and Accessibility: New provisions ensure improved access for diverse customer needs, including interpreter services and enhanced accessibility of information.
  Deceased Estates and Guarantor Protections: Clarified guidelines strengthen protections concerning deceased estates and outline clearer obligations towards loan guarantors.
• Broader Definition of Financial Difficulty: Encompassing a wider range of financial challenges, this update aims to provide better support to customers facing economic hardships.

From 1993 to 2025: The Code's Evolution

Since its inception in 1993, the Banking Code has undergone iterative updates, each reflecting a commitment to adaptability and responsiveness to evolving regulatory expectations and consumer needs.

ASIC's Vision: Customers at the Heart of Banking

ASIC Chair Joe Longo emphasises that customer-focused banking is paramount. The approval of the February 2025 Code underscores ASIC's dedication to ensuring robust consumer protections and fostering a trustworthy financial environment.

Skyjed: Your Partner in Code Compliance

Navigating the complexities of regulatory compliance demands robust tools and strategic insights. At Skyjed, we offer a comprehensive suite of solutions designed to empower banks in achieving and maintaining Code compliance:

• Product & Lifecycle Management: Streamline your product lifecycle processes with our platform, ensuring alignment with regulatory requirements from launch to retirement.
• Governance & Compliance Tracking: Leverage our tools to maintain meticulous oversight and adherence to the Banking Code, facilitating seamless reporting and audit trails. 
• Proactive Risk Management: Identify and mitigate risks proactively with our advanced analytics and risk assessment capabilities, safeguarding against potential compliance pitfalls.
• Insightful Data Analytics: Harness data-driven insights to optimise decision-making, enhance customer outcomes, and drive operational efficiencies aligned with regulatory standards.
• Streamlined Reporting: Simplify compliance reporting with automated features, saving time and resources while maintaining transparency and accountability.

Building Trust: The Cornerstone of Modern Banking

At Skyjed, we're committed to helping banks not only meet regulatory requirements but also build enduring customer trust. By prioritising customer-centric practices supported by robust compliance frameworks, banks can thrive in a landscape where consumer confidence is paramount.

Thriving in a Customer-First Future

As the banking industry embraces the new Code, Skyjed stands ready to empower organisations to excel in customer-centric banking. Our platform isn't just about compliance; it's about transforming regulatory challenges into opportunities for operational excellence and customer satisfaction.

Contact the Skyjed team today to discover how our innovative solutions can guide your organisation towards unparalleled success in the era of customer-first banking.

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