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These were two areas Basa felt it could play a "significant role" following on Wednesday's release of the Competition Commission's probe into bank fees, according to a statement.
Responding to the executive overview of the findings, Basa said it could update the code to incorporate minimum standards on the disclosure of product and price information, standardisation of terminology and streamline the switching of bank accounts.
It could also formulate customer profiles to enable "comparative shopping" of banking products and services.
"We will begin working with our members to explore the implementation of this recommendation."
The probe also recommended that Basa help reduce bank fees.
"The association will require further guidance from the Competition Commission on this recommendation to ensure that such initiatives do not give rise to any competition concerns."
- Sapa
