Australia: Banks aiming to do better in 2017

By Reggie Alderson, RFi Group

In an effort to deliver better products and services to customers, Australia’s big banks have launched the Better Banking program. Run by the Australian Bankers’ Association (ABA), the program aims to provide consumers with useful information and resources regarding initiatives undertaken by the banking industry that address community concerns.

Coinciding with the launch of the program, which includes an advertising campaign and its own website, the ABA announced the new initiatives which build on initiatives announced last year addressing customer concerns about the banking industry.  Chairman of the ABA and CEO of National Australia Bank, Andrew Thorburn, said, “This program of initiatives is our commitment to continue to raise the standards, service and trust in our industry.”

The new initiatives include financial counselling and hardship support programs to assist customers in financial difficulty, financial literacy tools to support farmers and small businesses, and a roundtable in March with consumer groups and government representatives to help customers understand how they can more easily switch accounts and banks. RFi Group research shows that 8% of transaction account holders are highly likely to switch their account to another institution in the next 12 months, with reasons including unhappiness with their current rates/fees or customer service as well as being offered incentives to move. The main obstacles faced when switching are changing direct debit payments, salary deposit and saved payment details which result in a time-consuming switching process.  


RFi data source: ASDC Transactions Nov-16 

Upcoming Events
07
Oct
20
Australian Banking Innovation Summit 2020
The Rocks, NSW, Australia
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance