Public's anger towards banks 'is understandable'

Mozo

Wednesday 10 October 2012

A leading figure at Bendigo and Adelaide Bank believes that some of the public's anger towards the nation's lenders is justified.

Speaking to the Australian Associated Press, chief executive of the organisation Mike Hirst said that people are understandably peeved that banks are reporting high profits.

This is especially the case when certain institutions withhold interest rate cuts sanctioned by the Reserve Bank of Australia (RBA), which is obviously having a huge impact on Aussies who have mortgages and personal loans.

Mr Hirst suggested that the only way for banks to restore people's faith in the nation's banking system is to enhance levels of customer service.

"I think you combat it by doing the right thing as a bank," he was quoted as saying.

The banking chief also feels that lenders need to better explain how they are funded and why they have been unable to pass on all of the RBA's interest rate reductions.

Although there is still a degree of animosity towards banks, the recent Mozo People's Choice Awards showed that the major banks improved their customer satisfaction ratings over the past year.

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Public's anger towards banks 'is understandable'

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