Link bankers' bonuses to customer service, says consumer group

Friday 04 March 2011

Article by Mozo

Aussies bank customers comparing savings accounts online could be among those encouraged by recent proposals aimed at improving customer service in the banking industry.

Link bankers' pay to customer service, expert says

Consumer group Choice has published a new report, entitled Better Banking, which claims banks could "lift their game" by following its 14 recommendations, AAP reported.

Included in the report are calls to remove ATM fees, linking bankers' pay and bonuses to customer service reports and using "plain language" on official documentation.

According to Nick Stace, Choice's chief executive, taking the suggestion onboard would allow banks to "improve their standing in the community".

"An opportunity in a sense the banks have a once in a generation chance to shrug off a national obsession with the bank bashing. The door to reform is open. They need to step inside the room," he told the news provider.

In the meantime, poor levels of customer service in the banking sector could encourage a number of Aussies to go online to compare savings accounts, credit cards and a host of their products and services.

This article is brought to you by Mozo – Helping you compare bank savings accounts.
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