Better Service
Delivering the kind of service you’d expect, with somewhere to turn if there’s a problem.
1
Paying bank staff to help you:
You want bank staff to do the right thing by you, not focus on a sales bonus or commission. That’s why there was an independent review of how banks pay and reward their staff and others who sell their products. The findings of the review were published in April 2017. Banks will change or remove incentives that could lead to poor outcomes for customers.
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2
Supporting customers in need:
Banks offer financial hardship programs to support customers affected by illness, unemployment, relationship breakdown, domestic violence or natural disaster. It is in banks’ interests, as well as their customers’, to help people get back on their feet as soon as possible. That’s why we’re improving access to such programs. Banks are also working with financial counsellors to support the setup of a new debt repayment service to help people manage their debts.
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3
Getting problems fixed:
We’re giving customers somewhere to turn if they’re having problems with their bank, so issues are resolved fairly and quickly. From step-by-step guides to escalating complaints, to ensuring every bank has a dedicated customer advocate by April 2017.
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4
Resolving disputes:
If customers aren’t satisfied with how a bank resolves a complaint, we think it should be easier for them to get help. We’re supporting the Federal Government’s review into making external dispute resolution simpler and easier for individual and small business customers to access. We’re also supporting a new compensation scheme being established to help people who have been given bad financial advice by an adviser who has gone out of business.
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5
Helping small businesses and farmers:
Many small businesses and farmers rely on finance to keep things running smoothly through variable business cycles. We’re improving how we work with small business customers by making the loan application process and approval criteria clearer, making it easier to apply for a loan. We’re also looking to improve the way banks’ relationships with small businesses and farmers are managed. This year, we will continue to push for a national approach to farm debt mediation to help farmers in financial difficulty.
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