Save
Tearing their hair out: Aussies riled-up by bank processes
“But I just gave all my details to the last woman I spoke to! Do I really have to do it again?”
Tearing their hair out: Aussies riled-up by bank processes
“But I just gave all my details to the last woman I spoke to! Do I really have to do it again?”
It’s an experience shared by a lot of Australians, with long wait times on the phone and having to speak to numerous departments to resolve a problem among Aussie borrowers’ top frustrations.
However, it’s hidden fees and charges that are irritating Australians the most (84 per cent), a new survey by Gateway Bank has revealed.
The survey, conducted over August this year, revealed that 79 per cent of Aussies are frustrated with long phone wait times, 77 per cent with having to speak to numerous departments to resolve an issue and 74 per cent having to repeat themselves every time they speak to a new person. The same percentage of borrowers also don’t like having to deal with offshore call centres.
Lack of transparency in the fine print draws the ire of 72 per cent of Aussies, as does having to engage with robots, rather than a real assistant.
Offshore call centres, long phone wait times and having to speak to numerous departments to solve a problem were listed as the main reasons for switching banks.
Interestingly, the Gateway research also found younger Australians aren’t as keen on technology as expected, with 46 per cent describing robot interactions as “very” or “extremely” frustrating.
“There’s a strange culture around banking where people are willing to tolerate bad service standards, when we wouldn’t think of coming back to the same café twice if they hit us with hidden fees and charges,” Gateway Bank CEO Paul Thomas said, arguing that borrowers need to remember there is life outside the big four banks.
“Australians need to know there are alternatives.”
Are customer-owned banks the way forward?
According to the Roy Morgan Research Net Promoter Score, customer-owned banks hold the largest pool of household deposits outside the major banks, and perform better than the big four in terms of customer satisfaction.
“We can see from the Net Promoter Score results that there is a real, compelling choice for consumers beyond the big four banks,” the CEO of the Customer Owned Banking Association, Michael Lawrence, said.
“Our sector leads the field on customer satisfaction and advocacy,” he continued, pointing to the figures showing major banks at -6 and the customer-owned sector at +26.
Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. ...Read more
Savings account
Saving more during the pandemic? Here’s where that money should go
If you’re finding that you’re saving more during the pandemic, you’re not alone. ...Read more
Savings account
Aussie savings goals put on hold due to COVID-19 pandemic
The COVID-19 pandemic has seen Australians being forced to dip into their life savings, which is impacting their ability to achieve financial goals, new research has found. ...Read more
Savings account
The 4 types of COVID-19 consumers: Which one are you?
Australians are still living in fear of worsening economic conditions, with a study revealing changed spending behaviours across the board despite varying levels of individual financial impact. ...Read more
Savings account
Are you a victim of financial abuse? 22 questions to consider
An “invisible” form of abuse, family violence that uses money as a method of control and coercion, is a real issue in Australia. ...Read more
Savings account
Another $750 payment on way for pensioners
From today, the second cash payment that has formed part of the Australian government’s economic response to the coronavirus will be made available. ...Read more
Savings account
Big 4 bank busts out 3 per cent savings interest rate
But not everyone is eligible for the new rate, which is far beyond anything else on offer from an Australian bank. Are you? ...Read more
Savings account
Bank balances reveal Aussies are prepping for life post-COVID
Australians are bunkering down for life post-COVID-19, with new analysis revealing median bank balances are up 45 per cent from the pre-pandemic period. ...Read more
Savings account
COVID-19 sees Aussies reach record-high wealth
New stats have revealed that Aussies are now richer than ever, having stashed away their cash during a year marred by the COVID-19 pandemic and the resulting economic shutdown. ...Read more
Savings account
Saving more during the pandemic? Here’s where that money should go
If you’re finding that you’re saving more during the pandemic, you’re not alone. ...Read more
Savings account
Aussie savings goals put on hold due to COVID-19 pandemic
The COVID-19 pandemic has seen Australians being forced to dip into their life savings, which is impacting their ability to achieve financial goals, new research has found. ...Read more
Savings account
The 4 types of COVID-19 consumers: Which one are you?
Australians are still living in fear of worsening economic conditions, with a study revealing changed spending behaviours across the board despite varying levels of individual financial impact. ...Read more
Savings account
Are you a victim of financial abuse? 22 questions to consider
An “invisible” form of abuse, family violence that uses money as a method of control and coercion, is a real issue in Australia. ...Read more
Savings account
Another $750 payment on way for pensioners
From today, the second cash payment that has formed part of the Australian government’s economic response to the coronavirus will be made available. ...Read more
Savings account
Big 4 bank busts out 3 per cent savings interest rate
But not everyone is eligible for the new rate, which is far beyond anything else on offer from an Australian bank. Are you? ...Read more
Savings account
Bank balances reveal Aussies are prepping for life post-COVID
Australians are bunkering down for life post-COVID-19, with new analysis revealing median bank balances are up 45 per cent from the pre-pandemic period. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
