Trust issues facing Australia’s banks can’t be solved by ‘comms’, says Anna Bligh
The Australian banking industry will need more than PR and comms to move beyond its current trust issues, the Australian Bankers’ Association CEO Anna Bligh told the opening keynote of the Mumbrella Finance Marketing Summit.
Bligh also flagged a fundamental cultural shift and technology investments as important in winning the trust of Millennial consumers.
Former Queensland premier Bligh now works for the ABA
Absolutely, Anna Bligh. It’s pretty amazing to see full page colour ads in the AFR about HOW MUCH COMMBANK IS DOING FOR REGULAR MUMS AND DADS IN AUSTRALIA.
I can’t remember the last time I’ve seen a full page colour ad in the AFR. It must be costing a fortune.
Just imagine how much they’ll contribute to every day Australians when Austrac fines them $28bn for all those breaches! That ought to put the budget into surplus too. Winner.
I don’t think the community buys green wash any more. If you want to rebuild trust, demonstrate that senior staff have stronger incentive to ethical business by kpi rewards which reflect them and negative kpi which penalize. As it stands were seeing hand wringing and big fat bonus cheques.
Community feel good ad campaigns are an American we can do without. Mummy, what’s an axa is pretty piss weak. If you look at the nest egg symbolism, it’s no surprise industry funds can leverage ordinary people iconography. And yet, bank super is being rammed down our throats by the federal lnp determined to rebalance industry super boards?
I think Ms Bligh has her work cut out.
There is simply no excuse for organisations as large and profitable as CBA to make ‘coding errors’ that result in illegalities – whether its offshore drug money laundering, or ‘accidentally’ charging customers for transferring between accounts within the same bank. Yet these sorts of issues keep coming year after year, with the banks just paying a fine and/or reimbursing customers – but not one of them vows a root and branch investigation of the underlying code to ensure that the ‘right’ fees and charges are levied.