We have mixed feelings about banks and insurance. We like that banks and insurance in Australia are profitable and therefore have power/influence over Australians. We are through our own experiences a fan of the Commonwealth Bank (please don’t shoot us!) But in our opinion they really are the best bank in Australia, not only for their customer service, but also for their features such as, the ability to export transactions – the ANZ Bank doesn’t allow this after a 3 month period!
Now, we are not fans of the ANZ Bank and we will openly admit this. This is due to many factors including:
- Having the wrong amounts for the split home loan
- Issues with online banking
- Issues with offset account
- Set up of overdraft function
- Out of date technology
- Lack of effective communication
- Poor customer service
However, we gave the ANZ bank the benefit of the doubt and proceeded to organise home insurance through them. Unfortunately, the breakfree discount was not applied correctly and therefore more issues have arisen.
The letter was poorly written and executed, and the letter made it sound like anyone could receive the 0.15% p.a discount on fixed rate loans and the 10% discount on ANZ home & contents and landlord insurance.
Since this letter, we have received a better offer from GIO regarding our building and contents insurance and decided to cancel our ANZ policy. We even received an email saying that we should call the ANZ Insurance hotline, which of course we did, only to find out that the phone line was being upgraded and that the phone lines closed at 4.30pm today. The phone line then went dead!
Now when we rang to speak with GIO Insurance and keep in mind, we only contacted them because we have strata insurance through them, I was put through to the loveliest customer service attendant I have ever spoken to. Her name was Sue (id: PIG009) and she went through all the insurance options in great detail. 30 minutes later, I had a new policy that not only covered more than the ANZ Bank, it was also cheaper! Now, when I rang GIO, I was not intending to take a policy out with them, I was just wanting to enquire about options. The point is as I received exceptional customer service from GIO, they received a sale from me!
The point is good customer service will result in increased revenue for a business, it may not be seen initially but it will happen. The opposite is true, that bad customer service will result in lost revenue – just look at Vodafone! They reported a net loss of $167.7 million in 2011, compared with a net profit of $73.4 million the prior year! Customer service is the key to success and should be an integral part of any organisation’s long term strategy.
Until next time,
Cents & Sensibility
Julia Taine, Executive Director of Vent2Me, is a marketing problem solver and mentor. A mover and a shaker, Julia sees a niche in an industry, and takes it, by making it her own. Julia started Vent2Me, because people she knew were struggling with their online presence and their digital strategies. Julia knew she could help these people, and so here she is today.