Segmentation should put customers first: Rakhit

by Adam Smith21 Feb 2012

Bankwest has said that bank segmentation programs must ensure end customers are not disadvantaged.

As debate around the relevance of segmentation programs continues, Bankwest head of specialist lending Ian Rakhit has told Australian BrokerNews the bank is in favour of the strategies, so long as they do not punish the end customer.

"Bankwest supports segmentation. We offer a more dedicated, quicker service to brokers in our Premium Club, and that's the group of regular supporters who provide around 25% of the bank's business. At the same time, however, it's important for Bankwest to ensure the remainder of broker originated mortgages receive a good level of service," Rakhit said.

This "good level of service" means that any queue of work the bank processes must be handled within an "acceptable" service time, Rakhit said.

"We have to ensure our Premium Club brokers get first class service, but that the remainder of our broker originated customers still receive service that is above expectations and allows the transaction to complete in a timely manner," he said.

As a result, Rakhit said banks must walk the line of rewarding high conversions, deal quality and volumes, while ensuring customers receive high service levels regardless of the broker they choose.

"There is a customer at the end of every transaction, and we must always keep that in mind. That customer is looking to buy property in a timeframe or to refinance with Bankwest in a smooth and speedy manner," Rakhit said.

"We've got to make sure the customer remains at the centre of the transaction."

Related stories:

Segmentation: Like insurance in the 80s

Westpac to overhaul top tier segments

Cummings derides 'ignorant and apathetic' competitors


  • by Broker 21/02/2012 9:02:03 AM

    Bankwest - "in a smooth and speeady manner", I have never experienced that with the very few loans I have lodged with them over the years

  • by Service Focussed Broker 21/02/2012 10:22:00 AM

    Well done to Bankwest for actually remembering that the customer is the most vital part of a transaction!
    I recently had 2 loans go uncond with Bankwest (albeit low LVR) within 48 hours of lodgement, hope that they can continue to practice what they preach.