Time warp: 'Platinum' a return to October 2004

by Ben Abbott17 Feb 2012

Westpac's move to use 'Platinum' branding for its new top tier segment follows in the footsteps of a former incarnation of St. George's tiered broker system.

This week, Westpac announced it would launch a new invitation-only 'Platinum' tier above its Advantage + brokers, in a move to reward and service its premium introducers.

However, the 'Platinum' brand resurrects that of its now-subsidiary banking institution, St. George, which launched a 'Platinum' broker segmentation offering in October 2004.

St. George's Platinum offering, which preceded the 'Flame' segment launch in 2007, included a designated call centre number and was staffed by its most experienced consultants.

At the time, St. George 'Platinum' brokers were promised priority service over other calls in the broker support queue, ensuring them faster service than their competing brokers.

In its announcement this week, Westpac said Platinum brokers would be offered "exceptional, priority service, Westpac's quickest turnaround times including same-day conditional approval".

In addition, the bank offered perks including "numerous personal premium banking benefits" and discounts on Davidson Institute seminars and courses.

CBA has claimed it was first to implement segmentation in the Australian broking market, when it provided 'advocates' preferential treatment from relationship managers in 2002.

CBA's 'Diamond' program was launched in January 2009, after St. George's 'Flame' service.

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