Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Major bank loses 4% of its customers in 12 months

Notify me of new replies via email
Australian Broker | 24 Sep 2013, 08:00 AM Agree 0
All of the major banks lost customers over the past year, but what's behind the trend - and what can be done to stop it?
  • BONED | 24 Sep 2013, 09:57 AM Agree 0
    That's great BUT how many NEW customers did they gain??
  • Keith of the West | 24 Sep 2013, 09:58 AM Agree 0
    But if they leave one institution, one must go somewhere else?

    I dont get it
  • Mark Newnham | 24 Sep 2013, 10:03 AM Agree 0
    No surprise here. The ANZ has always been the strongest to push internet/ATM banking and to staff branches with insufficient/inexperienced staff. What was the answer in our local ANZ branch to queue's?, remove the clock in the customer area.
  • Daniel | 24 Sep 2013, 10:06 AM Agree 0
    Exactly, Where did they go?
    Surely this article isn't showing the whole picture, as many of these clients would have gone to a different large lender.
  • Joe Broker | 24 Sep 2013, 10:06 AM Agree 0
    Swings and roundabouts, so what!
  • PeterT | 24 Sep 2013, 10:09 AM Agree 0
    For almost 18 months ANZ have not been even remotely competitive in their mortgages. Their service (at least to brokers) has been woeful, credit decisions have been inconsistent and their after sales service has been simply awful.
    2 years ago we did almost 50% of our business with ANZ, now it's almost nothing which is how it will stay if they don't lift their game.
  • Terry | 24 Sep 2013, 10:17 AM Agree 0
    Brokers would have contributed to this swing away from the majors I'm sure. We have good memories.
  • Broker | 24 Sep 2013, 10:48 AM Agree 0
    I say it’s a fair “reward” for treating finance brokers their customers like crap.

    I am really trying harder than ever to use the likes of Firstmac , Macquarie , ING etc , you know, the lenders that actually sort of appreciate what we do.

    With Firstmacs great service, a rate of 4.74% with 100% offset ( 80% LVR or less) great commission structure ( 0.77% upfront and 0.275% trail) , why would any broker not consider Firstmac?

    If we keep supporting the majors , more than they deserve , they will just continue to burn the broker industry as a whole
  • Stephen Dinte | 24 Sep 2013, 11:11 AM Agree 0
    One major reason for someone to leave their main financial institution and go to another is that lenders offer inducements to new customers at the expense of offending existing, loyal, long term clients. As Joe Broker states, swings and roundabouts. I have often stated that if any of these institutions learned to really look after their existing clients better, they could save a fortune on advertising.
  • The Swivel | 24 Sep 2013, 11:40 AM Agree 0
    Keith, the customers that left have many products with many banks. They may have only had a credit card with ANZ. This article is broarder then just the mortgage market
  • Daniel Son | 24 Sep 2013, 05:20 PM Agree 0
    If accurate what a great result although it doesn't seem to be affecting their continual record profit results. The majors view on brokers will eventually change because they will have no choice if the makret stays the way it is.
  • Bruce | 28 Sep 2013, 06:59 AM Agree 0
    Big 4 Banks wont read too much into this report - NAB announced last week that they had increased their share of the mortgage market to 15% and are aiming for 18%(off the back of the broker industry I might add). If this is the case i dont think they would be too upset by losing some savings / transaction / credit card holders along the way
  • mick | 30 Sep 2013, 09:30 AM Agree 0
    this article never explain where the lost customers had gone ??????????????
Post a reply