Customer experience behind bank name change

The bank has been part of a wider group since 2011

Customer experience behind bank name change


By Rebecca Pike

A central Queensland bank is now operating under the umbrella of MyState Bank as a move to improve the customer experience.

The Rock, which has been operating since 1967, became part of the MyState Limited group in 2011.

As of 1 December 2018, The Rock took on the MyState Bank brand so that customers could benefit from the “millions” MyState has invested in modern banking solutions.

Existing Rock customers can continue to use their accounts as before but will now be able to download the MyState Bank app and benefit from features such as Apple Pay, Garmin Pay and Google Pay.

For customers who have taken out loans with The Rock, they will now benefit from a “simpler redraw” facility.

Huw Bough, group executive and GM of retail and business banking and broker at MyState, said The Rock had been an early adopter of the broker channel, leading it to become a “reasonably strong brand”.

Bough also praised the broker channel for helping MyState Bank grow, saying most customers had come from brokers.

“MyState has become a successful national player off the back of the broker channel,” he said.

“MyState has been able to grow its business by utilizing brokers, being able to advocate our products and services.

“We’re big believers in providing simple and easy to use products for customers and I think we embrace the broker channel for being able to allow us to do that.”

Bough said brokers and customers have embraced the transition from The Rock to MyState Bank because of the better offering.

He added, “I think MyState’s in a fantastic position at the moment. We have got great products and services, and I think customers are embracing our proposition.

“Our NPS last week was +39 and bearing in mind most of our customers are introduced through brokers, it says a lot about the broker advice and the experience to have such a high NPS.”

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