Banking Review

The search for the least evil bank in Australia

After a few interesting customer experiences with banks in recent weeks, Cameron Reilly of The Podcast Network began a Twitter poll to find the least evil bank in Australia.

In early polling Bendigo Bank was ahead as the least evil bank. Since interviews began today with banks, commentators and other financial services groups, there has been an increase in Twitter activity.

At one point Cameron ponders if including the banks by name in one of his posts has resulted in an increased score for Bank of Queensland. Have the bank’s PR agencies and the like noticed the poll and begun to respond?

While the poll is a small sample it is a vocal one. As discussed in the current issue of Online Banking Review (June), Twitter and social media are vital for banks to obtain first hand insights into what customer are saying and needing.

It is no longer enough to hold focus groups and run customer satisfaction surveys. This is only part of the way to understanding customers and gaining insights that will leave to true innovation in the financial services sector.

The conversation that has begun around Australia’s least evil bank demonstrates the sophistication and levels of frustration customers are feeling with their banks. Current Net Promoter scores (NPS) for Australian banks also tell a bleak tale.

The concept of good profits versus bad profits as discussed in Frederick F. Reichheld book about Net Promoter – The Ultimate Question, is particularly pertinent to the discussion unfolding in Cameron Reilly’s Twitter conversation. Conversations about fees shows that banks may indeed be the first up against the wall come the revolution.

The power of the online channel for giving a voice to customers has never been more evident.