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Australian issues, Economics, Governance, Justice & NESARA legal issues, Media, Relations

ME Bank urges Australian consumers to give Big Four the flick

ME Bank CEO, Jamie McPhee, predicts that the introduction of new reforms by the Government in the banking sector will help lessen the big four stranglehold on customers

In line with the Federal Government’s “tick and flick” reforms, the 76.2 percent of Australians unsatisfied with their existing bank[1] can now authorise ME Bank to move their transaction accounts on their behalf.

The reforms will come as a relief to the 75 per cent of industry super fund and union members who believe that switching banks is too much of a hassle. It’s also an opportunity for the more than two-thirds (70.9 percent) of members who have considered using a bank that is not one of the ‘Big Four’[2]. Recent research commissioned by ME Bank[3] also revealed that a further 15-25 per cent of Australians noted that they are likely to switch their transaction accounts from one of the Big Four.

“We’ve heard time and time again that customers are unsatisfied with the transaction offerings from the majors, but figuring out how to switch to a fairer banking alternative seems too much of hassle.

Customers have not been sure what their rights are, or if there is a correct process that they should follow. ME Bank is championing the Government’s new policy and offering the transaction account switching service for all our customers,” said ME Bank CEO, Jamie McPhee.

“We hope to see more than 25 per cent of Australians with a desire to give their existing major bank the flick do just that, now that the process is much simpler and more convenient.

“These reforms have the potential to significantly change the Australian banking sector landscape, evening the playing field for smaller banks offering a genuinely fairer banking alternative and enabling competition to thrive, which will greatly benefit customers.”

“As a customer advocate, ME Bank understands that ensuring identity verification and moving direct payments can be an arduous process for our customers. Our interpretation of the Federal Government’s new policy ensures that the switch is no longer the responsibility of the customer,” said Mr McPhee. “Australians should be able to choose a bank that gives them a genuinely fairer banking alternative, and ME Bank is at the forefront of the industry in enabling this.”

“Current switching mechanisms are designed to frustrate and complicate decision making for customers. The new procedures eradicate this complexity, taking the onus off the customer to where the responsibility should lie – with the banks themselves,” concluded Mr McPhee.

For more information, go to www.mebank.com.au

[1] Source: Roy Morgan Research ‘Customer Satisfaction – Consumer Banking in Australia’ monthly report for May 2012

[2] DBM Customer Segmentation Research for ME Bank, September 2011

[3] Nature Brand Health Research for ME Bank, February 2012

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