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Most Aussies are fed up with banking’s service standards but is it grounds for change?

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New research by customer-owned Gateway Bank reveals Aussies’ biggest customer service frustrations in banking

Sydney, 04 September 2018: A new study commissioned by Gateway Bank reveals that Aussies are tired of bad service from their financial institutions and the findings have illuminated some insights.

Coming in at the top of the list, 84% of Australians found ‘hidden fees and charges’ to be incredibly frustrating[1]. Other pain points that Australians found to be ‘very’ or ‘extremely’ frustrating included ‘long phone wait times’ (79%) and ‘speaking to numerous departments to resolve an issue’ (77%).

Surprisingly, the research also found that Millennials aren’t as open to technology and robots in banking as expected. Almost half (46%) of Millennials claimed that ‘having to deal with technology/robots rather than a real person’ was ‘very’ or ‘extremely’ frustrating.

Aussies need to expect more from their banks

Paul Thomas, CEO at Gateway Bank, believes that Aussies need to raise their expectations of their financial institutions.

“There’s a strange culture around banking where people are willing to tolerate bad service standards, when we wouldn’t think of coming back to the same café twice if they hit us with hidden fees and charges,”

“Australians need to know that there are alternatives to the big players out there who will put them first.”

“At Gateway, we’re not claiming to be perfect, but we always go out of our way to deliver personalised service with a human touch, whether it be remembering your wedding anniversary, sending you a hamper for your new home, or one of our customer care consultants hand-delivering a deposit book to one of our older members. We understand it’s the little things that keep us connected.” Thomas added.

In conjunction with the research findings, the customer-owned bank has launched a video campaign entitled ‘If your café was run like a big bank’. The content piece showcases common behaviours and service levels experienced when dealing with a big bank, transposing them into the environment of a humble coffee shop. The content piece takes a tongue-in-cheek approach and brings to question, why, if we don’t put up with poor service when purchasing a $4 cup of coffee, do we find it acceptable when dealing with some of life’s most important financial decisions.

The campaign launches online today on YouTube, Facebook and Twitter. Gateway encourages the public to share their funniest customer service moments on social with the #GroundsForChange.

Media assets, including infographics and details of the study, are available for download: https://bit.ly/2NcpsmD 

 

Australians' banking frustrations infographic

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Media contact

For more information or to arrange an interview, please contact: 

Tasha Nabila - PR & Communications Manager

Gateway Bank

02 9307 4359 | 0449 539 654

TashaNabila@gatewaybank.com.au


About the research

The research, commissioned by Gateway and conducted by YouGov Galaxy, was compiled through an omnibus survey, which polled 1,035 respondents across Australia between 15-19 August 2018.

About Gateway Bank

Gateway Bank is one of Australia’s leading customer-owned banking institutions, serving as a trusted financial partner to its Members for over 60 years’. With over 30,000 Members across the nation, it offers award-winning personal banking products from home loans, car loans, and personal loans to fee free bank accounts, high interest savings accounts and term deposits. With a strong focus on empowering its Members to achieve their hopes and dreams, the Gateway name is synonymous with trust, transparency and reliability.

At Gateway Bank, we’re proud to be small and we’re as human as you are. We boast an overall customer satisfaction rating of 87%, our loan applications are assessed by humans, not a computer and our members love to recommend us to their family & friends.

To find out more, visit www.gatewaybank.com.au

 



[1] Very or extremely frustrating