Bank Profile
Discuss about the Customer Experience for Online and Traditional Banking.
Commonwealth Bank is situated in Australia and focuses on providing financial services to retail banks, insurance companies, and to businesses among others. This bank was founded in the year 1911 and was listed in the stock exchange of Australia in the year 1991. The present headquarter of the Commonwealth Bank is in Sega world, which is located in Sydney. Additionally, this bank aims to bring change in the country by focusing on the education system as well as on entrepreneurs (Commonwealth Bank of Australia “Foundation”).
This bank has lot of bad reviews from the customers and it lacks in satisfying the needs of their customers. Some bad reviews of customers of the Commonwealth Bank are that the employees of the bank do not help the customers in solving their problems and they do not cooperate with their customers. In addition, they also ignore the customers and do not answer their questions, when asked. The Commonwealth Bank is often perceived to have offer worst services to its customers. For instance, there was a case of one customer, who reported that Commonwealth Bank had made false statement relating to personal loan to them. Even after making the complaint, the bank took almost a month to accept their fault and remove the default.
Additionally, some customers complained that the bank charges a higher amount on the cheques, which has resulted in dissatisfying large numbers of customers. Some of them complained that the bank offers t horrible service to the customers. Furthermore, some of the customers have put allegations that the bank cheats to their customers in order to earn higher profits. The complaint for this bank does not end here. This has been considered by the customers as one of the fraudulent bank in the world with worst services ever provided. The customers are observed to be dissatisfied by the employees of the bank, as they do not get the proper information that they seek.
Similar to the customer complains, this bank has a lot of negative reviews from the employees. Some of the bad review, which the employee has for the bank includes, is that the managers of a bank do not cooperate with the employees. In addition, they are also pressurized for doing the work. Additionally, the managers keep on blaming the employees every time even for small problems. Employees get less pay in the organization and are under constant working pressure from the management side. These are the general complains, which the employees have for the Commonwealth Bank (Indeed “Commonwealth Bank Employee Reviews”).
Main Customer Complaints
There are two types of banking facilities that are provided to the customers by any operational banks including Commonwealth Bank, such as the journey of customer towards online and traditional banking. In this context, it can be observed that the online banking, also known as e-banking is the electronic way of enabling the customers to access financial transactions, transfers of accounts, and payments of bill among others. On the other hand, traditional banking is the primitive way of banking, which constitutes depositing the money in a bank and withdrawal of it through cheques and bank drafts (Sharma 1-2).
Both traditional as well as the online banking differ from one another. Initially, the traditional banking provides better security as compared to the online processes, as it is certified by a document that is signed itself by the bank’s staff. However, in case of online banking, the transactions are all carried on an online basis (Kumar “Traditional Banking Vs E-Banking”). Furthermore, in case traditional banking approach there is a direct interaction of the customer with the bank staff. On the contrary, online banking, transactions, and account transfers are completed without contacting with the members of the bank. In addition, there are some rules along with time constraints in the primitive banking procedure. On the other hand, online banking provides no time boundaries for financial transactions (Bracken “Online Banking vs. Traditional Banking”).
Sustenance of a bank and the growth of its business are entirely depended on the services it provides to the customers. Complaints against a bank mainly deal with the customer’s grievances. Review mechanism should be implemented by the banks for the purpose of understanding and resolving the customer issues. Delay in processing requests of financial transactions, minimal exchange of vital information, and wrong processing of customer’s information among others are the sole reasons of complaints that are framed against a bank (Uppal 212-213).
Policies should be implemented for solving customer’s grievances. The first and the foremost work are to listen patiently the concerns and come up with the solutions for each time. The bank should provide the necessary facilities in the display section to avoid any kind of confusion. Furthermore, the bank must ensure that there are no kinds of misinformation received on the side of either party. This can lead to hamper the reputation and image of the bank. The transaction costs that are received by the bank should be made reasonable enough for larger sections to avail the banks services (Uppal 212-213).
Identifying Complaints
Negotiating customers is important to successfully operate banking procedures and enhance its business growth in the future. Banks provides services that are solely meant for the customers so it has to provide importance to the demands provided by the latter.
There are five types of customers that are required to be dealt with equal importance. This includes -potential, impulsive, loyal, new, and discount customers. The individuals possess five specific characteristics with innumerable varied requirements that are expected to be fulfilled by the opposite party.
Potential customers are those consumers, who are not yet convinced with the values along with the services that are being provided. However, these individuals can turn into trusted customers, depending on the matter realization. Impulsive customers are those, who can take big decisions at instance depending on the discussion value between them and the bank provider. They can be motivated by explaining the banks services well. On the other hand, the loyal customers can be negotiated with little details of the bank. They are the trusted supporters of the bank and get easily convinced with the provided information. New customers are to be given extreme attention from the bank’s side, as these individuals require every minute detail of the services they are thinking of availing. Discount customers are critical in nature and possess specific demands for receiving special treatment in every service meted out to them. They should be treated properly so that no issue arises with reasons accounting to miscommunication (Firuta “5 Types of Customers and How to Approach Them Pt1”).
Figure 1: Chart
The above chart (Figure 1) explains the major complaints of the customers, which are needed to be identified. The major complaint includes lack of cooperation, fraudulent services, and bad service by the employees of the bank to the customers. Therefore, in order to solve the issue of lacking cooperation, Commonwealth Bank need to make sure that the employees understand the behaviour of the customers. Thus, the employees need to improve their communication skills. In addition, they need to understand the problems, which the customers are facing in the bank and answer the queries of the customers in an effective manner. The second major complaint of customers is that the bank conducts fraudulent activities with the customers. In order to solve this problem, the employees of the bank need to stop fraud activities with the customers and must consult with their customers prior to making any kind of statement. The third major complaint is regarding the bad service provided to the customers. Therefore, to solve this issue, the employees need to get the feedback of the customers on a regular basis to understand their requirements.
Bracken, Seth. “Online Banking vs. Traditional Banking.” https://www.toptenreviews.com/money/articles/online-banking-vs.-traditional-banking/. Accessed 23 June 2018.
Commonwealth Bank of Australia. “Foundation (1912 – 1920)”. Accessed 23 June. 2018. https://www.commbank.com.au/about-us/our-company/history/foundation.html Accessed 23 June. 2018. Accessed 23 June. 2018.
Firuta, Jacob. “5 Types of Customers and How to Approach Them (Pt1).” https://www.livechatinc.com/blog/types-of-customers/. Accessed 23 June 2018.
Indeed. “Commonwealth Bank Employee Reviews” https://au.indeed.com/cmp/Commonwealth-Bank/reviews?fcountry=ALL. Accessed 23 June. 2018.
Kumar, Vinod. “Traditional Banking Vs E-banking.” https://www.svtuition.org/2010/06/traditional-banking-vs-e-banking.html. Accessed 23 June 2018.
ProductReview.com.au. “Commonwealth Bank” https://www.productreview.com.au/p/commonwealth-bank.html. Accessed 23 June. 2018.
Sharma, Sonia. “A Detail Comparative Study on E- Banking VS Traditional Banking.” International Journal of Applied Research, vol.2, no.7, 2016, pp. 302-307.
Uppal, R.K. “Customer Complaints in Banks: Nature, Extent and Strategies to Mitigation.” Journal of Economics and International Finance, vol.2, no. 10, 2010, pp. 212-220.
Bibliography
Corrocher, Nicoletta. “Does Internet Banking Substitute Traditional Banking? Empirical Evidence from Italy.” Centro di Ricerca sui Processi di Innovazione e Internazionalizzazione, 2002, pp. 41-50.
Vyas, Shilpan. “Impact of E-Banking on Traditional Banking Services.” School of Computer Science and Information Technology, 2012, pp. 1-4.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
