Australia’s major banks have tried various customer programs over the years, which largely failed because of the banks’ need to focus on short-term profitability rather than on decisions that could deliver better long-term customer outcomes. Restoring trust among customers requires a purpose-led culture and a level of commitment analogous to the safety-first approach that mining companies take. The best banks in other countries have created a customer experience that is simple, digital first and personalised. Likewise, Australian bank boards should hold executives accountable for customer outcomes so that they can get back on the path to creating value for customers and shareholders.
Richard Hatherall and Katrina Cuthell are partners with Bain & Company’s Financial Services practice; they are both based in Sydney.
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Here’s how to hardwire the customer’s perspective into all the relevant decisions and processes.