by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Connexus : Issue 40
www.abacus.org.au 33 CoverStory when those [switching] requests are made." Keogh and Daly warn that the big banks will be mounting a marketing campaign to win over new customers from other fnancial institutions. "Credit unions have developed a lot of very good members they'd be happy to take on," says Daly. "But, from our point of view, we have a very loyal customer base." At QT Mutual Bank in Brisbane, chief executive Mike Murphy acknowledges that the Commonwealth, NAB, Westpac and ANZ will be trying to maximise their opportunities in the new account switching environment by endeavouring to again increase market share and stife competition. "But I think the overriding thing is that people are wanting to move away from the major banks," he says. "I think this gives them the ability and the confdence to make that move. So I can see more positives than negatives." Murphy urges mutuals to do the hard work behind the scenes to ensure frontline staff know all the issues around switching and can sell the merits of mutuals. “There has to be a signifcant amount of effort put into training your people and giving them the confdence to have those conversations.” Part of the challenge is to increase awareness of mutuals and their member-focused philosophy. Big Sky's Ryan says the truth is that it is a "big call" for customers to ditch their bank, even if they are not happy with ser vice levels. “Giving up a long-term relationship is a big decision for people." With that in mind, Ryan agrees that frontline staff will require signifcant talent to bring across disgr untled customers from the major banks. He sees the biggest switching opportunities arising around ter m deposits, cash management accounts and the like. "When having discussions about those products, the key is to then try to broaden the relationship and get transactional banking as well." Improving technology Even though the Roy Morgan sur vey indicates bank customers are keen to switch, it identifes an issue for mutuals: a lack of awareness about mutuals and their member-focused philosophy among generations Y and X. Steve James, chief executive of Teachers Mutual Bank, says it is true that gen Y, in particular, has been a tough market for non-bank fnancial institutions. He says mutuals must keep improving their technology platforms to offer better ser vices around internet banking and marketing through social media formats such as Facebook and Twitter. "The banks are spending billions of dollars on this area and we have to be there and have the latest apps for iPhones and iPads so people can access the mutual bank easily." Teachers Mutual has released an android smartphone app that lets members access secure mobile banking and inter net banking sites, while also allowing them to use location services to fnd their nearest branch or ATM. Teachers Mutual, one of a number of credit Technology is very important, but it's also about the way we are going to treat people as they switch to mutual banks. Steve James, Chief Executive, Teachers Mutual Bank