CBA sacks more to lift service
The Commonwealth Bank has launched its long-heralded customer service vision while announcing another 2775 job cuts over the next three years. CBA chief David Murray said the job cuts would be to back office processing and admin staff as well as head office management. He said branches will not see staff cuts and $260 million will be invested to lift customer service response times by 20 to 50%. The plan is to modernise branches, shorten queues, make ATMs more functional, cut home loan change requests to three days from ten and process new home loan applications in four hours.
The strategy, “Know me, give me what I want and do it reliably”, matches the moves by the other major banks in recognition that higher customer satisfaction is the key to profit growth for the rest of this decade. More than $1 billion will be spent by CBA on staff training, systems and process simplification and new technology up to June 2006. “To excel in customer service, a major cultural transformation must take place,” Murray said.