Westpac has announced it will be removing product incentives in an effort to address the trust gap in financial services.
In a speech to the Australia Israel Chamber of Commerce in Melbourne yesterday, Westpac chief executive Brian Hartzer called for ongoing and significant changes to the way banks work with their customers.
“We need to recognise that, as an industry, we have a trust gap. We need to recognise that we have not met the expectations of the community. People are saying things need to change. Things do need to change. The good news is they are changing,” Mr Hartzer said
“From next month, we’re planning to remove all product related incentives across our 2000 tellers in the Westpac branch network.
"Rather, their incentives will be based entirely on customer feedback about the quality of service they received in the branch.
"We are working with the Finance Sector Union and our bank tellers on implementing this new initiative.
"I know our people do the right thing by customers, but I want our customers to be confident of that too.”
Mr Hartzer said Westpac was also in the process of incorporating the principles of the banking oath into its employee code of conduct.
“We are committed to closing the trust gap. We create value for Westpac when we help customers create value for themselves. That’s why I believe that over the long term, there is no gap between the interests of Westpac and the interests of our customers.”
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