Bad Service
Australia consists of four major banks. Based on the number of customers, the Commonwealth Bank of Australia is the largest with 17 million. Australia and New Zealand Bank Group has 8.5 million customers and is the fourth-largest bank.
Given the sheer size of banks, it’s no wonder why some Australians have experienced bad service from a bank. They’re trying to take care of millions of customers at the same level even though each customer is unique.
Banks also answer to their shareholders who have a financial stake in the organization’s success. If the bank has an off year, shareholders demand changes. The only place that allows for changes is often in the customer service department. They’ll try to make changes that lead to efficiency through technology. The changes often end up de-humanising transactions between the bank and its customers.
Since banks are large and layered with bureaucracy, it takes a long time for customer concerns to reach a representative with the ability to improve the client experience.
The way banks operate is through their bureaucracy. They have to filter information down from headquarters to their branches and hope that the message is received and interpreted in the same manner. Each branch has the mandate to operate according to the rules set down by upper management. They cannot make decisions on their own and cannot offer exceptions because it throws off the system and culture.
Mortgage Street isn’t a bank. We’re a non-bank lender.
Bad Service from a Bank Conclusion
With Mortgage Street, your clients won’t experience bad service from a bank because we’re a non-bank lender. We’re privately owned so we don’t receive external pressure from shareholders to change our client-centered practices. Brokers searching for financing for their clients can contact our loan specialists for more information and a positive experience for their clients.