What Happens When You Don’t Do the Right Thing By Your Customers
I was reading in the Financial Review the other day how the Commonwealth Bank has paid over $52 million in compensation to 1000 customers who they say they ‘stuffed up’ with in regards to their Financial Advice.
ANZ, NAB and Macquarie Banks are also saying sorry to their customers following a Senate hearing.
Commonwealth Bank of Australia: Chief Executive Ian Narev admitted his bank was too slow responding to a scandal in its planning arm and a “painstaking “ investigation into past files would take all of this year and most of 2016 to resolve.
Macquarie Bank reviewed 195 client cases and found 108 were eligible for compensation.
Wow.. Over 50% stuffed up.. Ouch..
“At the heart of this discussion is the fundamental duty to do the right thing by customers. We have in times at the CBA failed in that duty. At the outset, I apologise once again unreservedly to the customers who received poor advice from us,” Mr Narev told the committee, which is chaired by Labor Senator Sam Dastyari.
“I also acknowledge that our initial responses were inadequate … we were too slow over a number of years recognizing that more needed to be done to put things right and to restore critical confidence. But now we are acting.”
Looks like some big room for Checklists in Sales and Service amongst the big boys.
Talk about costly mistakes.
Make sure your Sales and Service Checklists work in the Customers favour for a win/win/win.
Lessons to help Your Customers and Save You $52 Million in ‘Stuff Ups’
- Have systems and processes that benefit the customer for a win/win – not win/lose
2. Be transparent when you make a mistake
3. Admit it and fix it rapidly
4. Don’t try to trick or cover things up (in today’s society with social media you will get found out way faster and more painfully than 20 or 30 years ago)
5. Train your people, have a culture, have KPI’s that don’t just reward sales at any cost, but customer win/win and customer ‘raving fans level’ satisfaction.
You Win, they Win, Shareholders Win…