CBA changes teller incentives
The Commonwealth Bank has taken another step in its campaign to restore its public image, announcing changes to the it remunerates frontline staff.
The big banking group claimed today the changes would see frontline staff being rewarded for delivering better customer outcomes, not financial outcomes.
Announcing the changes, Commonwealth Bank executive general manager, Angus Sullivan insisted that any links to financial measures had been abolished.
“This change will reward our tellers for continuing to provide superior service to the millions of customers we serve around the country,” he said. “We have been listening to our customers and this is another step to ensure banking is fairer, simpler and more transparent. Customers can be confident that our tellers are not being paid to sell them products.”
The bank said the new measures would be backdated to 1 July 2017, the start of the current CBA performance period, removing all financial measures from individual performance and that, in addition, close to 200 Bankwest branch tellers would also move onto a customer-focused remuneration structure from 1 October 2017, the start of the Bankwest performance period.
.
Recommended for you
While the last several months have seen increased market volatility, particularly in the US, advisers said there are multiple reasons why there has been an increase in defensive asset flows.
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
