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
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.