From multiple discussions over time with multiple people (in branches, back office and even the people running the surveys) regarding the CBAs incentives my conclusions are as follows:
* They're expected to sore a 9 or 10 out of 10, anything else is not considered acceptable.
* The surveys are done at random, but it's not hugely common. I'm guessing it's something like 1 in 10 customers are surveyed.
* Branches have instructions not to refinance broker loans, in fact the the CBA has a very clear, 'hands off' policy. I am aware of people in branches being fired for this behaviour. Branches can rework broker loans (and vise versa), but they need permission from the client (easy to get). If there is a pattern of this behaviour it can get both parties into trouble.
My comments are that I think the current system is a bit stupid. Personally I only give people a 9 or 10 if they provide an exceptional service, but a 7 or 8 means that they've done what I needed them too and I'm quite satisfied with this. If I ask someone in a branch how much interest I paid last year and they answer accurately, I'll be happy and give them an 8. I'll give them a 10 if they find a way to refund it!
I don't think I'm unreasonable, I think that there are unreasonable expectations on bank staff. I believe many bank staff feel the same way, which is why they often ask you to give them a 9 or 10 to recognise their work.
As for branches refinancing broker loans, there's always going to be some conflict between the two sales channels, but the CBA is trying at a corporate level. I still get annoyed when a client visits a branch to be told the broker did it wrong, let us fix it, but I find with good client education this tends to reflect worse on the person saying it, than on me.
Overall I think the CBA does work reasonably hard to be fair to both parties, certainly a lot better than some of the other lenders. What I don't think is fair is the legislation puts a far higher duty of care on brokers than it does on branch channels. As a broker I'm legally required to disclose commissions and incentives as both percentages and $ amounts. Brady has been generous in giving an overview of his incentive based renumeration, but there is no legal requirement for this (and Brady I'd love for you to share the actual figures )
* They're expected to sore a 9 or 10 out of 10, anything else is not considered acceptable.
* The surveys are done at random, but it's not hugely common. I'm guessing it's something like 1 in 10 customers are surveyed.
* Branches have instructions not to refinance broker loans, in fact the the CBA has a very clear, 'hands off' policy. I am aware of people in branches being fired for this behaviour. Branches can rework broker loans (and vise versa), but they need permission from the client (easy to get). If there is a pattern of this behaviour it can get both parties into trouble.
My comments are that I think the current system is a bit stupid. Personally I only give people a 9 or 10 if they provide an exceptional service, but a 7 or 8 means that they've done what I needed them too and I'm quite satisfied with this. If I ask someone in a branch how much interest I paid last year and they answer accurately, I'll be happy and give them an 8. I'll give them a 10 if they find a way to refund it!
I don't think I'm unreasonable, I think that there are unreasonable expectations on bank staff. I believe many bank staff feel the same way, which is why they often ask you to give them a 9 or 10 to recognise their work.
As for branches refinancing broker loans, there's always going to be some conflict between the two sales channels, but the CBA is trying at a corporate level. I still get annoyed when a client visits a branch to be told the broker did it wrong, let us fix it, but I find with good client education this tends to reflect worse on the person saying it, than on me.
Overall I think the CBA does work reasonably hard to be fair to both parties, certainly a lot better than some of the other lenders. What I don't think is fair is the legislation puts a far higher duty of care on brokers than it does on branch channels. As a broker I'm legally required to disclose commissions and incentives as both percentages and $ amounts. Brady has been generous in giving an overview of his incentive based renumeration, but there is no legal requirement for this (and Brady I'd love for you to share the actual figures )