Yep...it might also show the idiots in Retail Banking (Peter Hanlon) and his marketing counter parts are not talking. Let alone Gail Kelly playing dodge the media....
To top this off....they gave all the senior execs a pre Xmas bonus....no amount of spin will sort this out. What a PR nightmare!
Personally, this was a very poorly thought out and executed strategy! Given Westpac service levels are not great...it will be interesting to see if customers actually walk out.
The irony in all this is the NAB...they were not particularly brialliant...but if they can use the media to show a more human face and if perceptions from the past haven't stuck....there maybe alot more customers knocking on their door.
Cameron Clyne (NAB CEO) and Lisa Gray (Head of Retail Bank..I think) are getting a lot of free marketing from the media.
About time ....we had competition in this country. If CBA and ANZ tow the NAB line......Westpac is stuffed!
To top this off....they gave all the senior execs a pre Xmas bonus....no amount of spin will sort this out. What a PR nightmare!
Personally, this was a very poorly thought out and executed strategy! Given Westpac service levels are not great...it will be interesting to see if customers actually walk out.
The irony in all this is the NAB...they were not particularly brialliant...but if they can use the media to show a more human face and if perceptions from the past haven't stuck....there maybe alot more customers knocking on their door.
Cameron Clyne (NAB CEO) and Lisa Gray (Head of Retail Bank..I think) are getting a lot of free marketing from the media.
About time ....we had competition in this country. If CBA and ANZ tow the NAB line......Westpac is stuffed!
Much bagging of Westpac
http://www.smh.com.au/business/lower-rate-nab-applies-the-heat-to-westpac-20091203-k8sg.html
http://www.smh.com.au/business/the-day-the-lights-went-out-at-westpac-20091203-k8sb.html
However it is very "pollyanna" to assume the Bank cares.
SIgnificantly, reports are others will follow NAB, hope so.
We need competition.
Peter
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