Report calls for culture change at Aussie-owned banks

Media release: 27 April 2017

Landmark report calls for culture change at Aussie-owned banks

The union representing finance workers in New Zealand’s four majors – the Australian-owned ANZ, ASB, BNZ and Westpac – is urging New Zealand executives to adopt the recommendations on retail banking practice and culture in the recently released Sedgwick report.

The report comes after the Australian Bankers’ Association commissioned an independent review into “product sales commissions and product based payments in retail banking in Australia”.

“This is a landmark report,” said FIRST Union national organiser for the finance sector Tali Williams.

“Bank workers on both sides of the Tasman have been saying for years that they’re under so much pressure to sell that they’re struggling to do their job properly. Something has to change and it’s encouraging to see the Sedgewick report support this.”

The report recommends 21 changes to retail banking practice that FIRST Union says New Zealand executives must adopt. The recommendations include measures to shift retail banking culture to a service first approach rather than sales first approach.

“In New Zealand and Australia people working in retail banking are under pressure from above to ‘sell, sell, sell’ with disciplinary action and even the threat of job loss if they don’t, but our members want to put customer service before sales, ” said Williams.

“There has to be a culture change. This is what’s so encouraging about the Sedgewick report, it’s calling on bank executives to put service first.”

“We’re willing to work alongside the major banks to help implement the culture change called for in this report,” said Williams.

ENDS

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