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Australia's major banks are set to compete strongly for customer satisfaction as they enter a new growth phase. According to the head of the National Australia Bank's operations in Australia, Mr Mike Pratt, recovery of customer satisfaction "is both a commercial and shareholder imperative" for Australia's major banks. In a speech delivered at an Institute of Chartered Accountants in Australia conference this weekend, Mr Pratt said there will be a substantial increase by banks in the "staff and capital resources devoted to customer relationship management" . Australia's major banks are about to enter a new phase in their "post de-regulation life cycle", Mr Pratt said. As well as increasing the staff and capital resources devoted to customer relationship management, there will also be greater use of advanced technology. Linked with this trend, there will be " a sustained effort to rebuild brand integrity, loyalty and enthusiasm , Mr Pratt said. "During the past year or so there has been a considerable effort by Australia's major banks to differentiate themselves on the basis of their broad corporate and growth strategies," Mr Pratt says. "As a result, the broad direction and expected future shape of our major banks is easier to deliniate now than it was three to five years ago. "While that is obviously important for shareholders and the market, it is of less interest to bank customers. "In fact, the effort by all banks to refine and refocus their corporate strategies has come at a cost to brand strength and loyalty," he says. The need to improve customer satisfaction will lead banks to increase their customer relationship management efforts, Mr Pratt said. "I believe we will see over the next few years an effort on customer relationship management by Australia's banks that matches the intensity of their past focus on strategic alignment and clarity. "Speaking for the National in Australia, that is certainly the intent of my senior management team over the coming 12 months. "Underpinning our effort will be reliance on highly sophisticated digital technology and information management processes," Mr Pratt says. In his presentation, Mr Pratt outlines how the National Australia Bank is using technology to achieve market leadership in customer relationship management. For further information or a full copy of the presentation contact: Brandon Phillips
0419 369 058 Julie McBeth
0418 992 485
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