Greater Building Society chief executive officer Don Magin said today’s report by Choice on bank satisfaction confirms his warnings that there is less competition in the financial services marketplace as the big four banks have swallowed competitors.
Mr Magin said the report also shows that mutual building societies like the Greater have it all over the banks in terms of overall customer satisfaction and satisfaction across products.
“The Greater has an independently determined customer satisfaction rating of 96%, one of the highest in the world,” he said.
Mr Magin said the Choice report mentioned the banks were making progress on reducing fees and improving service but they are just playing catching up to mutual building societies like the Greater.
“The banks were recently making a fuss about getting rid of overdrawn fees on personal accounts,” he said.
“In our 64 year history we have never had such a fee.”
“In April the banks introduced hardship provisions that we have had in place for decades.”
“Mutual building societies are better than the banks at providing good service because we exist to serve our customers, rather than shareholders.
“Our Seinfeld campaign is designed to make more people aware of the benefits of being a Greater customer including competitive rates, low fees and outstanding service.”
“Our plan is to position the Greater as a strong, viable alternative to the banks, to fill the gap that has emerged in the marketplace.”
The Greater is a Top 500 private company with 66 branches across regional NSW and the Gold Coast.
