Bank of Queensland to use social media, overhaul IT
- 13 December, 2012 11:43
The Bank of Queensland seeks to use social media and other forms of online engagement to serve customers across more channels, according to the bank’s CEO, Stuart Grimshaw.
The top item in the bank’s strategy is “multi-channel optimisation,” Grimshaw said in an address at the bank's annual general meeting.
That means “serving our customers in the way they wish to do business with us—be it face-to-face in-branch or through a broker, over the phone, online or via social media,” he said.
“As customers’ preferences change, we need to make sure we keep up with them, otherwise we won’t attract any new customers and we risk losing our existing ones,” Grimshaw said. “Choice is the key.”
Better online engagement will help Bank of Queensland make up ground against larger competitors, said Grimshaw, adding that the average total amount of loans and deposits per branch are around $150 million for Bank of Queensland, compared to $300 million for major banks and $450 million for the “best performing competitor.”
“The reason for this is that they use online channels and brokers to complement their branch networks, which increases the options for attracting new customers,” he said.
“This is something we have been missing out on due to our predominantly branch-focused distribution which provides approximately 90 per cent of our new business. By opening new broker and online channels, we significantly increase the opportunity to attract and retain customers.”
Grimshaw said online channels could even gain the bank customers in areas without Bank of Queensland branches. “That may be in Queensland or it may be interstate where millions of potential new customers live.”
The bank also seeks to overhaul the IT behind its internal processes to make it a more nimble competitor, Grimshaw said.
The Bank of Queensland is “exploring a different approach to technology, partnering with providers who can give us access to global scale for a fraction of the cost that our larger competitors are incurring to overhaul their own systems,” he said.
“This is an area where we can use our smaller size to our advantage, but we need to be smart about the way we do things and make sure our processes are as simple and efficient as possible.”
There has lately been a flurry of technology announcements from the top Australian banks, related to mobile, social media and internal infrastructure. Social media and mobile trends have forced banks around the world to adapt their business practices or risk potential customer loss, according to financial experts.
Commonwealth Bank has also been active with social media. Last month, the bank announced a Facebook app letting customers make payments to Facebook friends.
ASB, a bank in New Zealand, has set up a virtual branch on Facebook where customers can have secure, real-time conversations with bank tellers.
Follow Adam Bender on Twitter: @WatchAdam
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.
- Mobile, social disrupt financial sector
- NAB launches system for social media customer support
- NAB moves to ‘infrastructure on demand’
- CommBank announces Facebook payments, move to AWS cloud
- New Zealand bank wants to be Facebook friends
- Twitter: @WatchAdam
- Twitter: @ComputerworldAU
- LinkedIn: Computerworld Australia
Queensland government to provide 200 services online by 2015
CIOs need to get their house in order, CFO panel says
Is Data Complexity Blinding Your IT Decision-Making?
Why IT projects really fail
CIOs say cost, complexity impede true mobile gains in enterprise
How Flash Changes Everything
Today, it is quite likely that your company is facing a growing crisis in storage. Accommodating exponential growth on flat spend seems intractable, and yet servers and networks have been getting exponentially faster and cheaper following Moore’s Law for decades. In this whitepaper, we look at how to create a purpose-built storage array that overcomes these barriers.
The Power of Transformational Knowledge
Apple saves $5 million a year on case and email deflection, while its agents find information 47 per cent faster than before they invested in something called Transformational Knowledge. In today’s consumer-empowered marketplace, you cannot afford negative customer experiences. However many companies lack the tools and processes required to empower their employees to deliver great customer experiences. In this whitepaper, we look at how to breakdown silos and deliver great customer experiences.
Is your data centre growing too complex for your backup?
Backing up data today is growing more complex - and in an era of virtualisation, big data and cloud deployments, it can be difficult to maintain control over your data, resulting in loss and downtime. This hour-long webcast features expert commentary on navigating the complexity of backing up a heavily virtualised infrastructure; simplifying your backup software and hardware ecosystem; reducing the cost of backing up your organisation’s data, and modernising your backup infrastructure with integration. The presentations will conclude with an interactive Q&A session.