News

The findings are contained in the results of Trans-Tasman public polling of bank workers conducted by Finsec and the Finance Sector Union in Australia of bank customers and workers. The customer results were released last month.



“These results call into question the target systems banks operate given that a quarter of respondents are not comfortable their customers can meet their obligations in relation to the products they are made to sell them,” said Finsec Campaigns Director Andrew Campbell.



“It is clearly time for the banks to reconsider their target systems when both customers and workers say they don’t want secret sales targets,” said Campbell.



Other survey results highlighted issues of understaffing in the industry. 63% of respondents think their worksite doesn’t have enough staff and 43% think customer service has got worse.



“Bank workers want to offer customers top rate service. But their targets and chronic understaffing constantly get in the way. Despite the banks making millions most keep cutting staff numbers and have also looked to offshore New Zealand jobs,” said Campbell.



“Investing some of their massive profits into local jobs and committing to ethical lending practises would be two simple steps the banks could take to turn around negative customer and worker perceptions of them,” said Campbell.



“The survey findings endorse the call both locally and internationally for a major rethink of how banks operate. Banks need to work out how they can better support their customers, workers and the economy,” sad Campbell



Key survey results are below.





Key survey results



25% of respondents said they were uncomfortable about their customers being able to meet their financial obligations with a new debt product.



45% think that selling debt to customers has become a higher priority.



63% said their targets go up each year



77% report their employer does not reduce their targets when economic conditions are more difficult



63% of respondents think their worksite does not have enough staff



74% are worried about further offshoring of jobs



43% think customer service has got worse



69% think that bank CEO’s are paid too much and there should be salary caps imposed.



75% think we should support new global rules that prevent high risk banking activities



Major support for Better Banking charter goals such as not offshoring jobs, and delinking targets from pay.