Based on customer feedback, the bank also launched some innovative app features – including Coronavirus Money Plan and Bill Sense – to help customers stay abreast (and on top) of their finances.
If a company wants to understand what support their customers are looking for, all they have to do is listen and ask, Commonwealth Bank’s Head of Research & Insights Heba Habashy said.
“As an organisation, Commonwealth Bank is customer led. While it may sound basic, it is imperative that our customers come first. Our customers inform every decision we make,” she said.
Of course, gaining customer insights isn’t done through one-off activities. According to Ms Habashy, organisations need to take a systematic approach to customer insights, supported by the right technology.
It would seem the pathway to the future is paved with data – where the data helps organisations make better customer decisions, faster.
“Our listening program is comprehensive and broad – it is both qualitative and quantitative. We track all interactions and measure sentiment, action and behaviour. We then use and synthesise this information, run it against our modelling, and determine what drives advocacy and what drives consideration,” Ms Habashy said.
Not all customers will want the same thing. According to Ms Habashy, different things will matter to different people and the tricky part is balancing those needs with the other competing priorities that an organisation inevitably has.
More than a century ago, when Commonwealth Bank first opened its doors, its purpose was to be the bank for all Australians – a bank for business, and a bank for the country.
This purpose, it seems, has become even more relevant in the current climate.
Ms Habashy said it was clear from the Bank’s customer insights that Australians – potentially more so than ever before – want to feel supported by their financial institution. They want to be reassured that their bank has their back.
In line with changing stakeholder expectations and to highlight its commitment to supporting the customers it serves, Commonwealth Bank has today launched an evolved brand identity.
The new identity seeks to represent the work the bank has done to be better, the work they still have to do, and the brighter future they are committed to helping Australia and Australians achieve.