In this post, we delve into a recent customer complaint directed at Commonwealth Bank, shedding light on the challenges faced by the customer due to unauthorised transactions and the bank's response.
By analysing the situation, we identify areas where the bank may have faltered and provide recommendations on how Commonwealth Bank can enhance its customer experience and fortify customer loyalty. The objective is to explore how financial institutions can turn challenging situations into opportunities for building trust and ensuring customer satisfaction.
A customer has raised a complaint regarding an unauthorised transaction that led to a loss of approximately $14,000 from her accounts at Commonwealth Bank.
The bank, after investigating, cited the e-payments code and stated that they are not liable for the transactions. As a goodwill gesture, the bank offered to return 70% of the lost money.
The customer expresses dissatisfaction with this resolution, questioning why the bank can't refund the entire amount, especially considering a previous refund of $5,000. The customer also expresses disappointment with the customer service received, feeling that her situation was not empathised with adequately. The customer mentions her long-term association with the bank, her current vulnerable situation being pregnant and close to maternity leave, and her expectation of security with the bank.
Inadequate security measures: The complaint suggests that the bank may not have had sufficient security measures in place to prevent unauthorised access and transactions.
Customer service response: The customer feels that the bank's customer service did not empathise with her situation and did not provide a satisfactory resolution.
Inconsistent refund policy: The customer questions the inconsistency in the bank's refund policy, given that a part of the money was refunded earlier.
Perceived lack of loyalty recognition: The customer, having been with the bank for over 20 years and being an ex-employee, feels that her loyalty and association with the bank were not acknowledged or valued.
Improve customer service empathy: Train customer service representatives to empathise and understand the customer's situation better. Personalised and empathetic communication can go a long way in managing customer dissatisfaction.
Review and clarify policies: Ensure that policies regarding refunds and liabilities are clear, consistent, and communicated transparently to customers. If there are exceptions or goodwill gestures, they should be applied consistently.
Acknowledge customer loyalty: Recognise and value long-term customers and take their history with the bank into consideration when resolving issues.
Proactive communication: Keep customers informed about potential security risks and educate them on how to keep their accounts secure.
Swift and fair resolution: In cases of unauthorised transactions, especially involving significant amounts, the bank should aim for a swift and fair resolution to maintain trust.
Personalised support for vulnerable customers: Provide additional support and expedited services to customers in vulnerable situations, such as the complainant who is close to maternity leave.
By implementing these recommendations, Commonwealth Bank can work towards improving their customer experience and fostering customer loyalty.
