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By: Jessica Darnbrough
The Commonwealth Bank sees brokers as playing a key role in its push to top Roy Morgan's customer satisfaction survey, rewarding brokers who provide excellent customer service with a bonus should the bank achieve its goal.
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Speaking to The Adviser, Kathy Cummings, executive general manager of third party and mobile banking, said the CBA broker advocacy incentive program was developed to support the bank's aim to lead the Roy Morgan customer satisfaction survey by end June 2010.
“In recognising that brokers, as advocates, play a key role in home loan customer satisfaction we have introduced an incentive which will be paid if we reach number one or 80 per cent in Roy Morgan’s survey of broker introduced home loan customers as at 30 June 2010,” Ms Cummings said.
Brokers can earn three basis points on actual portfolio growth (capped to a maximum of 15 per cent) where CBA’s broker customer satisfaction reaches 80 per cent or ranked first.
Where CBA’s broker customer satisfaction reaches 75 per cent, or ranked second, brokers will be rewarded with an extra two basis points.
Ms Cummings said the incentive was designed to positively impact customer satisfaction for those brokers who act as advocates for CBA.
Announced in March, the program will run until 30 June 2010 when the results of the Roy Morgan Customer Satisfaction report will be made available.
The incentive is open to all head groups and, as per CBA’s intermediary agreement, the incentive is intended to be passed on from the head group to the broker as per their normal commission split.
“Besides reaching number one in customer satisfaction by end June 2010 we aim to maintain and improve our service for brokers and new customers. We are deepening our relationship with our brokers and supporting them to deliver superior customer service,” Ms Cummings said.
