Now That's Service – Or Is It?
Bank of Queensland may have some of the most satisfied customers in the country but the bank may have gone too far and over promised in a new television campaign promoting its home loans.
The bank appears to play on some of the insecurities that many people have when it comes to investing in or buying property, perhaps more so in light of the recent publicity around the Westpoint and FinCorp collapses.
One ad shows a couple signing on the dotted line to secure a property and as they do the building they are buying collapses around them.
Interesting, considering most properties require a thorough inspection from a qualified surveyor to check a place is structurally sound before any finance from an institution can be given.
However this is only one of the insecurities the bank appears to be playing on.
burningpants found it strange that the bank was also promising customers that their branch manager would be there for them for the duration of their loan – wow, that’s quite a claim!
We presume it’s a bid to build on the bank’s reputation for providing good personal service.
Perhaps, but burningpants should contact a few Bank of Queensland branch managers and ask them what their career plans are for the next 12 years – the average length of an Australian home loan according to the Housing Industry Association.
With talk of much longer duration loans on the horizon, for 40 or more years, claims like this have a tendency to come back and bite you in the derrière.
The global logistics firm DHL, for instance, has a campaign running at present that promises customers that they will get through to speak to a real person with three phone rings.
It takes a lot of confidence in systems and operations for a company to put their neck on the line and redefine their brand around such claims, but with the Bank of Queensland perhaps there is something we don’t know and bank managers there have a much longer tenure rate than at other banks?
2 Comments on “Now That's Service – Or Is It?”
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Norman says:
Yes you are right, BOQ does have a number of franchised branches – 171 of its 220 outlets actually.
So they probably will have a higher retention of bank mamangement staff – maybe not 40 years mind you.
As for the ad itself – I’ve only seen the ad once, and it was a cursory glance at that. Our apologies
David says:
My impression of the ad you mention is that the financial institution is the “building” that is falling down or “going out of business” rather than the property being purchased falling down. That ad has been running for a number of months – maybe Westpoint started the campaign.
Also I understood (may be wrong but worth investigating)that a number of branches are more franchises so the manager is actually the owner so in that case they would get a higher retention rate of the manager or the lending person to be able to make this claim. This may be more the case in regional areas than the CBD. I would be interested to know ifthis is fact or not.
I do not have any interest in BOQ by the way.