Digital investment delivers CX return for Bendigo and Adelaide Bank

Bank’s MD reiterates value of tech partnerships

Investment in digital capabilities has helped boost customer satisfaction for Bendigo and Adelaide Bank, according to the bank's managing director, Mike Hirst.

“Our bank consistently ranks number one in customer satisfaction indexes, and our products are regularly recognised for their competitive rates, being easy to use and understand, and for meeting our customer’s needs,” he said, commenting on the bank’s release of its FY16 results.

“This is a great testament to the outstanding commitment of our dedicated staff.”

“Supported by a significant investment in technology and digital capabilities, we’re firmly focused on maintaining this premium position with our customers by making it easier for them to do business with us,” Hirst said in a statement.

The bank’s MD said that a “partnering mindset” will allow the bank “to remain at the forefront of customer considerations.”

“The opportunities to provide faster response to customers are getting better every day as disruptors come into the market and you can utilise their capabilities through partnerships to drive opportunities,” Hirst said during a briefing on the results. “It’s something that we continue to focus on “

Hirst has previously argued that given the pace of change in the banking industry means it makes sense to seek partnerships with technology companies to help deliver customer-focussed innovations.

Over the last year, the bank has had a focus on “continuing to enhance our customer experience through digital and other channels,” Hirst said.

The bank reported an after tax statutory profit of $415.6 million for the 12 months ending 30 June. Underlying cash earnings were $439.3 million — up 1.6 per cent on the prior corresponding period.

During the year IT costs dipped slightly from $70.1 million to $69.7 million, the bank reported. The bank’s balance sheet shows the value of its software assets grew from $74.6 million to $148.8 million.

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