BoQ aims to reverse troubled rates in mobile and online banking


BoQ’s presentation also highlighted that its mortgage customer satisfaction ranking, based on RFi XPRT numbers, was fourth in terms of net developer satisfaction, up from 11 in 2019. The NPS measures the likelihood that a person will recommend or criticize a brand.

But BoQ’s sustainability report notes also showed slippage with key technology used by customers.

Its industry ranking for mobile banking, used in phones or tablets, fell to 11th place, from 10th last year. This was despite improving actual customer satisfaction rates for mobile banking, indicating stiff competition in the industry.

Apple’s App Store is also posting five-star BoQ flagship-branded mobile phone app rates of 1.2, with complaints including that the technology was “so bad.” [I am] is really considering changing banks ”.

BoQ’s new Virgin Money app has better traction, rated 2.8 out of 5 stars.

The BoQ’s online banking services, whose number of active customers fell slightly to 219,690 in the past year, also slipped in the rankings to tie 10th, from sixth, despite improving satisfaction users.

Dion Crowe, of consulting firm Crowe Management Services, said, in general, that high marks for online and mobile banking are important for financial institutions. “There is a correlation… with the retention of these customers,” he said. The Australian Financial Review.

He also pointed out that such IT was important, as the customers doing the transactions themselves offered a financial advantage to the banks, compared to the service at the branch level.

But Crowe also added that industry competition was fierce in this area, with institutions spending to “keep pace or move forward”.

BoQ chief executive George Frazis said the bank, whose former chairman once likened the company’s tangled mix of technology systems to a “bowl of spaghetti,” had invested more than $ 100 million. dollars in digital transformation programs over the past two years.

The three brands, including his newly acquired ME Bank, would be on a common cloud-based technology platform that could be scaled up, he said.

The program included the Virgin Money app, which manages credit cards, transactions and savings accounts, as well as a loyalty program. “The next phase of this will be adding mortgages,” Frazis said.

The “blue” brand of the BoQ should also have transaction and savings accounts on this new mobile banking application during the first half of this fiscal year.

Mr Frazis warned that investors “will not see a material change in these scores until we migrate all of our clients to this new banking platform.”

“What you will see over the next three years are these measures in terms of [net promoter scores] on digital and online improving quite significantly, ”he said.

“If you look at this investment, we’ve been on the right track and executed… programs. Thus, we gain confidence in this core retail banking program.

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