Title Trashing the brand: ANZ and CBA could pay a high price for choosing profit over people Degree of recognition International Media name/outlet The Conversation Media type Web Country/Territory Australia Date 18/03/16 Description The recent CBA and ANZ scandals show that the big banks fail to understand the long-term pay off from investing in their relationships with people over short-term profit.
ANZ stands accused of unconscionable conduct and manipulating the bank bill swap rate (known as the BBSW) in its favour, short changing its customers and generating illicit profits. In the same vein, it has been reported that employees of CommInsure, CBA’s insurance arm, have deliberately, and in some cases illegally, removed medical details or taken action to avoid or delay the payment of claims.
If these allegations are true, these practices will prove damaging for CBA and ANZ stakeholders and undermine the credibility of both brands and the sector.
URL https://theconversation.com/trashing-the-brand-anz-and-cba-could-pay-a-high-price-for-choosing-profit-over-people-56269 Persons Lara Moroko, Sarah Duffy