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Google Scares Aussie Banks

Posted by samzenpus on from the move-over-bunyip dept.

mask.of.sanity writes "Google could be the biggest threat to Australia's big four banks because of the trust online users place in it and its ability to engage with customers, banking executives say. They told an audience from the finance sector that companies like Google and PayPal are more responsive and trusted than banks, and cited emerging technology with an emphasis on online applications as a means for the smaller credit unions to challenge the position of incumbent banks. It's welcome news for Australia's credit unions: the nation's banks have taken turns in being the first to lift interest rates above the official reserve bank rate, with others collectively following suit, leading some to speculate they are in collusion."

6 of 150 comments (clear)

  1. "Responsive and trusted" by mr_mischief · · Score: 5, Interesting

    Perhaps there's some cause and effect going on there. Companies that are more responsive to customer demands and concerns are, in my experience, more trusted by the customers. Perhaps the banks have already figured out how to compete and just don't realize it yet because being competitive cuts into profit margins.

    1. Re:"Responsive and trusted" by Barefoot+Monkey · · Score: 5, Insightful

      Perhaps there's some cause and effect going on there. Companies that are more responsive to customer demands and concerns are, in my experience, more trusted by the customers. Perhaps the banks have already figured out how to compete and just don't realize it yet because being competitive cuts into profit margins.

      Being uncompetitive is far more profitable until competition comes and ruins everything.

    2. Re:"Responsive and trusted" by Anonymous Coward · · Score: 5, Insightful

      Perhaps there's some cause and effect going on there. Companies that are more responsive to customer demands and concerns are, in my experience, more trusted by the customers. Perhaps the banks have already figured out how to compete and just don't realize it yet because being competitive cuts into profit margins.

      You have to wonder just how bad these Australian banks are when PayPal is "more responsive and trusted".

      PAYPAL?!?!?! "more responsive and trusted"!!?!?!

      Is dealing with these banks like handing your money over to the first meth fiend you can find laying in a ditch?

    3. Re:"Responsive and trusted" by Charliemopps · · Score: 5, Funny

      Come to the USA! It's so easy here it doesn't even have to be you that signs up for it. Half the time it's someone on the other side of the country that you've never met that sends in the application and the CC companies are more than happy to extend them credit in your name.

  2. Not supprising by XMode · · Score: 5, Insightful

    When you put up fees and interest rates well above the RBAs increase, make up some excuse about not having enough income and then post profits in the billions of dollars, people tend not to trust what you say.

  3. All I can say is... by SeaFox · · Score: 5, Insightful

    Australia's banks must be pretty bad if people trust PayPal more.