ABA CEO Anna Bligh tells the Senate that bank culture has changed & sales targets have been abolished!
The Australian Banking Association CEO Anna Bligh told a Senate inquiry into Responsible Lending Laws the following:
“Bank culture has changed. Banks have overhauled the way they pay and reward their staff to put customers at the centre of their remuneration framework. The linking of remuneration and bonuses to direct sales targets has been abolished”.
“Those sales incentives have now been abolished and the remuneration framework is now not based on individual sales targets. There are some financial metrics, but basically it’s a balanced scorecard whereby other customer metrics, such as customer satisfaction levels, are taken into account. That’s a vastly different culture, and banks are making very different decisions.”
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