The Commonwealth Bank of Australia (CBA) has overhauled its remuneration policy by choosing to reward front-line staff for delivering better customer outcomes instead of financial outcomes.
The new plan, which will be backdated to 1 July 2017, is designed to reward employees for good customer service and improve its battered public image.
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As a result, approximately 2,000 customer service representatives, also known as tellers, will be shifted to the new remuneration plan.
In addition, close to 200 Bankwest branch tellers will also be moved to the new structure from 1 October 2017, the start of the Bankwest performance period.
Commenting on the move, CBA executive general manager Angus Sullivan said: “This change will reward our tellers for continuing to provide superior service to the millions of customers we serve around the country.
“We have been listening to our customers and this is another step to ensure banking is fairer, simpler and more transparent. Customers can be confident that our tellers are not being paid to sell them products.”
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By GlobalDataThe move comes shortly after the bank was accused by Australian Transaction Reports and Analysis Centre (AUSTRAC) of breaching Anti-Money Laundering and Counter-Terrorism Financing Act over 53,700 times, mainly associated with intelligent deposit machines (IDMs).
AUSTRAC accused the bank of failing to make an anti-money-laundering risk assessment prior to launching the ATMs and failing to report suspicious transactions. The bank took various new initiatives following the scandal including withdrawal of ATM fees.
