As most of you probably know the big four banks are "braking up" it was all instigated by National Australia Bank (NAB). They originally came out saying that they will pay for members of other banks to cancel there mortgage with their current lender and join NAB. Unbeknown to me when i choose this article to write about that the day after NAB came out with a clever advertising campaign, basically saying its splitting up with the big four.
http://www.youtube.com/watch?v=iBoXvgysltw&feature=relmfu
In response to NAB's advertising campaign and deals to steal other banks customers, the Commonwealth Bank of Australia (CBA) has fought back with up to $1200 in cash to NAB customers looking to switch loans.
CBA will also offer new customers deep discounts off their home loans.
Is this really a warm hearted approach to promote healthy competition amongst the the big four banks in which the customers are the real winners?, or is it just a clever ruse by NAB to try and convince the general public that their no longer that bank that almost doubled the reserve banks interest rate recommendation. No longer the banks that had a "technical glitch" where customers couldn't get the money out for 24 hours because NAB had to pay some bills.
In my opinion i believe that it's a bit of both, they are trying to shed that negative preconception of banks, as greedy low life's that are only interested in making as larger profit as they can. By appearing as the knight in shining armour charging forward to offer fairer deals and give the customer the better deal, despite having to turn on there fellow banks.
Finally i believe it's a small step in the right, direction but there is a very, very long way to go till they can shed there stigma, mind you the fact is it might never actually go away. The damage is done.
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