By: Staff Reporter
The Commonwealth Bank of Australia is preparing to overhaul its loan processing system so that customers can track the status of their application online within three years.
Speaking at an industry conference, CBA’s head of retail banking Ross McEwan said while the bank had managed to lift its processing times since the start of the global financial crisis, there is still a long way to go.
“We had the worst cross-sell rates, mediocre efficiency, and had watched our mortgage share slide year after year. We’ve since set targets in all of those areas and are about 50 per cent on the way on that journey,” Mr McEwan said.
Over the last few years CBA has made the transition to a paperless system, which helped improve the bank’s sluggish turnaround times.
Mr McEwan said the bank was committed to improving its servicing times in any way possible in a bid to become the leader in customer satisfaction.
According to Roy Morgan data, CBA came second last month in customer satisfaction, slightly behind ANZ.