The non-major lender has announced that it will be moving relationship-managed business customers outside of Western Australia to Commonwealth Bank as part of a move to improve its offering to retail and small business customers.
Bankwest managing director Rowan Munchenberg said the refocus places Bankwest in a stronger position to invest nationally in customer segments where it has the greatest opportunity for growth.
“Nationally, we will better support the needs of our retail and small business customers by evolving and improving our store and digital offering and by strengthening broker relationships,” he said.
“In our home state of Western Australia we see ongoing opportunities to use our existing scale and footprint, together with enhanced digital and broker offerings, to grow by meeting the needs of more customers across WA.”
As part of the refocus on SMEs, Bankwest said it will migrate relationship-managed business customers based outside of Western Australia into the Business and Private Banking (BPB) division of Commonwealth Bank (CBA). However, customers in WA will not be affected.
The bank has said the changes will enable the bank to offer products and services to retail customers and non-relationship-managed small business customers across Australia.
“As a result of this change, we will invest in creating simple, world class experiences for our priority retail and small business customers across Australia and business banking customers in WA,” Mr Munchenberg said.
“CBA’s growth plans and existing footprint, combined with excellent products and services means that it is well positioned to support Bankwest non-WA based relationship-managed business customers and help them grow.”
Commonwealth Bank group executive, for business and private banking, Adam Bennett said the group would continue to invest in the growth plans of both BPB and Bankwest to ensure they were best positioned to deliver value to their customers and the company.
“The group’s goal is to continue to invest in the people, technology and resources of the CBA business banking team nationally, while supporting Bankwest to grow with a full service offering to customers in WA,” he said.
“The CBA group continues to pursue a simple, long-standing and consistent strategy of putting the customer at the centre of everything we do, as we seek to secure and enhance the financial wellbeing of people, businesses and communities,” he added.
“Bankwest relationship-managed business banking customers based outside of WA will benefit from CBA’s scale and expertise including its large network of business centres, broad distribution footprint, market-leading technology and digital channels, and access to a wide range of products and services.”
As part of the transition, it is intended that the majority of Bankwest’s business banking relationship management team outside of Western Australia will also move to BPB.
Mr. Munchenberg said Bankwest was working to ensure a smooth transition for its relationship-managed customers and business banking colleagues.
“The new operating model and transition process have been rigorously designed to ensure the highest possible levels of service continuity for customers and colleagues across the Group.”
Bankwest and BPB aim to commence the migration of customers and colleagues during 2017.
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