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Telstra says banks don’t ‘get’ customer needs

Telstra have released a new white paper that concludes that micro-business needs are not being met by banks, particularly as business ownership shifts to Gen X and Y.

Telstra's Rocky Scopelliti
Telstra's Rocky Scopelliti - author of the report

The Telstra white paper “Servicing Micro Businesses – What Financial Institutions Need to Know” was written by Telstra Enterprise & Government General Manager, Industry Development of Financial Services, Rocky Scopelliti in collaboration with Roy Morgan Research. The report highlights the shift in banking needs and customer service demands of micro-businesses as they become increasingly mobile (enabled through smartphones and changes in work practices) and increasingly demanding of technological solutions to build relationships with banks as Generation X and Y take on the reins.

“Compared with other enterprises, Australian micro businesses are the most mobile. About two-thirds of their employees work from multiple locations, with this figure set to reach nearly three-quarters2 by 2012.” Mr Rocky Scopelliti said.

Australian banks will be encouraged by Mr Scopelliti to embrace a multi-channeled approach to services their micro-business customer needs.

“With the explosion in smartphones, laptops and the growth in new devices in the home, now is the time for the financial services sector to assess new and emerging technologies to help them attract, retain and cross sell to micro business customers,” Mr Scopelliti said.

Mark McCrindle, social researcher and principal at McCrindle Research, also believed that financial institutions could provide better customer service experiences by studying the changing profile of micro businesses.

“With 60 per cent of micro business owners either pre boomers and baby boomers, all of whom are set to retire over the next decade, financial service organisations need to better understand the intergenerational changes taking place in the next few years to better engage this business segment.