(20 July 2004 – Australia) ANZ has attempted to overcome customers’ age old reluctance to change accounts because of the hassle involved by launching an online account switching service.The bank said research showed people were dissuaded from changing bank accounts as it took a lot of time and effort to change details of direct debits, credits and redirecting wages to new accounts.
ANZ’s new switching service allows customers to enter their details online, which are then automatically sent to relevant third parties.
ANZ managing director of Personal Business, Brian Hartzer, said making account switching easier was an important step in “freeing up the transaction banking market” as customers could simply move to the best product at the best price for them.
“It helps streamline what has been a time-consuming chore in changing banks. The service is part of our strategy to grow market share in personal banking by making ANZ easy to do business with,” he said.
The bank said some 300,000 new accounts had been opened since it launched its low cost accounts, Access Advantage and Access Select, in February 2002.