ANZ Balks @Australia Post's Deal - Claims UNFair For Them!
As Licensees who must absorb the underfunded tasks in our LPOs, we know only too well that bank@post is most often a loss leader for us. So it is simply astonishing business from the ANZ, that they feel hardly done by, being asked to contribute in equal measures with the Big 3, so we can be paid fairly for the bank@post work we have been providing for years for our communities!
Full credit to Australia Post's CEO, Christine Holgate, and the BIG 3, CBA's CEO, Matt Comyn, NAB's CEO, Andrew Thorburn and Westpac's CEO, Brian Hartzer, and their teams that put this plan together for the nation, for supporting communities across Australia with your contribution, ensuing the LPO network can continue to provide essential services to our communities, with your financial support instead of out of Licensees pockets.
There are tens of thousands of disappointed ANZ customers who have been using bank@post since ANZ came on board, now facing the prospect of being left out in the cold, as ANZ and the CEO, Shayne Elliot, drag their collective feet about contributing to this access funding to keep the bank@post network sustainable.
To put that into perspective:
From Business Insider Oct 26, 2017:
The ANZ Bank posted a 18% rise in annual cash profit (for 2017) to $6.94 billion as the bank restructures its business to be more agile, bringing down costs for the first time since 1999.
“(For the) first time since 1999 we’ve actually had absolute costs come down,” says CEO Shayne Elliott.
“What’s most pleasing about 2017 is we have not only delivered better outcomes for shareholders, we are also making genuine progress in delivering better outcomes for customers and in rebuilding community trust.”
Even more concerning is the documents provided to the Financial Services Royal Commission by ANZ, which set out the potential future footprint for ANZ customers! Although the documents are heavily redacted, you can gain a lot of insight with what is left. ANZ Bank clearly has bank@post as their fall back position where they close branches, yet cries foul over equal contributions from the Big 4.
The document headed - Branch Options.
Excerpt Page 1: Furthermore, there is a level of execution risk inherent in a sale pathway This is in contrast to the execution risk profile of closures, where we now have in place a credible alternative servicing model for exited locations, including Bank@Post, and a proven methodology for managing such exits.
The document headed - Accelerated Branch Closures.
Excerpt Page 2 heading: Around 70% of the proposed branch closures are lower contributors in regional and remote locations, as well as some metro sites where the speed of digital adoption by customers will likely be high
And the CEO, Shayne Elliot states on the Business Insider in Oct 2017 -“What’s most pleasing about 2017 is we have not only delivered better outcomes for shareholders, we are also making genuine progress in delivering better outcomes for customers and in rebuilding community trust.” That is pretty farfetched after reading these submissions.
ANZ is the only Big 4 Bank that has balked at contributing $22m to sustain this essential service, and the cost to them would be less than 1/2 of 1% of their $6.94B net profit for 2017!
Simply astonishing business from the ANZ! If you are an ANZ customer that is not living on an app, maybe time to start packing up and getting ready to move to one of the more customer focused BIG 3.