On 19 April of 2017, Stephen Sedgwick AO delivered a review of remuneration in retail banks in Australia as a response to concerns regarding how these banks serve their customers: “Some current practices carry an unacceptable risk of promoting behaviour that is inconsistent with the interests of customers and should be changed.”
The challenges faced in the marketplace regarding overly-aggressive members of a sales team pushing unnecessary products or services to buyers cannot be ignored. However, the Sedwick report fell into the trap of placing the blame at the feet of the product-related incentive plans, rather than looking deeper into measurement practices, reporting methodologies, and remuneration based on more than just making a sale.
In this report, you'll learn:
- The impact of Hayne, Sedgwick, and the Royal Commission Recommendations
- Why incentives work
- The next wave of technology for managing and measuring customer care
- Additional recommendations for success