Data & Analytics

02:25 AM
Olivia LaBarre
Olivia LaBarre

Commonwealth Bank Aims to Give Customers A Voice

The bank's new crowdsourcing initiative, IdeaBank, may -- or may not -- be exactly what retail banking customers have been asking for.

Lately, retail banking customers have been trying harder than ever to make their wants and needs known to financial institutions with movements such as Bank Transfer Day and the recent uproar over debit card fees. In response, some banks have tried to prove that they are listening to their customers' wishes by canceling debit fee programs that were already in place or in the works.

Commonwealth Bank of Australia has taken this concept of listening to the customer a bit further, and much more literally, with the announcement of its new IdeaBank initiative. Through this program, customers of Commonwealth Bank will be able to access a website where they can propose and share banking ideas, comment and collaborate on them, and vote for their favorites.

The somewhat ethereal promotional video for IdeaBank, which you can view below, says, "At the Commonwealth Bank, we believe your ideas are precious, so we've created a place to help them grow." The project does not have an official launch date yet, but I'm eager to see if it will truly help consumers feel that they're getting a say in the banking industry without having to demand it.

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