Thursday, 01 September 2016 12:02

Macquarie takes a ‘social media’ approach to Internet banking

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Macquarie Bank has turned to the social media market and the “customer experience” of companies like Spotify and Facebook, and movie subscription company Netflix, in the development of its new digital banking offerings for customers.

Claiming a “first” in Australian banking, Macquarie says it has developed its new Internet banking suite of products and services after looking at the way Spotify, Facebook, and Netflix use technology for their own services.

The head of personal banking for Macquarie’s Banking and Financial Services Group, Ben Perham, says the company had the opportunity to build its digital environment from the ground up, “so we looked beyond financial services to digital companies leading in customer experience”.

“We set out to provide customers with tools to manage their money that look and feel more like social media sites, search engines and video or music streaming services.

“We see our competition as the last app a customer used. That’s the bar we’ve set ourselves in terms of customer experience.

“The result for our customers is a personalised and intuitive digital banking environment, offering the full range of products including transaction accounts, savings accounts, credit cards and home loans.”

Perham says features of the bank’s digital services including search-how-you-speak technology, the ability to tag and track transactions, upload receipts and warranties, set saving and spending goals, and automatically categorising spending through machine learning technology.

“Delivering intuitive technology to our customers transforms the static information they usually receive into a service that empowers them to achieve their financial goals,” he says.

In addition Macquarie says its new transaction and savings accounts also offer benefits including: no monthly fees, no fees at any ATM in Australia (through a refund of fees charged by other organisations), no fees on international purchases, and a 50c rebate on cash withdrawals more than $100 in store, and stepped interest rates.

Luis Uguina, chief digital officer for Macquarie’s Banking and Financial Services Group, says Macquarie is seeking input from early users of its digital experience to further enhance and build on its future offering.

“Our approach is highly agile and we’re actively seeking feedback from our customers so we can continue to develop and enhance our offering based on their needs and preferences.

“As well as experiencing everything we’ve delivered already, we’ll be giving early adopters of our products access to our beta environment, so they can test our innovations in their daily lives, tell us what they think and what they want to see next.

“For people who want to bank digitally, we believe our new offering and the approach we’re taking to its future development will be both exciting and empowering,” Uguina says.


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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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