As most of you already know, I am about to wrap up a successful business trip in Singapore and Australia.
My schedule in Australia was already packed with many business meetings and social media workshops lined up with many financial institutions. But I was delighted to see so many news and events took place in Sydney in the last ten days: Commonwealth Bank’s launch of ‘Kaching‘ – their innovative payment application for iPhone –, the launch of ‘Pygg.co‘ – a payment service on twitter (via PayPal) – (I recorded a video interview last week), and last but not least, yesterday’s bit of a ‘crisis management’ for the National Australia Bank (NAB) and its controversial rate cut.
Mike Shurlin – NAB general manager cards and personal loans: “Whilst this move is something that might make us unpopular with the other banks, we know that both new and existing NAB customers deserve to be treated as the honest people they are.”Just a few months after having enjoyed some excellent PR ‘success’ and somehow managed to convince a fair amount of Australians to switch to them, NAB is now experiencing the other side of social media: negative word-of-mouth.Basically, yesterday NAB has split from its three major rivals (again), cutting its standard variable mortgage rate by only 20 basis points. This strategy has been covered in the press on sites like:
* ABC News – NAB holds back on rate cut
* Herald Sun – NAB short-changes home loan customers with a 20-point rate cut
This move comes just a week after the bank announced a $5.5 billion record profit. Once more, timing is everything.And we didn’t have to wait for too long either to start seeing tweets from angry customers…
And you can find a significantly higher number of unpleasant comments onthe official NAB facebook page.
Please find below a few of the comments found on the page today (3rd November 2011, 6:30pm local time).