Internet banking at ANZ Banking Group

As much as we are living in a new world, where it is important for companies to make their product or service attractive to existing and potential customers, many corporations still think about "locking them in". Already the word sequence sounds strange - to lock in your customers - close the door, lock it and throw away the keys.

Banks and their associated online banking was one of those institutions and their services that had a clear grip on customers.  Even if you are unhappy with your bank - and who isn't - who would like to take the hassle and change banks every time something goes wrong - discontinue accounts, change ATM machines etc.  Even with online or internet banking, where it is relatively easy to just switch and change to a local provider or even overseas (have you ever thought that your local bank is no longer competing with the bank next door only, but with European or American banks), it still is a hassle.   

ANZ bank in Australia says that this is also one of the main reasons why customers don't want to change - and intends to change the system. "It wants to do this allowing customers to simply enter all their relevant details once and the bank would then automatically generate the written advice to third parties telling them to switch accounts to ANZ". 

We hope this means that customers can fill out the details and that ANZ is than approaching their current institutions - the article is not quite clear about it. But if it is this way, than we have to say that this is a big step into the right direction.