I am a great believer in giving credit where credit is due, and also importantly, creating and encouraging positivism in the environment around us (particularly when the world is becoming more time-driven and consequentially less tolerant and more critical in a negative way).
So, I thought I would start a new thread on WHAT XINJA IS DOING RIGHT…
A recent email from XINJA…
I LIKE THE FACT THAT XINJA IS…
- Informing its customers by email BEFORE an interest rate change is implemented.
Customers like to be kept informed, particularly something as important as interest rate.
Sounds like something really basic, right? But even the big banks don’t do it well.
Many of the Australian banks DO NOT inform their customers of deposit interest rate changes by email. Why? I suspect they want to quietly keep customers at lower deposit interest rate products.
I have personally seen it many times. CBA, St George, Westpac, CUA, etc. quietly cut interest rate to existing deposit accounts as they create another deposit product with higher interest rate to entice new customers. The result: existing customers (unknowingly) lose out by keeping money in low interest rate account; banks get cheaper funding and make more profit. Frankly, I think it is an unethical way of making money, which should be made illegal **.
** There is currently no legal requirement for banks to individually inform its customers of interest rate change. Most banks simply post an advertisement on a major newspaper, to meet their absolutely minimal obligation. Who reads physical newspapers nowadays?
So, what do you like about the things that XINJA is doing right?