ANZ CEO Shayne Elliott has claimed that there is a royal commission into the banking sector because the industry has “lost touch with the broader community”.
The major bank CEO believes that the industry needs to “re-engage” with the community through social media to better understand the needs of customers.
“Part of the reason we’re having this royal commission is people feel banks have lost touch and don’t listen,” Mr Elliott said.
“We should listen. We should be available. And that means being visible and responding to community concerns.”
The CEO added that social media is an important tool available to leaders across the sector, and he stated that he was shocked that some executives don’t have a social media presence.
“I’m shocked by the fact that more executive don’t have [a social media] presence. How can you not? It’s the way people live today,” the CEO continued.
“It would be equally ludicrous for me to say that I don’t have a mobile phone. I just see it as a tool of life, and if you’re not participating in that, how can you possibly understand your customer base and the community?”
Mr Elliott noted that his use of social media has enabled him to gain an insight into “touch points” in the community and build authentic relationships with customers.
“Social media is a way for us to re-engage, so what I’ve found in doing this is some of the touch points that people get excited about or angry about, and also this idea that you can express yourself as being a real person,” the CEO added.
“[The social media posts] that get the most interest from people tend to be the authentic things that are truly about me, and the things that are not overly planned.”