A couple of Saturdays ago, an unsurprising text from my bank lobbed.
“We are working through intermittent issues affecting debit cards,” it said.
Unsurprising because this was simply the latest in a string of similar issues that have only avoided the mainstream media because my bank – Bank of Queensland (BOQ) – has a relatively small customer base compared to the “big four”.
Last Sunday Internet Banking was down again for a few hours. We’re working on it, they assured.
A little while ago it was down for almost 24 hours because its attempt to update its Internet Banking look, feel and features – which feel like you’re back in 1995 – failed dismally.
It planned to try that upgrade again last month but had to put it off because it was dealing with other issues.
Third time lucky coming soon, perhaps.
But there is a much bigger story impacting BOQ than its constant issues, tech problems and archaic Internet Banking.
It is about to take back ownership of its branches, including its Penrith location.
And as BOQ prepares to buy back its franchises, its customers are readying to walk.
You see there is a point of difference that BOQ offers, or had offered, that meant you were willing to put up with that Windows 95- like technology, or the downtime that seems to occur too often.
Its owner-manager concept meant that you could deal with the owner of the branch directly. Customers had his or her mobile number. It was a throwback to community style banking that everyone with the bigger banks laments losing.
In Penrith’s case, that is Anthony Walker. For years now he’s entrenched himself into the Penrith business community.
Without him, BOQ’s presence in Penrith would be akin to a wave at Penrith Beach.
I imagine it is the same across the BOQ network and the communities it is located in.
BOQ prided itself on its marketing slogan, “It’s possible to love a bank”.
And thanks to the owner-manager structure, it actually was.
For every laugh someone gave you when they glanced at your Internet Banking app that looked like Fred Flintstone invented it, there was acceptance that knowing your bank manager personally was an advantage.
When asked about the upcoming changes, a BOQ spokesperson said: “BOQ announced in August that it would return full ownership of its Owner Managed Branch (OMB) network to the bank as it continues to simplify its operations, and more customers embrace digital banking. BOQ remains committed to working collaboratively with its Owner Managers through the conversion process.”
That statement alone tells me BOQ has misread the room, and its customer base.
Customers may be embracing digital banking, but BOQ is not.
Its technology is woeful. And that digital banking it boasts about is down so often that it has many worried about safety and security of their funds.
Any customer legitimately embracing digital banking is surely not doing it with BOQ given the awesome tech and apps available at other banks.
And “simplifying” its operations?
It couldn’t get more simple that being able to ring your local owner-manager and have a yarn about a loan, an issue or even the weather.
BOQ will retain its branch network, including in Penrith, but let’s not pretend this will be the same. It will swap C’s and become Corporate, not Community.
That’s no shot at the wonderful staff at the Penrith branch, who I understand are staying on in these changes. I have no question they’ll continue to serve Penrith with a smile.
But one ponders if there’s more at play here in terms of BOQ’s future. Time will tell.
BOQ made it possible to love a bank, but you have to wonder if it’s now making it easier to divorce one.
Troy Dodds
Troy Dodds is the Weekender's Managing Editor and Breaking News Reporter. He has more than 20 years experience as a journalist, working with some of Australia's leading media organisations. In 2023, he was named Editor of the Year at the Mumbrella Publish Awards.