The large banks have had an eventful start to the year, after the recent loan drama that has plagued many of their customers.
Commonwealth Bank is no exception.
Their shares are now valued at $73.80 each.
Despite the slight growth in shares, they are still facing further issues with customer satisfaction.
Facing difficulties with delayed payments
The Commonwealth Bank has suffered unexpected outage that involved customers at cash registers around the country for over a full day.
They announced a conclusion to the marathon outrage on its social networks.
The company reached out to its customers via social media, apologising for the issues they experience with their systems throughout the incident.
They assured credit card payments and transfers have all been processed back into the customers’ accounts.
The technical problems occurred not too long ago, wiping the balances of CommBanks customers credit cards and loans.
Customers even received Centrelink payments a full day later than expected.
Many customers had their credit card and key card declined while shopping and were left with hundreds of dollars’ worth of products that they could not afford.
So what now?
Commonwealth Bank has been working hard to figure out the origin of the issue.
News.com.au reported that Commonwealth Bank stated:
‘We know that some merchant terminals are also impacted. For our customers impacted by this issue we are sorry, please be assured we are working on this as a matter of priority.’
CEO of Commonwealth has set out warnings to the staff of Royal Commission fundings.
Thousands of emails were sent out to staff of the Commission which outlines cases regarding the banks poor ethics and warnings of incoming pressures from the media.
The bank did not take a defensive stance in its emails, instead they informed their employees that the Commission was an opportunity for the CBA to patch up things.
They are focusing on making their systems more reliable, so they may reduce the chances of such an occurrence taking place again.
Today’s modest rise in share price may be a reflection of those positive steps.
For Money Morning
PS: Sam Volkering from Money Morning has more than a few things to say about Aussie stock gains. In his free report ‘How to capture MORE Aussie stock gains in a single year than most investors do in 10 years…’ he goes through the key fundamentals in Aussie stock gains and how they can boost your investment portfolio.