New research from Commonwealth Bank has revealed finding a cheaper Internet offer is the main reason Australians switch their telecommunications provider, but admit to doing little research when it comes to choosing which one to go with, meaning many could be paying more than needed on unavoidable and ongoing bills and commitments.
The research comes as CBA, together with its partner, local telecom provider More, is offering all of the bank’s credit and debit card customers 30 per cent off their internet bill for 12 months.
The research found that in addition to finding a cheaper offer (47 per cent), poor value for money is another reason Aussies would finally make the switch (41 per cent), followed by poor product experience (40 per cent), and bad service quality (36 per cent). This was reflective of More’s recent customer survey data, which found that 43 per cent of customers said value for money was their most important consideration when choosing their provider.
But while Aussies are happy to switch for a better price or customer experience, the research found almost 50 per cent of surveyed respondents admit to doing either no research or a basic level of research before choosing their internet provider (47 per cent). There are other barriers stopping Aussies making the switch too, with three in five worried other providers will not be better or are much the same (60 per cent), followed by a comfortability with their current provider (42 per cent).
Commonwealth Bank’s Angus Sullivan said the research shows customers are keen to save money on their everyday bills and commitments such as Internet, however many don’t know the deals and discounts on offer due to limited research and an inertia around switching.
“As the cost of living increases, we’re committed to providing value for our customers by exposing them to new ways of doing things and new quality products and services that put more money back in their pockets. Through our partnerships with companies like More, we can offer beyond banking experiences that will help our customers to save money on the unavoidable and ongoing expenses like utilities,” Mr Sullivan said.
The research also found that among Aussies who work from home, 67 per cent reported that they have experienced internet connection issues. Almost a quarter (23 per cent) admit important meetings or presentations have been disrupted due to connectivity issues and more than one in 10 have had to work after hours to catch-up on outstanding tasks as a result of a poor connection.
More CEO Andrew Branson said: “The common perception is that changing Internet providers is more hassle than it’s worth. But if you could be spending less with a different provider and receiving a better quality of broadband, then it’s probably time to swap. My advice to Aussies is don’t put off changing to a better suited and more affordable provider just because of the effort it will take as that is an old misconception and in the current environment, every dollar counts.”
With so many different internet providers and plans available, it can feel pretty overwhelming to actually make a choice. Branson says a good approach is to focus on your reasons for switching and gives his top tips when starting out:
- Price: In some cases, you can get your nbn™ plan on the same speed tier for a lower price with another provider. Keep in mind that this could require a trade-off in terms of the bandwidth the service has, or you may see a difference in typical evening speeds that can be achieved on your plan. You can also save some money by searching for a plan that doesn’t require you to buy a new modem or enter into a lock-in contract. Currently More has a 30 per cent discount on unlimited, no-contract nbn™ plans for 12 months available to all CommBank customers with a CommBank Debit or Credit Card. Customers can also use their existing modem to save on hardware costs.
- Value for money: Not all nbn™ plans are created equal. Even if two plans are offering the same speed for the same price, there will often be something that separates them. It’s important here to look at the detail and what’s most important to you in selecting a plan.
- Better service: Although it can be somewhat difficult to evaluate the trustworthiness or service quality of a particular provider, it’s not impossible. Reputable comparison and product review sites are a helpful source of information, as well as the individual provider’s website – those that provide extended technical support hours, as well as many means of contact (phone, email, WhatsApp, live chat options, and so on).
- Higher speed: If you’re interested in getting the fastest connection possible, consider selecting a provider that rates highly on the ACCC’s broadband performance tests, or those that report higher speeds in peak usage times (reported as Typical Evening Speeds). The age and quality of your modem hardware can also impact the speeds you can achieve, as well as the nbn™ connection method at your property. With More, customers can save money and use an existing modem if they have one, or buy a Google Nest Wifi router from More when they sign up for an nbn™ plan.
“Our partnerships with More along with others like Amber and Little Birdie and their integration into the CommBank app are core to the way we help our customers find great savings on the unavoidable and everyday costs like utilities. These partnerships initially focus on our 11 million retail customers, 7.5 million of whom are digitally active, and underscore the unique and compelling value of banking with the Commonwealth Bank,” Mr Sullivan said.
Disclaimer: Product information is current at the date of this media release and subject to change. This media release contains general information and does not take into account your objectives, financial situation or needs. Conditions of Use, Terms and Conditions for this product are available online and via the More and should be considered in making any decision about this product.
