BrokAIr Reviews

Suncorp Review

Suncorp has been accused of providing subpar customer service and not being transparent about fees and charges - but is this really the full story?

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Suncorp Overview

Suncorp is an Australian-based financial services company, with operations in banking, insurance, investment and superannuation. Founded in 1902, Suncorp has grown to become one of the largest financial services companies in Australia. Suncorp provides a wide range of products and services to its customers, including mortgages, credit cards, savings accounts, insurance products and superannuation funds.

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Founders

Suncorp was founded in 1902 by the Queensland Government. The company was initially established as the Brisbane Permanent Benefit Building and Investment Society and later became the Queensland State Insurance Office. In 1965, the company changed its name to Suncorp Insurance Services Limited, and in 1991 it changed its name again to Suncorp-Metway Limited.

Public Opinion

Suncorp has a mixed public opinion. Many people are satisfied with their banking and insurance products, citing competitive rates and excellent customer service. However, some customers have reported dissatisfaction with Suncorp's limited international services and lack of online trading platform.

Newsworthy Events

In 2017, Suncorp was fined $1.05 million by the Australian Securities and Investments Commission (ASIC) for failing to comply with consumer credit laws. In 2018, Suncorp was also subject to criticism from consumer groups for failing to pass on the full benefits of a rate cut by the Reserve Bank of Australia to its customers. In 2020, Suncorp announced it had joined forces with IBM Watson to develop a new artificial intelligence-powered customer service platform.