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June 23, 2005
Bank Rant Update
Yesterday, I wrote about Jodster's free-iShuffle-for-new-bank-customers rant (Thanks Jodster for leaving me a comment btw).
A look at Jodster's comments section for that particular post gives a glimpse of what problems banks face today.
Let me mention beforehand that I work for a bank. Not at the 'frontline' (ie branch), but my work does have to do with alternative sales channels.
I'll be the first to agree that banks often suck at winning new customers. Offering free iShuffles is definitely not the way to go.
Almost everyone has a relationship with a bank, because they have to. It's difficult to imagine life without a bank. Banks have a great asset: they're safe. We're happy to leave our money in the care of a bank, because we know it'll still be there when we want to use it.
On the other hand, we don't trust our bank to multiply our money. All banks are the same. In some cases, similar to what brand of cigarettes you smoke - what you have is what you are. But that is all. There is no real difference. The reason for most people to switch banks is because they are pissed off, not because the other bank is better, or offers better conditions.
And then, the same disillusionment happens again. The new bank sucks just as much.
So what can a bank do? I think there's a simple key: be friendly and proactive. When is the last time a friend told you how nice they were at the bank? That they cared? that they sat down with you to genuinely listen to your issues? Think hard. Banks should leverage their customers to win new ones, but with quality and not iShuffles.
Would your bank still suck if the person at the teller cared about you? Even if the result was the same? Less, probably.
Being nice, friendly, honest is so elementary, yet for some reason it seems difficult to achieve.
Posted by Irakli at June 23, 2005 09:00 PM
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Comments
I couldn't agree more.
Over time, what kept me at my bank was the service I received from certain individuals within my branch. I was very loyal to them, as they were very helpful to me.
When these staff people moved on via promotion or otherwise, the new staff was not as good, helpful or even as courteous.
Then came the iPod fiasco. I never EXPECTED to get an iPod. The promotion is quite clear it is for Easy Switch customers. But I was upset when MY branch offered me nothing, while another branch offered a fellow blogger free service fees for 6 months. The OTHER branch did something to please their customer in light of the promotion limitations.
Me? I got shafted again.
I know that business is business, but taking care of your core customer base is still the safest way to grow your business.
Posted by: JODSTER at July 21, 2005 04:59 PM