Beyond Products and Services in Banking
No industry has more commoditized itself over the past three decades than banking. Banks pushed people out of branches to use automatic teller...
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No industry has more commoditized itself over the past three decades than banking. Banks pushed people out of branches to use automatic teller machines in order to reduce personnel costs. They pushed them out of branches – the one physical space where they could actually control the experience provided to customers – to use telephone response systems, again in a bid to save money. They pushed them out of branches and onto the Internet to further reduce transaction costs. That’s no way to create a lasting relationship. Is it any wonder consumers treat financial offerings as mere commodities to be bought and sold on price, price, price?
This article pushes bankers to think beyond products and services and to think about the quality of relationships with customers.
Every banker should take the time to understand the principles outlined in this paper !
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