Banks Are In The Service Industry, Too
We understand that financial institutions everywhere have been the source of some people’s anger and frustration as a result of the recent financial catastrophes. Do the words “bailouts” or “General Motors” or “recession” come to mind? It is concerning how many people have simply lost trust in the large financial institutions, and are even wary of the the small banks on the town squares.
In an attempt to regain people’s trust, many banks are using the “warm and fuzzy,” optimistic approach to advertising. For example, Ally, the lender formerly known as GMAC Bank and once part of now bankrupt General Motors is currently running an ad campaign, “We make money with you, not off you.” And the tag line, “Straightforward” proves that Ally is using an honest approach to regain that trust and re-establish the relationship they had with customers.
The first step in establishing trust is providing outstanding customer service, which is often neglected in financial advertisements. Too often, banks only focus on the products and services offered, when they need to remember they’re also in the service industry and put greater emphasis on how customers feel when they leave the building.
According to a survey from Market Force Information, the most common reason cited for switching banks is dissatisfaction with the customer service.
With a bank on every street corner these days, customers are flooded with banking options. Every one of those banks has interest rates, checking accounts, CD’s, savings accounts, etc., but not all of them deliver outstanding customer service. If you happen to work for a bank, make sure every brand interaction, including all advertising materials, delivers on the customer service message. By doing so, your bank will stand apart from the one up the block.