A Wake up Call for Banks
California’s IndyMac Federal Bank succumbed to an abrupt closing sometime back. The FDIC has pulled out a few more names and charged them for “shady practices”. Finally, banks and financial institutions having just got a wake up call may have to start looking at the one factor that is and has always been vital to their business – customers. If they look at customers in better light and work towards building customer trust, chances are that relationships will be better. Veterans who have been working in this sector are now disappointed. In a response to the above post, a reader writes about how the culmination of inflated CEO salaries, mergers & acquisitions and other things have destroyed what was once a respected stable industry. So what are people ticked off with? Long (often automated) procedures, unprecedented changes with a lack of explanation or something else? We think it’s probably all these and more. It is the shift of comfort level that a customer can not help but notice. Obviously then, the sooner that banks realise that excellent customer service is really their ticket to beat competition, the better.