I found this article and wanted to bring the question to Banktastic. With other industries implementing switching features to help customers find a better solution with their competitors if necessary, what are your thoughts on it? Do you think that the banking industry can effectively use a tool like that within a specific bank or CU? We discussed on the last episode of The Burst a site called FindABetterBank that helps people switch banks online, but that’s without discussing your decision with your bank before you make it. Are banks brave enough to help its customers switch if they decide to leave?
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JB D.
I think the only way my bank would consider doing something like this would be if it was to help a “bad” customer find a different bank. However my personal opinion is that this is a great way to build trust between you and that customer. For instance you are not the best bank to be handling their checking account after referring them to a bank that is appropriate for them maybe they will come back to you for their lending needs in the future. We have kind of seen this take place in the Insurance market in the sense of the companies showing you what their competitors have to offer you. Has this been a success for the Insurance market? If so then I think it will fair well in the banking industry.
To quote Richard Bach “If you love someone, set them free. If they come back they’re yours; if they don’t they never were.”
Lisa R.
JB – What a fitting quote. :)
I think you’re right about building trust with your customers. I think it shows the company’s dedication to making the customer happy, even if it means helping them switch to a competitor. Good analogy with the insurance industry, too.
Do you think that a company offering a switching service like that seems a little gimmicky? I kind of feel it’s gotten that way with insurance companies in their commercials, so I wonder if anybody else feels the same way.
Mike T.
I don’t necessarily think a bank or CU should promote the fact that they have switching kits to help members start banking with another FI, but they should be aware that those kits exist and that they might be a good option to help a customer move to a competitive FI if the situation arises.