Shredding The Bank’s Reputation
BTN reports a new service for bank customers: placing shredders in the branch.
What’s the connection?
Banks sell trust and security. Customers want to buy peace of mind - and one of their deepest financial fears is identity theft.
Leave aside the profit implications of offering this product for fee. The service deepens the relationship with your customer exactly along your key branding as a bank.
Shredding is similar to placing a coin counter in your lobby. Take care of your customers’ financial headaches and they will stay loyal.
Of course, only offer services that enhance your key value proposition - no lottery tickets, hedge funds, or payday loans, please.
Bankers: You can lower your optimal rates by changing rate sensitivities. Deepen your bonds with the customer and use your retail presence to your advantage.
Update: Shredding is spreading to banks across the country. From American Banker ($) (hat tip: John McCaffery):
National Penn Bank has had such good attendance at its shredding days that it is considering handing out coupons for special bank offers at next year’s events, said Linda C. Hill, director of retail marketing for the subsidiary of the $5.2 billion-asset National Penn Bancshares Inc. in Boyertown, Pa.
Bookmark to:
