This is the interpretation of customer service in the financial industry
Most companies are still focusing too much on acquisition of new clients. It is of course great to find new clients, but please don't forget your existing clients as well. One of the industries where this philosophy is really painful is the financial industry.
You probably recognize this situation.
Imagine you’re a pretty loyal client in a certain bank. You have some accounts, some savings, a loan, some insurances… so according to your standards, you consider yourself a good client of this bank. Well, the moment you need an additional loan, obviously, you will go to this bank first. Because your loyalty, you expect them to give you the best possible interest rate available in the market, not?
At that point there is a 100% certainty that you will NOT get the best rate. There is even a close to 100% certainty that the next person that walks into your bank, but isn’t a client yet, gets a better deal. And if you will go to a bank where you don’t have any money, changes are again almost close to 100% that you will get a better deal than at your existing bank.
Strange vision on customer loyalty if you think about it.
Same goes for their additional benefits for bringing in new money in the beginning of the year. If you leave your money on your account, you get less interest rates than when you bring in new money. And I can live with a bonus for new money, of course. On the other hand, what is the consequence if you play this smart as a customer. You keep moving your money around from bank A to bank B in the beginning of the year to have an optimal return on your savings.
Maybe it would be a quite unique position if one of the bigger banks suddenly goes for customer happiness. If they would do whatever it takes to make their existing clients happy, this would probably be the best acquisition strategy there is.
Unless you have other experiences?