Does Your Bank Make You Smile?
March 31, 2009 2 Comments
This morning I presented at Digital Insight’s user conference in San Diego. After I discussed why customer experience is important for banks (especially small and mid-sized banks) and explained how to apply the principles of Experience-Based Differentiation (EBD), Doug Zernow told the story about Northwestern Bank.
It turns out that everyone in the bank wears a button that says “I can do that!” But it’s not a slogan, it’s the essence of the bank; they’ve infused a sense of ownership and accountability to customers in everything that they do.
Doug described the four values that underlie ”I can do that!:”
- Customer focus (the customer is the boss)
- It’s about “I/we” not them (keep silos from getting in the way)
- Energy givers, not energy takers (engaged employees)
- Minimal policies and rules (employees are empowered to waive fees, negotiate rates, and spend money to make the customers happy)
What has “I can do that!” meant for Northwestern Bank?
Growth! When the bank started the program in 2002, it had 7.2% market share in its geographic footprint. Since then, it’s market share has grown steadily — hitting nearly 13% in 2008. During that time it has also grown larger than three of its main competitors in the region: Citizens, Huntington, and BankOne.
My take: Northwestern Bank’s “I can do that!” program is a great example of EBD’s Principle #2: Reinforce the brand with every interaction.
The bottom line: Make your customers smile.
About Bruce Temkin
Umpqua Bank (Oregon) puts customer experience in their “stores” (not branches) front and center. They may have been the first to go that route. They’re doing well, too; just a few days ago the bank announced it’s voluntarily returning its stimulus money.
As an aside, it appears the picture on Northwestern Bank’s is a stock photo. Rivermark Community Credit Union (Oregon) has been putting its employees in their advertising. Even better, why not use images of the actual smiling customers?
Peter: UMPQUA bank is great; I’ve mentioned them many time in this blog (and in my research and speeches). I agree that they’re really a pacesetter in terms of a community-oriented bank. As for the photograph, I’m not sure who was holding the “I can do that!” buttons; I would have gussed that it was employees. Thanks for the comment.