An Industry Due for a Shake-up - Profit 911 Business Consulting

An Industry Due for a Shake-up

    Change Bowling Ball Strike Shaking Up for Adapting

    I promised earlier this week to share my experience with the banking industry. The short story is there is major need for a shake-up and to wake up the banks. I know there is a lot of red tape in the industry but it is antiquated and not working well.

    I was recently setting up a new business checking account and had 3 requirements…
    1. Little/No Fees
    2. Mobile check deposit
    3. Decent ATM network (optional)

    I tried first supporting local banks. Dug through 5-10 websites, even had to call some to ask about mobile deposit (you won’t believe how many STILL don’t have this). I finally thought I had a winner at a local credit union named “Vibrant.” Seemed to fit my requirements and is close to my office.

    I walked in and what looked like the reception desk seemed to be closed (not sure if it is ever open or someone was out to lunch). Sign said go to teller window so I did. I was asked to take a seat in the lobby and someone would be with me. I watched a line grow at the teller window and was thinking I would never be stopping in to bank and wait in that line.

    I sat, and sat and sat. About 5 employees had glass offices. 3 were with customers and two were not. One was well within view so I could tell she was not on the phone or with anyone. I sat 15-20 minutes and walked out.

    2 open employees, not cross-trained on opening new accounts (this bank has heavy incentives for accounts and spends a fortune on marketing), nobody willing to drop an asynchronous task to bring in a new customer. I will not support a bank with that kind of stupidity going on.

    Others I called and their phone systems put me into loops or dropped the call. I finally went searching for the big guys for an online bank with a true website application. I settled on Capital One. Application process was smooth until finished. It was then complicated by the fact I have a personal credit card open there and I had to call a couple times and their “system was down” asking me to call back. I asked if they could call me back and the answer was “no this call center is inbound only.”

    The lesson is service matters. A local business should have easily had my business by providing superior service. They did not. The money they spend on tv ads, mailers, and marketing are all wasted if the right process is not in place when someone comes with money in hand. They are operating what I like to call the “sales prevention department.”

    You need to make sure your business does not have this department. It costs a fortune to run.

    Best wishes,
    Justin Miller
    Chief Strategist
    Profit 911 Consulting