Blog Categories:

• Current Affairs
• Customer Experience
• Customer Loyalty
• Customer Retention
• Customers
• Film
• Food and Drink
• Marketing
• Music
• Sports
• Travel
• Uncategorized
• Usability
• Vox
• Web/Tech
• Weblogs

Blog Archives:

• July 2008
• June 2008
• May 2008
• April 2008
• February 2008
• January 2008
• December 2007
• November 2007
• October 2007
• September 2007
• August 2007
• July 2007
• June 2007
• May 2007
• April 2007
• March 2007
• February 2007
• January 2007
• December 2006
• November 2006
• October 2006
• September 2006
• August 2006
• July 2006
• June 2006
• May 2006
• April 2006
• March 2006
• February 2006
• January 2006
• December 2005
• November 2005
• October 2005
• September 2005
• August 2005
• July 2005
• June 2005
• May 2005
• April 2005
• March 2005
• February 2005
• January 2005
• December 2004
• November 2004
• October 2004
• September 2004
• August 2004
• July 2004

Contact Vox to learn about how we can help you create a comprehensive Customer Experience that drives bottom-line results dramatically higher.

I have recently been surfing online banking sites for better investment and savings alternatives - namely with better rates of return than the products I was currently invested in.

  Out of the several bank and investment sites I visited, one that I really liked was INGDirect.  I had heard good things about the company through the grapevine and their Orange financial products are marketed and explained in a fashion that anyone can understand.  The good rates of return they offer don’t hurt either.

So while considering transferring some of my current investments to something new, I logged into my online bank and went about reviewing how much collective money I had to maintain to keep from having to pay any service fees - as I planned to still keep my checking account open, if nothing more.

During this little review session, I came across a new eSavings product that knocked the socks off the other online savings products I’d come across, with no minimum requirements to boot!

Wow! Just like that, all I needed to do was transfer funds out of one type of savings product into this new eSavings offering - immediately reaping the benefits of a better return without the hassle of opening up a new account with another online banking firm.  But what if I had not stumbled across this new eSavings product? Well, I would now have much less funds held with this bank and would be half-way out the door - so to speak - and more easily swayed to completely abandon them.

While pondering this, my thoughts turned to the question - why hadn’t my bank proactively communicated this new offering to customers? Yes, the bank probably did not want the masses to all roll into this higher rate account and most likely created the eSavings product solely to deal with INDirect’s Orange savings and the like, but in an industry where customer loyalty and retention drive long term success the bank should be yelling out to everyone "We have a great new product - check it out!".

The bank might not make quite as much money in the short term this way, as a result of paying out higher returns, but think how many customers would be more inclined to remain long-term clients?  I know I am…