Canadian Banks fight for customer loyalty
Interesting dichotomy outlined in this Star story, which has a different and more complete version in the paper version somehow.
Beginning Nov. 1, more than 800 TD Canada Trust branches will open Monday to Saturday at 8:00 a.m. providing at least 62 hours of financial services to customers. In addition, more than 900 branches will stay open till 4 p.m. every Saturday.
Source: The Star
The paper version goes on to compare this TD approach to BMO and Scotiabank, both of whom are using loyalty plans (Airmiles, and movie points respectively) to retain customers.
These are measures that will have some impact no doubt, but will not break one of the banks out of the pack, in my view.
Interestingly, one of the Banks not mentioned in this article is RBC, who are both the largest in Canada, and also reputed to have a sophisticated CRM system implemented across channels.
Technorati tags: Banking Strategy
What I find interesting, is that in the age of 7X24 ATM, on-line, telephone and (supposedly) mobile banking, TD has determined that opening plain old branches for longer periods of time is a good investment and strategic move. I am sure they have done their research and they have a good reason for doing this – it just seems like such a “21st century technology solves everything” contrarian move.
John Januszczak
June 12, 2007 at 08:00
Interesting that everyone thinks what BMO and Scotia are doing is somehow new. Credit Unions in Canada, such as ours, have been offering rewards points on debit card purchases (in our case Choice Rewards) for years.
benry
June 19, 2007 at 00:41
@Benry …. don’t worry – Banks can only dream of the loyalty scores you achieve!
Colin
June 19, 2007 at 00:56
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January 31, 2008 at 21:49