The Bankwatch

Tracking the consumer evolution of financial services

Banks, and the downside to aggressive selling

New study from McKinsey points out the gap in Emotional Quotient (EQ) between Banks and their customers.

A big prize awaits companies that can develop deeper and more lasting relationships with their customers. Yet many businesses rely too much on IT and perform poorly on the front line.

In particular this point resonates, and supports the points made by Ron here.

…. a different perspective by showing how the aggressive behavior of some sales teams at leading North American banks generated negative moments of truth and has conspicuously weakened the reputation of these institutions.

This is interesting because earlier in the report it talks about how approximately 1/3 of customers respond negatively, and in aggregate, aggressive selling suggests leaving revenue on the table, as well as disgruntled customers.

Full report here. (Registration required – free)

Relevance to Bankwatch:
Banks need to spend more time listening, and less talking.

Written by Colin Henderson

May 15, 2007 at 12:07

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