Who cares? You should. All banks publicly declare to be customer focused and that their processes are designed to provide the customer with a better experience. They all mean what they say. They have to.
The reality is somewhat different. Banks have millions of customers and so providing personal service to each and everyone of them is just not possible.
So how can you tell if your bank is really customer focused?
It usually has to do with the banker that looks after you. If your banker:
- Has to refer all enquiries to credit or his boss
- Delivers negative credit decisions on matters that can be easily resolved without challenge
- Is always arguing for the bank’s policies to be upheld
- Is promoted despite all of the above.
Find yourself a new bank immediately. This is a process driven bank.
The banker is behaving the way the bank wants him/her to. The bank that this banker is employed by is highly process driven. Any client or banker that dares step outside the tight processes imposed by the bank will find itself spending a lot of time (and often money) on compliance with the bank’s processes.
Aren’t they all the same? If I go through the expense and time of changing banks won’t I end up in the same place?
No.
Find yourself a reputable finance broker. Explain that personal service, an experienced banker that has credit authority and quick decision-making are important to you.
The broker should be able to point you in the right direction. Often without any cost to you and it should actually save you money.
So what are the signs of a good banker?
Easy. The banker is:
- Always looking out to make your life easier.
- Will take on credit and management (although depending on the bank, this will either enhance or destroy his/her credibility) to get you a better deal.
- Treats you like a new customer every time – never takes your business for granted.
- Responds to requests with results – not a promise.
If the bank promotes this banker, you should stay with that bank. This is a customer driven bank.
If not, call your broker immediately.