11-29-2008, 02:15 PM
Banking is largely a commodity category these days.
Gone are the days when you knew your teller when you deposited your paycheck in person every other Friday.
So, all that are left are "virtual relationships." Given that, banks are searching for ways to forge relationships with customers.
Bank of America's Museums On Us promotion is a good example- it began with Fleet and BankBoston and was kept on as a goodwill gesture when the mergers happened. The bank gets to look like a good community citizen, consumers feel ever so slightly more attached to that bank, and maybe don't move their account when someone else around the corner offers .005% more interest.
They make more money, turn a profit, and just maybe, need less bailout money.
That's my guess.
Gone are the days when you knew your teller when you deposited your paycheck in person every other Friday.
So, all that are left are "virtual relationships." Given that, banks are searching for ways to forge relationships with customers.
Bank of America's Museums On Us promotion is a good example- it began with Fleet and BankBoston and was kept on as a goodwill gesture when the mergers happened. The bank gets to look like a good community citizen, consumers feel ever so slightly more attached to that bank, and maybe don't move their account when someone else around the corner offers .005% more interest.
They make more money, turn a profit, and just maybe, need less bailout money.
That's my guess.