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I opened a new bank account last week. I chose Arvest because of all the positive things I’ve heard about it.
When I walked in, they smiled and greeted me… no different than what other banks COULD do.
As I waited for an associate, they offered me free water, coffee, and popcorn… a cheap add-on that other banks COULD offer
They told me about their hours from 7am to 7pm… availability that other banks COULD use.
They gave me free online banking… which other banks usually offer.
The point is… banking is becoming more and more like a commodity. They all offer the same products in a different package. The only thing that is differentiating them from one another is service.
If you have a business that cannot differentiate itself from it’s competitors, you have to focus A LOT of energy on service. And whether you want to admit it or not, you’re selling a commodity.
I opened a savings account too this past week… I chose regions because that is where I have my checking account…. They did not offer me any “treats”; however, they did offer me a great pen!!!