Commerce Bank Case Study
Retailtainment is a term rarely used in banking. Banks do not usually target the experience of the customer in a specific branch as a main objective, more so almost every bank is pushing to drive customers to use electronic resources for their day to day transactions such as deposit and withdrawals. In this case, Commerce Bank is a bank willing to go to the extremes just to make the customers experience worthwhile, as one of the most well-known Commerce Bank employee trainer stated “we’re not here to satisfy customers, we’re here to blow them away”.
Now, the question that we are asked to give answer to is the role that Retailtainment plays in the delivery of Commerce Bank’s mission. Vernon Hill founded this bank with a mission, a
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Now, there are times where I need some specific things that may not be possible to do using the electronic resources at my disposal. In these times my expectations would be that there would be some human resources available to satisfy my needs, I don’t expect to be given food or free pens or greeted by a mascot or feel I was at a Starbucks buying a Frappuccino. These things would definitely mark me and I would never forget that experience, but ultimately it will not make me loyal to the brand because my purpose is to maximize benefits for my money, whether It’s in interests generated by my deposits, lower interest rates on loans or greater accessibility.
All those things are great, that type of customer experience is definitely a plus, but you have to think of the cost associated with delivering that type of service. Commerce Bank implemented their Operational Management model in a great way and it worked. They developed their strategy by defining their mission and vision, they translated their strategy by selecting initiatives and strategic objectives to be achieved, they planned their operations accordingly by determining the resources needed, they executed their programs and initiatives first in the few branches they had and later translating that into every branch they opened, they monitored and reviewed those strategies to adopt new ones or dismiss the ones that did not work, and lastly