¶ … Commerce Bank" by Frances X. Frei.
Commerce Bank was a successful bank in New York that determined to be different by focusing on its WOW factor, in other words, on its customer service and on accentuating that. Commerce Bank actually achieved much of its success and distinction due to its incredible customer service. Part of its service was its line of WOW shops and Wow program generator as well as staff being rigorously trained in the WOW manner.
Its most recent offering was the Retailtainment program where customers were offered entertainment whilst they banked and queued in line. Some of the branches had problems with this idea and some bank personnel actually wondered whether Commerce Bank had not gone too far in its efforts to WOW its customizers.
Analysis
Customer service is an extremely important part of business success. The business always has to orbit around the client and focus on the client as priority to its own interests and desires. To that end, there are companies, such as famously Zappos, that extend itself in making customer service their number one priority, because doing so, they know, will create and attract satisfied clients and, therefore, make them a more successful business.
This has been the case with Commerce, a highly successful...
Much of its success has come about due to its spectacular customer service.
Banks have historically offered low customer satisfaction, and Commerce, founded in 1973, decided to single itself out by reversing that trend. Customers were treated with outgoing friendly service, and all programs and offerings of the branch were slanted with customer in mind making life and their business operations as seamless and smooth as possible. Customers were given gifts, and the bank's net income doubled from 1998-2001, compared with 20% for the industry as a whole. Commerce's goal was not to make customers, but to make fans: to blow people away. And it largely succeeded in doing so.
To that end, it introduced its line of WOW shops and Wow program generator as well as staff being rigorously trained in the WOW manner. WOW stood for good service. The WOW motto pervaded all. Commerce sought to exude a boisterous, exuberant WOW manner of attracting clients with their enthusiastic service and obsession to please. The WOW demeanor extended to and included all sorts of cranky, wacky ideas so that clients and potential clients would be hooked onto Commerce and unable to leave it.
Commerce's latest WOW idea, Retailetianment,…
