The Apple of Banking – An Amazing 2017 for Metro Bank
I am convinced that if you master the service culture, your results can also be dramatic. Year after year, Metro Bank proves my point.
Metro Bank spends virtually no money on advertising. Please read carefully the attachment. Remember they opened July 29, 2010 with 4 locations. The first new bank in London in 163 years.
Because they focus on speed, customer experience, hours convenient to the customer and the best technology, they have the following results:
“Metro Bank is the Apple of banking”, says Vernon Hill, Founder and Chairman
- Deposits grew 47% to $16.24 billion
- Net deposit growth per month per store is $8.6 million or $103 million per store (The typical US bank branch grows $1 to $2 million per year per branch. This is 50- 100 faster growth.
- Lending up 64%
- Added 302,000 new accounts in 2017. In last quarter added 93,000
- Brand recognition is 89% in London
- By 2020 after 10 years will have $38.34 billion in deposits
- By 2023 will have $69.7- 76.7 billion in deposits
- Now have 55 stores
- Will have 100 by 2020 and 140-160 by 2023
- When they reach $138 billion in deposits they will only have 4% market share
- Taught 27,000 students money basics
Above is just the results from a firm that has focused on exceptional customer service to build their brand. Virtually no banks or firms in the world understand what Metro Bank is doing.
Let us know how SQI can help you master the principles of great service.
See Metro Bank’s 2017 Financial results
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Increased Sales $41.9 billion
Amazon is one of the most customer driven firms in the world. Jeff Bezos started Amazon in 1995. Sales grew 31% in 2017 or $41.9 billion. Jeff Bezos increased his net worth over $35 billion in the last 14 months. Net Sales increased to $177.9 billion in 2017 up from $136 billion in 2016
Amazon understands the Customer Experience better than almost anyone. They have empowerment, service recovery, speed and technology. Most firms use technology to keep the customer away, to save money. Amazon uses technology to improve the customer experience. They have live smart people that answer the phone in 20 seconds. They will call you in the US in one second if on their web site. They focus on execution.
Most firms do not trust the customer or employees. Amazon trusts the customer. They are interested in long term relationships, customer loyalty rather than short term profits. I still do not understand why only a handful of companies in the world focus on customer service. Most American firms have lip service. Amazon walks the talk, they are all about… execution.
