Giving into the Big Banks, are we?

Do you remember that horrible prank bullies played on weaker kids where they would twist your arm until you shamefully cried “UNCLE, UNCLE !” .

I just found an older post form The Bank Channel which reminded me of that.

Although insightful it brings to light issues in banking that make my head shake uncontrollably.

Here is a quote from the first paragraph:

“Nearly 60% of customers of the 10 largest retail banks indicate high levels of satisfaction with their primary bank – but fewer than 40% of these same customers believe their banks meet their expectations of what a bank should do for them.” (The rest of the post is here – it has lots of good areas and thoughts on where we can put our attention.)

I think this is the first time I have seen this phenomenon outside of government services, where the lack of customer satisfaction has beat the customers into submission and acceptance. Sixty percent of the customers are satisfied but less than 40% of these feel their expectations are being met. What?

I wonder if we hold banks to a different standard?

It’s possible, because if a car company were to mail my son the keys to a car he could not afford I would be much more upset than I am when he receives unsolicited credit cards he can’t afford.

Although the posting is quite interesting (Kudos to our friends at McKinsey), I wish they could have been a little less politically correct and called it like it is: “Shame on you Mr. Big Bank, that you have convinced the consuming public that less than they expect is the best you could or should do.