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That, and quality of the app is not really a decision that drives selection of a bank. I've been told by a certain EU bank marketer that "if we get them before
by izacus 4y ago
That, and quality of the app is not really a decision that drives selection of a bank. I've been told by a certain EU bank marketer that "if we get them before 18, they're ours until death". Which is a bit of an exaggeration, but it's telling about just how sticky the customers for banks are. Switching out accounts and losing those preferred mortgage deals is a big deal.
- dandigangi 4y agoYup! Great example you can see it super quickly is SAP... (not a bank but $170B+ value and little incentive to improve the quality)
- im3w1l 4y agoSuch arrogance will not go unpunished. Banks have two ways to differentiate. Better app and better prices. The prices they can offer is based on their degree of automation and the quality of their risk models. In other words, they are tech companies and they better act like it.
- itsthejb 4y agoThis is so true. Long ago I had a telesales warm calling job for a mortgage product. The number of customers who had all their financial services from a single one of the big few (U.K.) banks was telling