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Banking Services Reduced to a Commodity?

April 5, 2010

 

According to Merriam-Webster a commodity is “: a mass-produced unspecialized product”

I recently came accross the site www.findabetterbank.com, which lists fees and services at 53,000 branches in 11,000 cities.  Do you think comsumers view bank and credit union services as a commodity?  One way to look into this as it relates to your business, is to track your customer transaction history and how many services and products they purchase from your institution.  You should be able to profile your clients by their history and determine some key factors that will indicate their loyalty to your institution.  It is hard to believe that loyal consumers view the products they are purchasing as a commodity.

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