269 Chapter 11 Selling the Bank Terms public image customer service customer rapport word-of-mouth advertising Section 11.2 Building Relationships Objectives After completing this section, you will be able to: Describe the elements that create a positive image for a bank. Explain the importance of customer service in keeping customers. The Bank’s Image What qualities would you want a stranger to have when you consider giving him or her your life savings to hold for you? You would require the same qualities from your bank. When you think of a business, the ideas and opinions you have of it from your image of the business. A business’ public image is made up of the ideas and opinions that e people have about the business. A positive public image makes it easier to hire and retain employees, acquire new customers, and keep current customers. A bank must be seen as honest, stable, and an important part of the community. Even though all banks have to appear honest and stable, each bank also needs to appear unique in some way. Some banks appear different because they focus on a particular product or service that is not offered by other banks. Small, local banks often emphasize their customer service or community involvement. By examining a bank’s promotions and, in particular, its advertisements, you can usually detect the public image the bank wants and how it is trying to achieve that. The economic strength of a community often depends on its ability to get credit. Banks can contribute to the local economy by making loans to individuals and businesses. These loans help create jobs and bring revenue to its citizens. By working with the citizens, banks establish a positive public image. Banks provide the credit that helps the community run and grow..w In addition to the credit they provide, banks engage with the communities they serve in other ways. Banks often sponsor community events, such as marathons. Increasingly, they provide ongoing financialla fi education to consumers. Bank executives often serve on civic boards and local chambers of commerce. Another way banks affect their communities is through the customer service they provide. If the public image of the bank or the fi nancial industry is damaged,d, fi the bank may need to repair its reputation with customers. For example, the fi nancial crises of the early 21st century had a negative fi impact on the banking industry. In hopes of repairing some of the damage, many banks chose to replace managers, change how they qualified potential borrowers, and institute other policy changes. fi These were important steps to reestablishing the positive image of the banking business. public ty Source: Shutterstock (Yuri Arcurs) G ood c usto m e r se rv ice h e l ps th e ba n k ’s p u bl ic i m age.
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