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    Customer Centricity at Commerce Bank: Presented by Group No. 08

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    bhavna
    Commerce Bank implemented a customer-centric "Wow!" philosophy with features like being open 7 days a week for long hours, a 10-minute maximum wait time policy, and uniform branch designs. This approach led to substantial growth in total income, from $233 million in 2001 to $830 million in 2002, and in net profit and number of branches. Commerce Bank also created a culture of customer satisfaction through initiatives like its "Commerce University" training, "Wow teams", and using mascots to interact with customers. This customer-centric strategy resulted in a large increase in assets to $50 billion by 2007 and recognition as one of the top performing companies.

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    Customer Centricity at Commerce Bank: Presented by Group No. 08

    Uploaded by

    bhavna
    747 views7 pages
    Commerce Bank implemented a customer-centric "Wow!" philosophy with features like being open 7 days a week for long hours, a 10-minute maximum wait time policy, and uniform branch designs. This approach led to substantial growth in total income, from $233 million in 2001 to $830 million in 2002, and in net profit and number of branches. Commerce Bank also created a culture of customer satisfaction through initiatives like its "Commerce University" training, "Wow teams", and using mascots to interact with customers. This customer-centric strategy resulted in a large increase in assets to $50 billion by 2007 and recognition as one of the top performing companies.

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    Commerce Bank

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    Commerce Bank implemented a customer-centric "Wow!" philosophy with features like being open 7 days a week for long hours, a 10-minute maximum wait time policy, and uniform branch designs. This approach led to substantial growth in total income, from $233 million in 2001 to $830 million in 2002, and in net profit and number of branches. Commerce Bank also created a culture of customer satisfaction through initiatives like its "Commerce University" training, "Wow teams", and using mascots to interact with customers. This customer-centric strategy resulted in a large increase in assets to $50 billion by 2007 and recognition as one of the top performing companies.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    747 views7 pages

    Customer Centricity at Commerce Bank: Presented by Group No. 08

    Uploaded by

    bhavna
    Commerce Bank implemented a customer-centric "Wow!" philosophy with features like being open 7 days a week for long hours, a 10-minute maximum wait time policy, and uniform branch designs. This approach led to substantial growth in total income, from $233 million in 2001 to $830 million in 2002, and in net profit and number of branches. Commerce Bank also created a culture of customer satisfaction through initiatives like its "Commerce University" training, "Wow teams", and using mascots to interact with customers. This customer-centric strategy resulted in a large increase in assets to $50 billion by 2007 and recognition as one of the top performing companies.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 7

    Customer Centricity at Commerce Bank

    Presented By
    Group No. 08

    Shilpa Poddar - 150 Nirupama Ghosh Dastidar -153 Ashish Ranjan Jena - 155
    Jaydeep - 152 Bhawana Mallik -154 Ankur Chaudhuri - 156
    The WOW! Features of the bank
     Philosophy : they are retailers and not bankers
     Open seven days a week from 7:30 A.M to 8:00 P.M
     10 minute policy
     Uniform branch design and appearance
    FACTS:
    2001 (US $) 2002 (US$)
    Total Income 233 million 830 million
    Net Profit 103 million 145 million

    2002 2003 2007 2010


    Branches 270 316 500 800
    Assets 21 50
    billion billion
    Retailtainment
    Three Mascots-
    Mister C : interacts with customers
    Buzz : creates a buzz in the bank
    Doctor Wow : solicits feedback from employees & customers

    Wow culture of bank


     Commerce University
     1700 courses, 15000 employee enrollment every year
     Traditions – one day training course for new employees
     Wow Teams
     Red Friday
     Doctor Wow Awards & Hill Cup
     Kill a stupid rule program
    SERVICE QUALITY
     Customer friendly measures:
     Low cost deposits and loans
     Free account verification
     24 hrs phone banking
     Online banking services
     Penny Arcades
     Employees greet & escort customers

     Advantage over competitors:


     Encouraged branch banking
     No minimum balance insistence
     Extended Banking Hrs
     Free exchange of small change
    Customer Centricity
    Customer Satisfaction:
     Fast daily branch operations
     Convenient teller transactions
     Eat or read while in queue
     Check view feature at bank’s website
     Phones at bank’s ATM’s
     Penny Arcades at branches
    FACT:
    In 2002, Penny Arcades transacted
    US$71.7 million in 750,000 transactions;
    loss of US$ 10 million
    The Wow! outcomes
    Substantial increase in total income & net profit
    Accumulated US$ 50 billion in assets by 2007
    Good growth rate in third quarter of 2003:
    41% in deposits and 26% in EPS
    2000% stocks growth in past 10 yrs
    Listed in Business week – 50 top performing companies of the
    S& P 500
    Best online banking service award by micro banker
    THANK YOU

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