5-Stars to Chase for Designing Extreme Customer Service

With Hurricane Sandy tearing up to the mid-Atlantic, Chase Consumer Banking sent out an email that reflects the highest order of customer service.

The email described a package of temporary policies to meet the banking and financial needs and worries of customers in a crisis. I’m talking delay of deadlines, waiving of fees, access to aid, etc., (see below for direct quotes):

The policies are designed: they identify and solve a problem, creating a well thought-out and sincere interaction between customers and Chase, whether the customers use the offered help or not.

The keystones of Chase’s strategy:

Honesty Chase was honest with itself about the image of banking as impersonal, rule-bound, uncaring, incomprehensible and fee-seeking and designed policies that would help overcome these image problems…at least for Chase!

Value It anticipated how a customer would feel and what they would need, building a bridge of relevant value, putting customers’ peace of mind ahead of corporate rules (and short-term profit) and

Timeliness It sent the message out before the crisis hit!

Sincerity By nailing all of the above in a letter whose tone was personal, professional and, above all, non-promotional, Chase conveyed a sincere desire to serve

All together, Chase managed an unprecedented communication coup. It built brand loyalty and thus—you guessed it—long-term profit. In fact, the policies’ lack of explicit self-interest sets it apart from anything I’ve received from a bank in 15 years.

Be Prepared!

You may not always be in crisis, but you can always anticipate your customers’ concerns and best interests and respond  in advance.

What Chase sent: Here are highlights (not in order) from the email:

“We will be calling many of our customers in the hardest hit areas to see if there are other ways we can help. ”

“Our branch and telephone bankers are empowered to go the extra mile for customers with storm-related problems or concerns.”

“…we are waiving the following Chase fees through Wednesday, October 31st …

Ҽ Overdraft Protection Transfer, Extended Overdraft, Returned Item and Insufficient Funds Fees for deposit accounts.

“º Late fees on credit cards, business and consumer loans, including mortgages, home-equity, auto and student loans.”

“…we will generally waive the early withdrawal fees on CDs to help customers with their cash flow.”

“We hope these efforts can play a small part in easing some of your worries…if you need help, please call us…”

The voice and focus of this letter showed me a company that has it’s customers’ back. It was the first time I might have dreamed of thinking a bank could be a force for good in a community.

Who should have sent this email but did not? My insurance company!

At least someone learned the lessons of Hurricane Katrina and the BP oil spill!