I had a call yesterday with a credit card company to activate a replacement card for one I had lost. The rep was a courteous fellow, if not bordering on obsequious, and as he was reviewing my account he said, “I see that you’ve been a member for…wow, 19 years! Just want to say thank you for your continued support.”

Besides making me feel a bit old (really? 19 years?), his comment got me thinking what happens on my 20th anniversary with them? Will I get some recognition? A card? A free cup at Starbucks? Marketers often talk about customer loyalty and how important it is. The thing is, do they acknowledge the loyal customers when they get them? It’s something to think about and it’s so easy to do. Just a simple, “Thanks for being a great customer. Have a cup of coffee on us.”

It’s all about creating a great customer experience. Experience matters.

March was a busy month for the Corporate Insight tracked firms. Perhaps the most notable changes this month took place in the credit card space, as every firm in our Credit Card Monitor coverage group made announcements about changes relating to the CARD Act. Every firm posted notices alerting customers that their statements had been made available online. Additionally, several firms, including American Express, HSBC and U.S. Bank, either updated or announced updates to their monthly statements. HSBC also removed its Rush Payment service, which allowed customers to post same-day payments for a fee of $15. Prior to eliminating Rush Payment, HSBC had been the only Credit Card Monitor firm to charge customers for same-day online payments. Continue Reading »

We’re getting ready to publish the latest e-Monitor Report and this one is about email support. Specifically, the report looks at the availability, usefulness and responses from publicly available non-client emails. We examined the 20 brokerage firms tracked by e-Monitor and looked for publicly available prospect email tools or links. The initial thought was that all firms would surely provide something as simple as an email link - after all, it IS the new millennium! Turns out there is a little more variation than you’d think.

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Take a look at the statement image. On it, you’ll see roughly $30,000 in fraudulent transactions. On 9/26 there are seven transactions, in Helsinki Finland for just under $5,000 each. How these charges made it through any kind of reasonable security check is beyond us.

It should be noted that the cardholder, one of our employees, has never set foot in Finland. Continue Reading »

One of the forerunners to TD Bank in the northeast was Commerce Bank, a firm that built a reputation for excellent customer service and wide open, inviting branch locations. This week, that reputation for customer relations has been put to the test due to problems consolidating the legacy TD Banknorth and Commerce Bank backend computer systems. Continue Reading »

With the introduction of Chase’s new Ultimate Rewards program in July, we decided to switch our coverage from the firm’s legacy (and no longer promoted) Flex Rewards card to the Ultimate Rewards-affiliated Freedom card. The easiest way to do this, we assumed, would be to call a customer service representative (CSR), tell them we currently have a card account, and see if they could help us switch the account over to the new rewards program. When we actually called Chase, however, we hit a wall of confusion. Continue Reading »

April Fools’ prank? Glitch? Computer virus? Easter miracle? Whatever the explanation, a number of clients of discount online brokerage firm Zecco woke up on April 1st with buying power of up to $13 million instead of the down-to-earth totals they had last logged out with. An uncertain number disregarded the voice of reason and took the opportunity to place big trades they wouldn’t have been able to afford otherwise - trades that somehow cleared. As you can imagine, this would not end well.

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We were surprised recently to find that Vanguard had taken down its product information for the Vanguard Lifetime Income Program, the firm’s income annuity. A brief message refers visitors to a dedicated customer service telephone line, in place of an extensive product section with key features, investment options, FAQs and other information. In fact, we had commended Vanguard with a Gold Monitor in our 2007 Annuity Monitor Awards for its product details, information kit and actionable instant quote tool.

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Fraud not only hurts a financial institution’s bottom line, it also generates the kind of negative publicity that’s difficult to erase and easily metastasizes in this information age. Thanks to the rise of social media, any fraud victim can log onto his or her blog, or post a clip on YouTube, and instantly vent about their experience for all of the world to hear. If their posting is entertaining or outrageous enough, it’s liable to circle the globe in as little as a few weeks, further blackening the institution’s reputation. Continue Reading »

In a move symbolic of AG Edwards’ end, Benjamin “Tad” Edwards IV is stepping away from Wachovia Securities to start his own new brokerage firm, as we read in a recent InvestmentNews article. Edwards, who is the son of former CEO Benjamin Edwards III, plans to launch Benjamin F. Edwards & Co.

According to the article, Edwards’ resignation took many brokers by surprise. We, however, didn’t think this is too shocking. The merger of AG Edwards and Wachovia certainly hasn’t been the smoothest. We have read about AG Edwards advisors leaving for other firms, numerous job cuts, and the recent ouster of Wachovia CEO Ken Thompson - although not directly related to the merger - did not help. There was clearly tension in the air, and bigshots were bound to find that the corporate cultures clash.

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