Seeing Red: B of A Reps “Concentrate to Dominate”

Whether it’s the red backlit ATM storefronts or the branches popping up at some of the most visible intersections in the city – Bank of America is certainly taking Chicago by storm. And Chicago isn’t the only city seeing red; this weekend’s Wall Street Journal included the article: “Branching out – Bank of America Uses Retail Tactics to Raid Manhattan,” profiling B of A’s aggressive strategy (discussed below) – which has included the building of 41 Manhattan branches in the last two years.

While the banking giant has an extensive branch network and marketing budget to match, it still manages to focus on the customer experience – or “customer delight,” a difficult task for many financial institutions. The article sites the “‘Bank of America Spirit Program’ – welcoming everyone who walks in, cleaning up clutter and measuring ‘customer delight’ by calling people each night who were in the branch that day for feedback. Bank employees were not assigned offices, but instead were told to wear comfortable shoes – because they were expected to spend significant time in the lobby greeting customers.” The Bank of America customer experience is undoubtedly enhanced when a follow-up call is placed to inquire about the branch and quality of service.

In addition, Bank of America’s branch officers are well equipped sales people. The WSJ article also sites: “its branch officers learn scripted sales pitches and the company mantra, ‘concentrate to dominate.’ They carry laminated pocket cards listing key points of company philosophy. They start each morning with ‘Daily Connect,’ a huddle in every branch to receive a sales-motivation message from Charlotte, N.C. headquarters.” Each of these initiatives suggests a strategic focus and a clear message that has undoubtedly contributed to the success of the Bank’s aggressive branching.

While deploying a team of 200 people in branded t-shirts to pass out 82,000 packs of branded M&M’s and Starbucks gift cards is well out of reach for most financial institutions, some initiatives undertaken by B of A are certainly worth consideration:

- Welcome everyone who walks into your branch
- Clean up clutter throughout the day
- Call customers to thank them for coming into your branch, and inquire about their experience – take their comments seriously
- Create a “cheat sheet” for bankers with your bank’s strategic messages
- Hold daily meetings to motivate your team to sell
- Reflect your brand in your marketing, don’t be afraid to be bold