Redefining Bankers' Hours

Today’s customers are demanding. They want access and they want convenience; and they want it on their terms. And in an industry flooded with customer-centered value propositions (which often times end up being little more than hot air), many would expect that customers’ demands for access and convenience would translate, at the very least, into extended operating hours - beyond the traditional 9-5, and certainly beyond Monday-Friday and Saturday mornings.

It’s surprising that more institutions haven’t adopted similar extended-hour strategies like those of TCF Bank ($14.4bil.; Wayzata, MN) and BankAtlantic ($6.2bil.; Ft. Lauderdale, FL). These two institutions obviously understand the value of their customers’ time; they have adopted non-traditional operating hours (for banks); and, most importantly, they allow this convenience to drive their value propositions.

“Open 7 Days” and “Florida’s Most Convenient Bank – 7 Days a Week” clearly communicate real value to the customer or prospective customer; and, because many financial institutions are still operating with “normal” business hours, TCF Bank and BankAtlantic have a clear differentiator that will truly set them apart from the competition.

Throughout Chicagoland, TCF Bank has taken substantial steps to incorporate its tagline: “Open 7 Days” not only into its marketing materials, but also into its branch signage – indicating that this is not temporary; and institutions should take note. I recently saw an advertisement for TCF Bank which expands upon the message of being “Open 7 Days” to include the message: “Redefining Bankers’ Hours,” and this statement couldn't be more true.

In addition, while many institutions can’t comprehend staying open later than 5:00 or 6:00pm, BankAtlantic has many branches that are open until midnight. Jarett Levan, the Bank’s president had this to say about the initiative: “we remain extremely committed to redefining bankers’ hours…As time increasingly becomes a precious commodity for our customers, we hope we are providing a convenient alternative to help with our customers’ busy schedules.”

Let’s face it – change can be difficult, especially when it means that you and your staff will be working weekends or working later than 5:00pm. This isn’t to say that every institution should be open 24/7; but rather, that institutions must adapt to their customers’ needs – and, more often than not, this will mean stepping outside of your comfort zone, changing the way you do business and offering real value to your customers.