When you think of loyalty, your bank is unlikely to be the first thing that jumps into your mind.
You might think of loyalty as a reward card for your favourite coffee shop. You might think of your favourite pair of trainers that you go back to time and time again.
With banks, switching has never been easier. There are more incentives and offers to ditch and switch.
So how could a bank inspire loyalty?
You see, loyalty is about trust, dependability and values.
A story that was shared by René Carayol is one that really stuck with me.
It was about a meeting with the CEO of a bank in the UK called First Direct. He was having a meeting with the big bosses of the wider bank, and they were coming under pressure around one of their core values.
First Direct values responsiveness, accessibility and human connection.
They had this promise:
"A human voice within three rings."
This brand promise is obviously an expensive promise to keep.
And so he was coming under increasing pressure for them to drop it as one of their values.
But he refused to do so.
And he told this incredible story about why that promise meant so much.
On the day of the 9/11 terrorist attacks, one of their customers was in one of the towers.
During the impact, he was knocked from his desk. He was injured and starting to lose consciousness, but had the wherewithal to grab his mobile phone and make one phone call.
And that phone call was to his bank.
They answered within three rings.
He said:
"I've been caught up in the terror attack. I need to speak to my wife and children. Can you get them on the phone?"
The operator said, "Of course."
They managed to get his wife and children on the phone to talk to him. They also got another operator to call the emergency services and helped direct them to where he was located.
They were able to save his life and rescue him.
That is the power of a brand promise.
In the worst of circumstances, you would phone your bank because you knew that they were going to answer.
That was the one place that you could trust.
