Driving down from breakfast this morning I noticed a sign that said “TD bank unfair to customers“ and right outside the TD Bank branch! I was shocked at such a bold statement right outside their branch! Their walk-ins would definitely think twice about walking in to that branch!
When we tried to interview the people outside holding the banner, they refused to talked to us and instead wanted us to go to Facebook page and check it out and educate ourselves and make an educated decision about the bank. So I decided to find out what would make a customer be so mad at them make an effort and create banners to place outside of the branch and create a Facebook page and get 981 people to like the page? What is making them react so boldly about their feelings towards this bank and why isn’t the bank doing anything about amending this situation!
So I decided to go on the Facebook page and find out what is going on and following are some things that really struck out to me:
1. Employees are the essence of any company. To see that the employee comes on the “I hate TD bank” page and post that they hate working there and instead of being advocates of their company they are approving the faults of their company. It is so sooo important to keep your employees happy as they can serve as your advocates OR if not kept happy they can add more coal to the fire. Notice the dates on the posts a little less than a month and the person wasn’t working there anymore. High turnover rate is a cost to any company and will never lead to a successful business.
2. Listen and learn... don't attack. So I did find a post of how TD is trying to make the situation better. This may not be the right way to approach a problem. The 863 – well now 981 - people are just trying to be heard. And to belittle or ignore them will not lead to any good for them. As these 863 people have family and friends who also have family and friends. Instead of pointing out a problem in the audience try to suggest a solution. Maybe financial education outlets to manage money? Destroy the box and don’t point fingers at others but rather always strive to make yourself better!
3. Place people over profits. This post actually reminded me of Lee Wetherington’s “Top ten ways to lose members” in San Antonio TCUL Leadership Conference. He said “the best way to drive members away is to be evil! Do not use the trust your customers/members have in you to lead them to make a decision that will be more expensive to them. We all want to make money but you rather keep a long relationship for more money than a quick sale. It is just the logical route. Give solutions and alternatives that will make your member to be proud to be part of your Credit union! No John, attitude is definitely not the answer.
4. Be aware of feelings and emotions. Mergers and acquisitions 3/4ths of the time end up to #fail. Why is that? When the companies don’t capitalize on the strengths of each company they are more likely to get people dissatisfied. People have continuously mentioned how much they liked Commerce and hate TD Bank. A careful strategy needs to be put together with employees of both parties and should be well communicated to its employees.
5. Share and offer solutions. One thing I really liked about this page what someone posting a solution. Yes, there are all these people posting their problems and complaining about TD Bank, and if TD Bank is not being proactive with reacting to these people others should take a step ahead and get their business. Especially credit unions in these areas have 981 looking to give up their business to a trust worthy place. CUs should take advantage of the situation to educate what they are all about and turn this into a happy ending.
As we continue this journey of spreading some fun and CU*SWAG love. We really want CUs to step outside of their comfort zone and look at what is going around and use it to their advantage. Have fun, love CU*SWAG and don’t forget the inborn “people helping people” philosophy of credit unions!