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Actual vs. Perceived Value (Behavioral Economics)

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21 August 2014

Comments

  • What kinds of services do large banks offer that credit unions don't?

  • […] Actual vs. Perceived Value (Behavioral Economics) […]

  • Steve,
    Taken as a whole, the credit union universe offers services comparable to banks. So while there may be a few leading-edge CUs who offer the latest features, individual CUs tend to lag when offering new technology (e.g., Mobile Remote Deposit Capture).

  • Hi Dan, great post! You make a key point regarding the bank's need to materially change the relationship with their customers. Bank's offer a wide range of services but the real value lies with the role the bank plays in facilitating their customer's daily lives. This is powerful and we (us bankers) need to view our services from that point of view. The more meaningful and relevant relationships we build the farther "right" we will move on your graph.

  • Dan, Interesting topic , largely ignored/taken for granted aspect well articulated and presented. Getting the customer to realize the value actually delivered by the institution and a possible measure to gauge what customer truly perceive valuable of the service or product offered by the institution would be the focus. Understanding the customer and having a customer centric approach will be the key.

  • Thanks, Tom. The meaning that you mention is key; otherwise banking services are just commodities.

  • Thanks, Sathish. I'd add to your point that factoring in the emotional component will also be important.