ICEW Anthony thompson metro_bank
23
Putting the customer first Creating fans not customers Anthony Thomson Co-founder and Chairman
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Transcript of ICEW Anthony thompson metro_bank
1
Putting the customer firstCreating fans not customers
Anthony ThomsonCo-founder and Chairman
2
Agenda
• A bit about us
• Our philosophy
• How we deliver it
3
Metro Bank
•UK’s first new High Street Bank in over 100 years
•Retail and commercial
•7-Day branch banking – early ‘til late
•Telephone, internet, mobile
•15 minute account opening
• Instant card issuance
• Instant cheque book
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Metro Bank
• 10 stores open to date• 60 stores after 2015
• 12 stores in 2012• 220 Locations in Metro
London in 10 years
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The Metro Bank Philosophy
Core Deposits Create Value
Customers Will Trade Lower Rates for a
Better RETAIL EXPERIENCE
Great Business Creates
FANS not Customers
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Choosing a Bank in the UK
Source: UK Office of Fair Trade June, 2008
Branch near where I lived/worked
Competitive interest rates
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Great retailers are about model, culture and execution• Differentiated model
+
• Unique culture that reinforces the model
+
• Relentless execution
= Fans not customers
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A differentiated model
• Customers want a better banking experience
• They want value
• Service is more important than rate
• Create fans not customers
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Metro Bank model
• Retail not banking• Change the
experience– Service
– Convenience
• Sales or service?• Create an emotional
bond• Fans not customers
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A culture that matches the model• A culture that fits
the model– Clear, pervasive
• Buy in or opt out• Reward for service
not sales• Fun
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The Metro Bank culture
• Find the right people• Recruit for attitude
and train for skills
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The Metro Bank culture
• Empower them• Reward them• Measure what
matters– Satisfaction– Complaints– Advocacy– NPS
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Customer Feedback
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Relentless execution
• Retail is detail
• Belief in the model
• Uncompromising – 100% execution
• ‘Walk a mile in their shoes’
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Model culture and execution -a better banking experience• No stupid bank rules
• Pens
• Vans
• Dogs rule!
• Coin counting
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Better banking experience creates satisfied customers• How satisfied are you with your bank
• Metro Bank:
• Overall satisfaction rating 94%
• 84% would recommend to a friend
Santander
HBOS
Lloyd’s TSB
67.0%
48.0%
41.0%
Dissatisfaction by Bank Barclay’s Bank
NatWest/RBS
HSBC
41.0%
38.0%
36.0%
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The Metro Bank Philosophy
Core Deposits Create Value
Customers Will Trade Lower Rates for a
Better RETAIL EXPERIENCE
Great Business Creates
FANS not Customers
18
The Commerce Bank Experience
Most Beloved by its
Shareholders and
Customers
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$
MillionsAverageAnnualIncrease
+30%+30%
+28%+28%
Assets
+29%+29%
$1.0B
A Growth Model
Assets
Deposits
Loans
$8.3B
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# of stores
$45.3B
Market Capitalisation
$24M $1.5B $8.5B
150
428
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1973 1991 1997 2000 2007
$4,742K$4,742K
$15.00 $1.27 $0.95 $0.65 $0.15
Cost basis adjusted for splits and stock dividends
@ $38.14
Value of $10,000 Invested in CBH in 1973
470x470x
47x47x
$1,956K$1,956K
$956K$956K
$108K$108K$10K$10K
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Metro Bank 10 Year Plan
Assets £MAssets £M £256 £909 £4,402 £23,089
# of Stores# of Stores 4 24 60 200
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In conclusion
• Profit is a by product
• Build store by store, customer by customer
• Look at the great retailers
• Create fans not customers
