Comments on: Bad Habits Financial Institutions are Learning from Walmart

By: Credit Card Chaser

Credit Card Chaser — Thu, 08 Oct 2009 20:46:58 +0000

The only thing that makes me feel slightly better when that happens though is if the banker has to wait forever on hold or they key in wrong numbers and end up being routed to the wrong department lol

By: kenyantykoon

kenyantykoon — Thu, 08 Oct 2009 06:42:03 +0000

that business model you say of knowing one thing and doing it very well went to the dogs. its not only the financial industry its everywhere else more so in the technology areas- just look at google(planning on making cars, making cell phones) microsoft etc. its like all the available niches that can turn a dollar are not left unexploited. while this is profitable it provides inefficiencies that other people capitalize on(i know of sites that have done this and are making a lot). BTW its very aggravating when the bankers dont even seem to know that they are explaining to the laymen and the mis information leads to a lot of time wastage

By: Wilson Pon

Wilson Pon — Thu, 08 Oct 2009 06:04:36 +0000

Well, David. This is the fact of life, as many self-claimed “Professional” people are totally the “Unprofessional” themselves! Shame on them…

By: MoneyNing

MoneyNing — Thu, 08 Oct 2009 01:56:37 +0000

Ha! I heard that one before. It used to be “let me ask the manager…” Now, it’s “let me call the right department..” Eventually, it will be “let me search the answer for you on our competitor’s website.

By: Credit Card Chaser

Credit Card Chaser — Thu, 08 Oct 2009 01:01:58 +0000

“Have you been to a bank lately and the banker doesn’t even know half of the details of their own products?”

Exactly, the worst is when you are talking to a banker live and in person at your local branch and they say, “Oh, you know what I don’t know the answer to that question. Let me just call the bank’s 800# and see what we can find out…” Great…

By: MoneyNing

MoneyNing — Wed, 07 Oct 2009 18:53:36 +0000

Most people are impatient, so it’s easy to not plan everything right. I think that’s why most mergers fail, because people spend way too little time preserving what’s been working and just blindly try to combine everything.

By: MoneyNing

MoneyNing — Wed, 07 Oct 2009 18:52:08 +0000

Actually, I think it’s short sighted for most people to think that focusing on one area will make less money. It’s a lazy way to expand to different areas, but it’s more profitable when you make sure that you are the best at what you do.

Take Microsoft, they are blowing money on everything you can think of, but it is STILL Windows and Office that makes them 99% of all of their money. Google is one of the biggest company is the world, and though they are expanding, they are fine with just one revenue source which is based on search. When you are the “go-to” company that offers ONE type of service, you can strike it big. They key, of course, is to make sure you know what you are doing and provide the best product and service.

By: Ashley

Ashley — Wed, 07 Oct 2009 18:40:42 +0000

Joe is totally correct. I was just reading an article on Slate (http://www.slate.com/id/2227216/) about how niche businesses like expensive fancy cupcakes will soon bust as well because the market is over saturated. It happens in every industry. A company sees an idea, realizes they can make money by offering that, and then before you know it everyone is offering the exact same thing which sometimes leads to competition and better prices but almost always leads to a lessened quality of service and value.

By: John DeFlumeri Jr

John DeFlumeri Jr — Wed, 07 Oct 2009 16:25:15 +0000

You are right, stuff they do now is unprofessional and geared to ignorant consumers mostly.

By: marci

marci — Wed, 07 Oct 2009 15:35:10 +0000

For me, along with being frugal with my money, I am even more frugal with my time…. Meaning…I found a place I like and I stick with it. Once the decision was made, I no longer worry about whether it is constantly ‘the best’ place to be, but rather I know that for the long haul it is where I am content to be and know that over the long haul it will work best for me. For me, that is my local regional bank for a check cashing and atm bank… and with the local branch of Edward Jones for all the rest. It’s the people in those places that make me comfortable with the services offered there – and I KNOW they know what they are talking about. I am comfortable enough that when my employer was changing 401K plans, I took the paperwork to my Edward Jones man (who has no financial gain from that at all – only that I am his client in other matters), and he steered me thru it – at no cost to me. Now THAT’s service !!!

Find the place that makes you happy, and then settle in for the long haul. My advice only. It makes me sleep better at night! Stressfree For the long haul!