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Back To The Future
A savings bank in Cuyahoga Falls, OH, recently celebrated a milestone: $50 million in sales. While that amount isn't so unusual, the way the bank got there and the amount of time it took is pretty surprising.
Cuyahoga Falls Savings Bank started off as a brand new bank with an old fashioned concept two years ago. The bank, which reached the sales landmark in April 2002, does not computerize its services. In fact, it doesn't even use voice mail - customers who call in after hours get no answer and those that call when all lines are taken get a busy signal. Customers can't go online to check their balances - instead, they carry around passbooks, something rarely seen today.
It's not that the bank doesn't believe in technology - it has a Web site for informational purposes and to allow customers to download applications. But the financial institution bills itself as "Your Hometown Financial Team," listing bank officers and staff on the web site and inviting people to call them directly.
It relies on lower costs and better rates to sell its products and shuns fees and charges wherever it can to draw in customers. For example, a child's account has no minimum balance.
As Rod Vargo, president and CEO explains: "I would say that the public likes automation until they have a problem. That's when you want a real live person, and that's why we focus on personal service provided by people, not machines."
Copyright © 2003 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 11, 2/03
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