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The growing trend of banks owning check cashing outlets and banks establishing a footprint in retail grocery stores has taken the once isolated segments of check cashing and merged them in a way that consumers are being offered a greater variety of choices but at a higher cost to the consumer. Although their cost per transaction may be higher, the consumer is also exposed to a greater variety of products and services now due to this blending of services. In the past, a check cashing customer would have been exposed to only check cashing, money orders, wire transfers, and other misc. products such as phone cards and bus passes. Now however, the check cashing customer is exposed to loan products over and above the payday loan such as lines of credit, mortgage products, auto loans and much more. The banks are also reaping the benefit of appearing to address the consumers’ real needs of check cashing and short term loans with this metamorphosis. They are also reaching out to the consumer more by taking the branch to the consumer rather than forcing the consumer to the branch. But even with these marketing blessings banks still address the consumer’s needs with a banking mentality and mind for profiting. Long lines, herded waiting areas, and costs for cashing checks that would put a licensed check casher in the slammer, banks continue down the path of “same place-same thing” even with their new image enhancements. Check cashers that are worth their weight already know these weaknesses and have continued to push their more personalized service, showing value to the consumer and treating all customers as a reward for their efforts rather than a captured audience. Innovative check cashers are looking outside the check cashing industry for cues on customer interaction techniques as well as established customer service benchmarks, looking at industry segments such as fast food, convenience stores, and other speed oriented service businesses. They are looking at how customers are handled by the ingress and egress of the facility, how parking and outside access play into the control and speed of handling customers, looking at how bump marketing is used to enhance the experience, express lane style processes, and logical flow path of consumers. The other thing that innovative check cashers are paying close attention to is co-branding. Check cashers co-branding into convenience stores has been around awhile, but is now coming into a better time with more mainstream co-branding techniques. Professional looking logos and signage, uncluttered visual impact zones, and most of all, the need is greater for convenience stores and check cashers to expand their marketing reach and services. So the net results are simple, banks want to appear more like check cashers, check cashers want to appear more like a fast food brand and grocery stores/convenience stores are reaping the benefits of these expanded image enhancements. Look for more innovation on the part of check cashers as well in the near future with offerings such as mall kiosks, mobile event processing, and expanding their product offerings by establishing commercial lending licenses as well as even creating banking entities of their own. Consumers want it all and nothing less, and the blending of cultures is going to make that a reality for consumers in the very near future. copyrighted materials - Do Not Duplicate without expressed written permission from B2
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The articles themselves are owned and are the copyright of the writer of the article. The writer of the article has provided Industry Pages Inc. expressed written permission to have the articles available on the Industry Pages Network, CLMman and the CLMman Column Webfeed. Any use of the articles outside the CLMman system requires written permission from the writer of the article itself. If you have any comments about this column please feel free to express your opinion in the Forums. Article © Copyright Jun 23, 2004 B2 |
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