Metro Bank is Britain's first high street store in over 100 years. The entrepreneur behind this idea is Anthony Tompkinson. Metro Bank does not want to be seen to be like other banks because it is open 7 days a week until 8, which is very different to the banks that we know. Their staff work in two different shifts, which is why they can work such long hours. Metro Bank have a different ethos to other banks, because their main focus is on customer service. For instance, they allow dogs in store, so that people feel more welcome. When you join Metro Bank you will get an account within 15 minutes with a debit card. This is a very different view on banking, however, it seems to be popular with people. Metro Bank received a 94% satisfaction rating, whereas Santander received a 67% dissatisfaction rating.
The money for the start of Metro Bank was raised, however, on the Monday after Lehman's Brothers collapsed and Metro Bank lost about £65 million of its funding, which was a major setback for them.
Metro Bank are unique from other high street banks because they act more like a retailer and want to be seen more like a retailer. Their emphasis is on customer satisfaction, which is contrary to how a lot of high street banks work. Their employees get their bonuses for how helpful a customer has deemed them NOT for how much money they have made for Metro Bank. I think that this is a very interesting concept, which was copied from an American bank, which proves to be very successful. People asked whether Metro Bank had to change their model for the British because Americans do not always want the same things, however, Metro Bank has changed nothing in 18 months and is proving to be very successful.
More on conference to come
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