RaboDirect: Pushing the (windowed) envelope again
Since entering the Irish market a few years ago, RaboBank have done a lot to shake up the financial industry.
Irish banks tend to be very conservative, introverted and secretive. They are wrapped up in the notion of "we know best".
In contrast, Rabo seems to understand that openness works. People trust an organisation that trusts itself to talk openly on the web - and to take criticism.
Staff within the organisation post thoughts on finance. The public can then comment on it.
Traditional branding-types feel faint at this type of transparency. "What if the public say something bad?!"
Well, that's the risk. However, a mature and sincere response to genuine customer concerns can elicit greater loyalty than simply playing it safe.
They quoted research which showed that companies who are prepared to take the blame for major mistakes have higher stock prices 1 year later than those that do not!
Openness = money! The perfect recipe.
So how long will be it before Irish banks follow suit?