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The Trillion-Dollar Opportunity You're Missing
What It Means—and What lts Worth—to Be Truly Customer Centered
True Story
A customer of a major money-center bank wanted a mortgage re-cently. He looked like every bank's dream customer. Hes ahighly active trader through the bank's stock brokerage services, paying huge commissions, which are extremely profitable for the bank. He also keeps lots of money in the bank, and those large balances are very profitable as well. One thing he didn't do was borrow much from the bank—his current mortgage was with another institution. Note: Mortgages can be highly profitable for banks. So when the day came that this customer wanted to refinance his old mortgage, he called the bank's mortgage department. He was sure they'd be delighted to hear from such a terrifie customer as him.
It was as if he had called the Bank of Outer Mongolia.
The mortgage department had no idea whether he was a good customer or a bad one—highly profitable or break-even or unprofitable.