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santander coming to a high street near you
Published: 27/05/2009 |
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Santander – coming to a high street near you
Andrew Hagger of Moneynet.co.uk comments on the Santander rebrand announcement.
In 19 months time the well known banking names of Abbey and Alliance and Leicester will disappear with the Santander brand replacing them as the new name above 1,300 high street outlets.
There is no question that the Spanish giant will be a serious player in the UK banking sector, but size isn’t everything. Whilst a comprehensive branch network will be convenient for Santander customers, it will be the competitiveness of their combined product offerings and levels of customer service that will play a major role in determining their market share across the full range of banking products.
It’s a bit like putting a new label on a tin of beans, if the contents are less palatable than you’ve been used to, you’ll soon switch to a new brand. The essential ingredients for banking success are consistently great value products, reliable technology and providing first class customer service at every customer touch point, whether it is in branch, on the telephone or online.
Maintaining a branch network is far less cost effective than the more direct internet and telephone delivery channels. With increased usage of online banking and more exclusive online deals reaching the top of best buy tables, it will remain to be seen if the 1300 strong branch network will be gradually scaled down in the near future.
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