Description of the operations and strategies of the world's fastest growing branchless bank. The use of face-to-face interface than traditional phone lines, First Direct offers standard banking and related financial products nearly 700,000 customers across the UK. Using a complex system of information about customers and highly educated labor force in the front line, the bank has achieved customer satisfaction and loyalty levels, which are about twice as many as its nearest competitor in the direct or traditional retail banking services. This was achieved through the use of an information infrastructure for the personalization of services, profiles model preferences, and cross-selling appropriate products for over-the-phone interaction between banks. This model is a breakthrough service showed that banks can deliver higher quality service at a much lower cost by using a virtual or "virtual market" channels for service delivery and customer relationship management. The question facing the Bank, a division of Midland PLC (which, in turn, owned by HSBC), was how fast, in what form and in what segments of the market, the organization must grow. "Hide
by Jeffrey F. Rayport, Dickson L. Louie Source: Harvard Business School 30 pages. Publication Date: February 19, 1997. Prod. #: 897079-PDF-ENG
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