Tomorrow morning Bendigo Bank will deliver another excellent result.
How do they do it........ every time?
Simple,
They give SERVICE to their customers......something the big 4 have been ignoring for years.
It is a very different market strategy to the one being persued by the big 4 whose major thrust has been to cut costs, & in so doing reduce customer service & satifaction.
Many analysts do not like BEN because they claim their costs are too high & do not compare favourably with the majors.
I believe they are completely missing the point.
The fact is BEN is gaining new business at a much faster rate than the majors ..........& that is THE point that counts.
The communinty banking arm of their business also continues to grow & while it is not a huge profit centre for the bank, does two very important things.
1/ It positions BEN as a caring organisation ( Very different to the public perception of the big 4 ).....The publicity & goodwill from this is enormous. Their customers love them.
2/ Community banks, throught their customer deposits provide a very low cost source of funding for BEN.
I know their profit is miniscule compared to the big 4 four, but this too gives them a relative advantage...
It is a lot easier for BEN to double its profit than it is for the bigger banks
Bendigo's growth in the last few years has been outstanding & I believe will continue into the future.
Ther anouncement tomorrow is at 10.30 & will be worth watching
This will be of particular interest if the banking sector is "off " tomorrow as it may be a good opportunity to pick up a few at a good price.
Caveat emptor
Bendigo
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