Obamacare Website Disaster: What Should Bank Mergers Learn from it?

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Change is something that is not easily accepted or liked, and poorly functioning websites are another thing that are greatly disliked. What about a combination of the two? This combination could result in a complete disastrous incident in the form of unhappy customers, no matter whether you are talking about health insurance or discussing a bank.

The health exchange website demonstrates a performance level that is far below acceptable. Its image has simply been cracked and there is no knowing what it will be like in the future. But for right now, it is definitely not good. Considering the banking sector, bankers usually have complex relationships with the government, but the disastrous Obamacare act might actually do them some good.

If you are a bank that is undergoing an M&A right now, just bear one thing in mind. You do not want any of your new customers to remember your poor online services when the acquisition takes place. Industry experts state that during a bank M&A, customers are usually not happy with the deal and careful attention has to be paid. And in such a crucial stage, inconvenience is not what you would want to provide to your customers, particularly so when they are not regarding you in a good light. Do this, and there is a good chance you will lose some of your customers in just a few days.

Taking the correct approach, online banking can actually help in retaining customers after an acquisition. The best acquirers do everything possible to make the transition seamless so that their customers are not affected that much. However, a merger is justified when rivals gain extra advantage and acquire better lenders and customers.

Acquisition news can spread like wildfire, and you should notify your customers before they learn about it from the press or social media. Just some time back, a bank merger took place, and in the process, customers were not given access to their accounts for a prolonged period. The result? You guessed it right, the bank lost plenty of long-time, valuable customers. And their rankings went down as well.

So what lesson should we learn from the healthcare’s mistake? No matter how many difficulties arise and how long the merger deal takes, you should provide your customer with excellent online services throughout.

Source: www.americanbanker.com

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