While your bank’s main purpose is to help your customer achieve their dreams, one side business to that aspiration is that you manufacture credit. Credit does not magically appear, and like a manufacturer of widgets, a bank has a supply chain and process to put credit together. Luckily for us, it does not take tangible raw materials like steel and silicon chips, but it does take intangible raw materials in the form of intellectual property, hours of analysis, data and risk. That is a good thing as there is little friction in moving around intangible goods.
Tag: Cost Savings
The now famous Ally Bank commercial of 2012 that asked two kids if they want a pony goes down as one of the most effective in banking history. Two girls are asked if they want a pony, and while the girl in blue gets a toy pony, the girl in orange gets a real pony. Disappointment ensues to the Blue Kid and the moral, of course, is even kids know it’s wrong to treat others differently. While an effective commercial and a nice lesson for the grade school set, it is a poor lesson for bankers not to mention both intellectually and emotionally disingenuous.