The whole service industry can be divided into two categories: mass-market, solutions that prioritize quantity over quality, and more personal services, which prioritize satisfaction of every single client.
Banking is no exception, there are industry giants with millions of clients and there are smaller scale institutions which are oriented toward different types of services. Hermes Bank deputy GM Jeanelle Williams explained the difference to us.
Hermes Bank specializes in the digital economy sector, both providing and backing solutions for the fin-tech industry.
“First things first, Mrs. Williams, you represent Hermes Bank. On what side of mass-market vs. personal approach are you?”
“Well, of course, we take pride in our tailored approach to every client. Through the years we’ve built ourselves a reputation of a bank for private and corporate clients seeking a more friendly, more convenient banking solution. For people and companies that don’t feel they are just one of many. So I think it is obvious that Hermes Bank is more on the side of personal approach.”
“So how would you define the difference between the two approaches?”
“It is pretty obvious the difference is in scale. Basically, even though it doesn’t sound very logical, the bigger the bank, the smaller the number of employees per client. So with fewer actual people working with customers, approach to each client is exactly the same, all processes are automated as much as possible. Ultimately, for a large bank, it is easier to make customer adapt to their rules, not vice versa. The scale allows that. In the banks that operate on a smaller scale, like Hermes Bank, the idea is different. Despite not having tens of thousands of employees, we can devote more of our time to each client, both private and corporate. For Hermes Bank this is the most beneficial approach, we need to build lasting relationships with our clients, which are based on quality of service and trust. This is the definitive difference.”
“Would you say larger banks will sooner or later push all smaller banks from the market?”
“No, I wouldn’t. Of course, when a big company comes to a smaller town, it almost always negatively effects local businesses. But the situation we are talking about is very different. Basically, you can say Hermes Bank and large banks provide different services, they do not directly compete. Our clients demand, and get, the most convenient banking solution, they know exactly what they want and they get it. Large-scale organizations simply don’t work that way.”
“Of course, you have to also take into account the fact that we specialize in fin-tech, this is quite narrow and demanding area of expertise. Which also works for us, bigger institutions just can’t provide the same level of work with clients.”
Mrs. Jeanelle Williams has worked at Hermes Bank since February 2017. During her term, the Bank showed a clear upward trend in terms of profitability and reduced significantly the response time to any clients queries. She contributed to the formation and processing of credit facilities which is a new product for Hermes Bank.
Jeanelle maintains regular contacts with the authorities including the Regulator, standing up for the interests of the Bank.
https://www.hermesbankonline.com/home
Hermes Bank Limited
1 Bella Rosa Road,
Rodney Bay
BW Box 332, Gros Islet
Saint Lucia, W.I.
Tel: +1 758 451 2265
Tel: +44 121 740 0128
Fax: +44 131 464 0321
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Photos provided by author.
