…then why is Chase changing an innovative customer experience in favor of stodgy old values?
As Washington Mutual slowly turns into Chase, the interesting aspects that made it a breath of fresh air versus traditional banking experiences. Gone are the cool mini-kiosks that made it (somewhat) faster and more efficient to do your banking. Back are long teller lines where instead of getting your banking done and then you’re off on your way – you’re hit with credit card and other pitches.
Acquisitions take place for two reasons – to gain market share or to add to the acquisitor’s product or service offerings. In the latter, usually some semblance of the original company persists, because it was what they were doing different that made them a valuable target. It seems here that JP Morgan Chase felt Washington Mutual’s take on banking offered no value to customers.
My question is whether ay research went into these changes, or was this just a knee-jerk reaction? Washington Mutual was not brought down by bad customer service, but bad investment decisions – and I might argue that it’s unique take is what allowed it to grow quickly from a regional bank to a national financial services provider.
But I guess we’ll never know if WaMu’s model was a winner, since Chase has already made the decision to discontinue all of the things that made WaMu what it was.
So now – WaMu sadly looks exactly like the kinds of banking institutions it once mocked: