Random Thoughts On The Train From Boston To NY

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Competing on service is a flawed strategy. It’s like saying “We’re really good at fixing our mistakes.” If you didn’t screw up so much in the first place, you wouldn’t have to be so good at service.

A raft of studies have come out showing that online user reviews are used by consumers researching products and services online. But none of them indicate whether or not user reviews help consumers: 1) find product from providers that they didn’t know about before searching online; 2) choose between a set of providers they had already decided on; or 3) select between a set of products from a provider that had already chosen.

People on the train talk WAY too loud on their cell phones. I’m sitting in the quiet car from now on.

A recent survey asked consumers about the extent to which they trusted their financial providers. The survey scale went from 1 to 7, where one was “complete trust” and seven was “no trust”. But is “no trust” simply the absence of trust, or does it mean distrust? It’s not the same, you know.

Cisco and IBM announced new front office solutions that they promise will “transform the retail banking experience by enhancing customer interaction and collaboration across all types of delivery channels”. Congrats to the two firms — they’re today’s winners of the Most Buzzwords In One Sentence Award. Seems like every year IBM comes out with a white paper heralding the “tranformation” of the financial services industry. I’m waiting…..

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