The credit crisis has challenged the stability of the financial infrastructure. In the end all is back to normal, but some banks’ images have been damaged.

Recently I experienced an issue with my bank. This bank has no offices and the contact with the bank can only be done by mail, e-mail, chatting of by phone. Under normal circumstances this should be enough. Besides I know that this bank has an office, it’s just not open to the public.

The issue was something of minor importance. I had an account for which I had not sent a notification of a change of address. The bank, being a virtual bank, took the necessary precautions when they couldn’t contact me any more on the previous address and blocked the account. This was a real block, probably a measure conform their virtual character: the account number was removed and the money transferred to a central account.
So when I finally called, month later nobody knew what had happened; my account just didn’t exist anymore.

At such a moment you think: I have to go there to the desk and I will not leave until I see my money. But there is no such way in a virtual office; you have to trust the people you speak on the phone.

Now I understand people in Spain, why they have difficulty accepting internet banking; having no office gives people an uncomfortable feeling. It is just emotional. But that is what trust is all about. There is no rationality behind trust.

The story continued and after having contacted a few bank-employees, I was told to open a new account and on the form I had to mention the old account numbers. “I will check when your form is received and will handle the transfer of the money,” said the person on the phone. I opened a new account and waited…

The end of the story is that nothing happened. I had to contact the company many more times, before something would change. “I have re-initiated the procedure,” said another employee.

The problem: there was not any trace of my previous calls about this issue.

And that is what can happen with a virtual organization. It requires extra effort to document the client contacts and check a possible follow-up. You would reckon this to be a standard practice for normal CRM-approaches.

Do not trust too much on it. I know this is only one example of many. When you trust your virtual bank, your should think twice. Use as much as written communication as possible (post, e-mail, fax) but even then, nobody can guarantee you that it is stored in their systems.

H.J.B.