There are people who would consider it nearly impossible to take an old-line business like a bank and turn it into a hot brand. And the best of the hot brands has customer evangelists. Well, here’s a bank that’s doing it. According to the story, most banks are paying $300 to $400 to acquire a new customer and this bank is getting them for under $100.
Here’s the quote that best illustrates the power of the brand that ING Direct is building:
Close to 40% of all new accounts are generated by word of mouth, either through “bounty” programs or simply through one customer telling another about this out-of-the-ordinary bank.