SAN DIEGO, May 7 /PRNewswire-FirstCall/ -- Adopting a customer-centric approach can be a winning business model in tough economic times, a Comerica Bank executive advised her peers at a national banking conference in San Diego.
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"By getting closer to our customers and having a thorough understanding of their business models, we are in a better position to foresee the ups and downs in their business, and offer financial services solutions," Betty Rengifo Tucker, executive vice president of retail operation in Comerica Bank's western market, told about 400 senior financial services executives gathered at Loews Coronado Bay Resort Hotel in San Diego.
"This strategy is paying off at Comerica," she said. "A majority of our new banking centers become profitable inside of 18 months, much faster than industry-wide averages," said Rengifo Tucker in her evening keynote address at the 6th Annual Branch Banking Symposium sponsored by SourceMedia. Deposits at new banking centers that Comerica Bank has opened since it embarked on a Sunbelt expansion strategy in late 2004 are approximately $2 billion.
"Our unique business model focuses on delivering added value to the broad middle consumer market through a customer-centric focus -- which is demonstrated by improved training of bank tellers, on-the-job-banking in the workplace and a wide array of cash and wealth management services for small business owners," Rengifo Tucker said.
"To create customers for life, we hire people who are dedicated to building a strong personal connection with our customers," Rengifo Tucker said.
She said Comerica reaches "the right customers" by using a targeted approach to its banking center expansion. The new banking center sites are surrounded by a density of middle market and small businesses, entrepreneurs and affluent individuals, and the selection process involves Comerica officers in the region.
The 6th Annual Branch Banking Symposium addressed the strategic issues facing financial services executives in the current economy, entitled, "What's Next for Branches in a Multi-Channel World?" SourceMedia, the parent company of American Banker, presented the conference.
About Comerica Bank
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada, China and Mexico. Comerica reported total assets of $67 billion at March 31, 2008. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts .
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CONTACT: Alfredo Padilla of Comerica Bank, +1-213-486-6222, or cell,
+1-213-804-1323, aepadilla@comerica.com
Web site: http://www.comerica.com/
http://www.comerica.com/newsalerts
