Another product post: Money makes the world go 'round or checking with Commerce

It came in the mail today. In a plain white envelope bearing the Commerce Bank logo, along with my monthly bank statement there was a copy of 'Commerce Notes," a newsletter "exclusively for Commerce Bank customers." The leaflet announced two new services available to Commerce customers free of charge: e-Statements, and extending the timeline for deposits to 6pm (deposit a check before 6pm and the money will be available next day!). I've been a Commerce client for a number of years, and I must admit, I'm beginning to get used to the free perks and services that the bank regularly bestows upon its customers.

When I became a Commerce customer six years ago, all I wanted was a simple checking account, with no monthly fees, and a direct deposit. Gradually, Commerce has added the following services without charging a penny:

1. Online banking
2. Extended hours of operations, 7 days a week.
3. Eliminated ATM fees
4. E-statements
5. Deposits available virtually within hours

Clearly, Commerce has adopted the "more-for-the-same" (or, sometimes, "more-for-less") value proposition (Kotler 263) as an effective tool in attracting scores of new customers, pampering existing ones, and increasing its overall market share.

A bank account, essentiually, is a service product (as defined in Kotler 300). Commerce has excelled in the art of service differentiation and service quality (Kotler 302). Chuck Salter in an article published in FastCompany analyzes the forces that propelled Commerce from a local bank to one of the fastest growing financial institutions (Commerce's stock grew more than 2000% in 10 years). Unlike its peers, Commerce markets itself as "America's most convenient bank" that strives to "wow" its customers by:

1. Opening more branches ("stores") and extending business hours (7 am until 8 pm on weekdays, 10-6 on weekends)
2. Encouraging customers to visit branches and deal with bank personnel rather than ATM ("personalizing service")
3. Enhancing the customer experience (well designed branches, coin machines, etc.)
4. Training and motivating employees; soliciting the customers' feedback about their experiences at local branches.

I love my bank (which, incidentally, is a brainchild of a Whartonite, Vernon Hill). My dog loves my bank. Every time we go there, Peppi will get a dog biscuit from one of the friendly tellers. We are spoiled rotten by Commerce. Can you say it about your bank?