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The Momentum Effect by Jean Claude Larreche

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7

Power offer design

A bank that doesn’t like banking

For most day-to-day clients, recommending one’s bank is something like recommending the local tax collector. The easy joke is that they’re both unavoidable, they want your money, they gobble it like Pacman and they leave you with the vaguely disquieting feeling of having been used as a disposable cash cow. Oddly enough, though, there is one bank whose customers like it so much that they have become unpaid cheerleaders – 70 per cent of them recommend it at least once a year. That’s the highest, most enthusiastic approval rate you’ll encounter for a bank anywhere in the world.

Its name? First Direct. This exceptional bank is a remarkable example of momentum created from a standing start. It ...

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