Sunday, 3 February 2008

Egg Banking - What Is Truth?

So what is the truth behind the Egg decision to withdraw its card from 160,000 users? I guess we'll never really know.

What is interesting to me though is the reaction of customers to the decision because it reveals to me clear evidence of the manipulation of the truth by big business in their attempts to win customers.

No wonder customers are suprised at the Egg move, when up until now they have been enticed and persuaded with messages that have conveyed that Egg is 'at your service', able to facilitate straightforward lending , and that credit worthiness was a 'rational' and objective decision.

I don't have any problem at all with Egss commercial decision. What I do have an issue with is the economy with which they dispensed the truth in their marketing campaigns up to this point.

Of course, there might be something in the small print that explains their rights, but by deliberately not drawing attention to it in ad campaigns it is clear they knew in advance it might have an adverse impact on customer acquisition.

Where in the marketing blurb, up front, in your face, does it say that they are bank that can subjectively decide on their terms, with no notice if you are a good customer or not? To emphasise, I do not disgree with their right to do this, or the principle of controlled lending I object that they imply they are something they are not in order to win customers.

Banks are not a service business they are in the business of making money from lending. They should be prohibited in law from marketing themselves as a 'service' of any kind! and be strictly controlled in terms of the overt and covert persuasive techniques deployed in advertising.

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