This page contains a Flash digital edition of a book.
INTERVIEW


being answers every call.” The stores are also very dog friendly. “Not only will they allow you to bring your dog in, they’ll know your dog’s name, give them a treat, they can chip dogs in-branch.” Metro Bank’s passion for our canine friends stems from Vernon’s love for his own dog, Duffy, but has been employed as part of the model because he believes it is simply good business sense: “Customers think ‘if you love my dog, you must love me’.”


Many ‘experts’ doubted the potential of


Metro Bank, and there was big risk involved in its launch; it was in no way certain that Brits would accept this strikingly different way to deliver banking. Acceptance has been extremely strong, however; at the time of writing, Metro Bank had reached almost 500,000 accounts. Vernon doesn’t seem surprised: “British customers want the same as every other customer – service, convenience and to talk to people.” In fact, Vernon claims there is very little difference between Commerce Bank and Metro Bank. “We are


basically running our exact same American model in London and it’s tremendously successful. In fact, it works better in London than it does in America, because the market hasn’t had anything fresh and new.” The one main difference Vernon cites is the location of ATMs, and it is testament to the resoluteness of Britons regardless of the challenges the outside elements present. “If you go into one of our Commerce Bank stores in the US, you’ll see the ATMs are in the foyer, where you’re dry, warm and safe. Brits would


“The concept works better in London than it does in America, because the market hasn’t had anything fresh and new”


rather use the machine outside where you’re cold and wet!” Vernon released a book in 2012 entitled ‘Fans not customers’, which explains in great detail the culture at Metro Bank and why it has given them a competitive edge. Both in the book and during our chat, Vernon cites Apple as the best example of building fans, not customers. “You don’t buy an Apple phone because it’s the cheapest; you buy it because you are buying into the Apple experience. And that’s what Metro Bank is all about.” Vernon has an ambitious vision for UK


growth, aiming for 200 stores in Greater London by 2020. By the end of 2015 the number will be around 45. These are big numbers, but if anyone can build a large- scale business in a competitive market, it’s Vernon Hill II. He is modest about his UK success, though: “We were lucky to catch the wave. We had the right model at the right time.” It might also have something to do with the dogs… n


38 | www.franchisornews.co.uk


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52