May I help you? Simple old-fashioned customer service could be your bank's fastest route to improved deposit dollar acquisition.

• Author: Georgas, Mary Ellen
• Position: Core Deposits

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While preparing to write this article, a friend told me about her recent experience trying to open a new account at her local bank.

It was a sunny and hot Friday afternoon when my friend, a successful, established small-business owner, entered the local branch of her bank to open a free business checking account. She had done her homework, knew the required documentation, had it with her, and was hoping for a quick account-opening process. In addition, because she has other accounts with substantial balances at the bank, she assumed she'd get priority service. She expected to be heading back to her office within 20 minutes to finish other tasks such as billing and receipts before the weekend.

Boy was she wrong.

Although no other customers were waiting in line or at the teller windows, the business owner had trouble getting the attention of either of two the on-duty tellers. When she finally succeeded and made her request, she was told to have a seat, that it would be about five minutes until someone could help her.

While waiting, my friend spotted only two salespeople: one helping another customer, and another disappearing through a door to a back room. As the five-minute wait turned into 10 minutes, she saw several other customers enter, conduct various teller transactions and exit. None appeared to engage in much dialogue with the tellers.

Finally, after what seemed like the longest "five minutes" of her life, she observed that a teller came back and politely informed her that the person who could open her business account wouldn't be back for another 20 to 30 minutes.

My friend left, fuming, feeling frustrated that an important part of her day had been wasted, and wondering whether she should take her business elsewhere. Should she go back to this bank to open the account or go to a new institution where she--and her hefty balances--might be more appreciated? Already this mass affluent/small-business customer had shifted her assets from one bank to another three times in as many years due to her frustration with mediocre customer service.

What would your advice be? Would you tell her to visit one of your branches because she would experience more professional and personal service?

While every bank executive would like to think such a scenario would never happen in one of its branches, my friend's experience made me wonder if some banks are missing a key component of attracting and retaining core deposits: An...