I just received a new credit card in the mail. This is not unusual in itself but it is from my current credit card company – Bank of America, not one of my favorite institutions if truth be told. What is remarkable is that it is a card to replace my existing one that is not nearing expiration.
A very nice letter accompanied the card explaining that since BofA suspected that my card’s security had been compromised, they were cancelling it and substituting this new card. All terms and conditions remained the same.
Here is a company that determined a potential problem and did something about it. Proactive. It had to have cost them to do it. A cynic may say, yes, but it could have cost them more if they hadn’t done anything. True, but oftentimes it is difficult for an organization to bite the bullet, rather than wait it out. Taking no action can be kind of comfortable. So regardless of whether BofA took action that was for its own benefit, kudos for stepping up. But wait, there’s more.
Responsible action must be contagious within BofA. They just announced publicly that they would be forgiving the mortgage debt of some distressed borrowers. Could this actually be? Only time will tell but again BofA has gone on the offensive and is looking good. It would be a mistake if this is nothing more than a hollow PR gambit but time will tell. If it is, the bank takes a huge risk that they will look untruthful undermining its precarious public perception even more.
There have been a couple of other crisis management initiatives that have come to my attention that I think warrant applause. My own hometown was hit by a severe Nor’easter a couple of weeks ago. Trees were down everywhere. Many main and secondary roads were impassable (including mine – I couldn’t drive out of my street due to a fallen tree across the road). And over one-half of all homes in town were without electricity.
I’ve lived in the same house in the same town for over twenty years. Electric power delivery has always been dicey. Early on I lost electricity several times and finally, fed up, I wrote to the local newspaper complaining that I had moved from a third world country that had better electric power delivery than I was now receiving. Over the years some of the transformers and other gizmos have been updated and service has been acceptable, if not perfect. When the storm hit I shuddered to think what we were in for. But Connecticut Light & Power went to work. Crews were imported from other states. Every household was given updated Code Red alerts via the town’s emergency network, CL&P kept information flowing regularly and even went out on a limb and stated that 99% of the power would be restored by a certain date and hour. At the time, this forecast seemed far-fetched given the amount of damage and clean-up necessary just to get access to the wires. Yet, they did it! The company made an extraordinary effort, kept the public informed and, in my eyes at least, achieved a reputation as a first class public utility. I have only one suggestion. It would have been helpful for citizens to know what areas of town were scheduled for work on what days, and times, so homeowners could plan ahead, remove stuff from their freezers, get a hotel room etc. Barring that, nice job CL&P.
I received a rather personal letter from my cable company. Strange. I always get solicitations for the Triple Play – Internet, TV and telephone, but no, this was a kind of apology. The company thanked me for being a customer! They said they were sorry for inconveniencing me while they argued over programming fees with certain networks. They said they were sorry that there were interruptions in providing the Food Network, HGTV, and ABC (for the first 45 minutes of the Oscar presentations). Of course, they blamed everything on the greedy networks for trying to gauge the cable company instead of attempting to reduce costs, but hey, everyone has a different perspective. The thing is that the cable company tried to explain its side and did a credible job of it.
So congratulations to BofA, CL&P, and Cablevision for recognizing a crisis, handling it competently, and communicating to their respective stakeholders in a manner that has been straight-forward and not particularly self-serving, although self-serving communication, when deserved, is just fine.