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10 April 2017

Achieving growth in a non-growth world: The Metro Bank story

We were delighted to host founder and chairman of Metro Bank, Vernon Hill, on 15 March who gave a talk on the Metro Bank success story and on how companies can grow in a non-growth world.

Vernon talked the audience through the 'Metro Bank story' before taking Q&As from the audience.

Metro Bank, founded in 2010, epitomises the start-up success story, having grown from the first high street bank to open in over 100 years to a, now FTSE listed, retail bank with a market capital of more than £2.5 billion, in just six years. Vernon credits Metro Bank's success to their obsessive focus on the customer experience and the Metro Bank brand; Metro Bank builds fans, not customers. Metro Bank pride themselves on creating the ultimate in customer service culture, ensuring they dispose of any 'stupid rules'. Examples include providing safety deposit boxes and free coin counting machines in every store, to offering a 'dog-friendly' environment and handing out free pens.

It is not necessarily these individual facets that create the 'fan base' with which their success is built on, but all of them united project the positive Metro Bank brand. If customers, or fans, enjoy the services they are getting they are more likely to join, or recommend, the bank and this was a key message from Vernon to other growing companies. This has been a clear success, gaining them a 78.9% net promoter score in a 2014 Banking Survey, considerably higher than the established UK retail banks.   The Metro Bank brand focus is something that Charles Russell Speechlys finds particularly synergistic with how we operate. We place huge importance on The Charles Russell Speechlys Way, offering legal services in a human way, and offering the personal approach wherever we can. Like Metro Bank, we place huge importance on our clients' experience with the firm and the brand message this sends out.