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Two different categories of value. One is the quality of the pizza, and the other is how fast and easy can you get me a pizza? Third category:  The pizza’s here.  You pay me now.  How much would you want to pay that guy? What did you say? 46.29? 24?  Same guy.  “Hi. Dinner’s here. Hot pizza!” See your child. “Hey there. Do you like pizza? Oh, me too.  I brought you a good one for dinner tonight.  How much are you going to give him? 50. Why did you give him the extra 3.75? Better pizza?  Faster delivery?  No, but he took some that created more, in another category.  And we got a fourth category.  Ring Ring.  Ring Ring “Good afternoon. Pizza Hut. May I help you?” “Yes. Hi.  Mr. Kaufmann calling.  I’d like to order two special pizzas.” “Oh, is this Mr.  Ron Kaufman calling?” “Yes, it is.  How did you know?” “Oh, Mr. Kaufman, you’re one of our loyal customers. We love serving you.” “Oh, shucks. I love calling you, too.” How did she know it was me?  Inbound caller I.D.  which connects to her CRM. She could see my recent ordering history, right? But when I said to her, how did you know? She didn’t say “We have inbound caller ID that connects to the CRM.  I can see your history.” She said “You’re one of our…” “We… serving you.” I said, “Well, great, I’d like two special ingredients.” She said, “Mr.  Kaufman, same ingredients you had two weekends ago?” I said, “Yeah, that’s right. The kids are over again.” She said, “You’re calling from home, is that correct? “ I go, “Yep, same place.” She says,  “Would you like to use the same Santander  Bank ultimate credit card like you used two weekends ago?” I said, “I wouldn’t think of using any other card.” She said,  “Are you sure the two pizzas will be enough for you this weekend? How many kids you got?” I say, “You know what?  You got a point.  Why don’t you make it three?”  We got a fourth category  going here.  I said to her,”You know what?  This is why I call you guys.”  We have a relationship. You know me, you remember me, you like me,  you take care of me, you look out for me.  What’s here? Four  different categories of value. One category is the quality of the pizza. In banking that would be called your credit card or your car loan or your mortgage or your deposit rate, or it’s the primary product of the bank.  Can other banks match your product? Let’s be honest, yes or no? They can. Second category – delivery system. Online banking, branch banking, ATM banking, call center. Huh? Are you convenient, fast, easy?  Except for the three CRM systems, but I know you’re working that out. Can other banks also develop a good delivery system? Yes or no?  Right.  Third category- people. Are you friendly?  Are you warm? Are you caring? Are you- Are you interested?  Yeah.  Service mindset. Fourth category- ongoing… Yeah.  Do they feel like you’re  just trying to get their money into a deposit or do they feel like  you care about their financial well-being long term, and you’re committed to being with them over the long term? Now, which of these four categories  do banking customers care about today? All of them. Put them all together  and what you get is what we simply call  the Four Categories of Value.  This is what creates the customer experience. It’s the quality of the products you provide. It’s the ease and speed of the delivery system that you introduce them to, and you show them how to use. It’s the warm,  friendly, personable people that we are, showing respect, and then it is the relationship that we cultivate with that someone else over time.