Bank branch is a place where people with different educational background come to perform their every day needs. Also, people (bank clients) have various degree of financial literacy. While some can easily understand bank terminology, others are facing a challenge when it comes to the specific terminology. Keep in mind that there is nothing wrong in not knowing something. But it is extremely wrong not to try to learn an everyday stuff. Considering the different level of bank literacy, there is an additional category of clients, which could be labeled as “I know everything” clients.
This category of bank clients can be the most annoying clients for the bank employee. Meaning that, most often bank employees have trouble in offering their services, because of the communication problem. This is in a sense that these clients are having the attitude that bank employees don’t know a thing about the services. The communication problem arises when the bank clerk starts explaining the services to these clients, and the clients are immediately pointing out that the employee is wrong about something (one of the most annoying things). In many cases when the client is asked why he/she thinks that the banker is making a mistake, they do not provide any answer (extremely annoying).
Most common example with the “I know everything” bank clients, is the mixing up of the term of interest rate paid on deposits (saving accounts). Meaning that it is not so rare for a client to have the opinion that the listed interest rates are on a monthly base (although it clearly says that they are annual interest rates). So when this category of clients ask what would be the expected nominal value of the interest he/she would earn on the deposit, the bank clerk is calculating accordingly. In the meantime the client has made its calculations as the interest rate is applied for each separate month. There goes a problem, there is 12 times discrepancy between the bank clerk amount and client amount.
The story begins, the “I know everything” client is becoming frustrated and even starts insulting the bank employee that he/she is incompetent, that he/she doesn’t know how to calculate a simple interest on a specific deposit amount, etc. This is VERY, VERY (again) VERY annoying. In most cases this misunderstanding is solved, but in some cases the client leaves the branch without giving an opportunity for the employee to explain and give the right answer.
What follows is that this “I know everything” client will spread bad word of mouth about the bank; that there are under-qualified employees, low-interest rates, inadequate products, etc. This could result in worsening of the specific bank reputation, when in reality the level of client arrogance and ignorance is to be blamed.
Bank employees might agree that there are many other examples of the behavior of this category of clients. They would also agree, that these clients should have patience and listen to what the employee has to say. Clients should be aware that it is not wrong to have misunderstood something, but it is extremely wrong not to ask for a clarification.