Transaction Cost Economics is ruining everything!!!

…or is it regulation and process not taking into consideration Transaction Cost Economics?

This post is really a little rant.

We just tried to contact a well known global financial services institution in London in order to enquire about the opening of a corporate bank account.

We have a few why questions and cannot figure out if it regulatory or process driven.

1. Why can’t we get the correct number to call off the web site?
2. When we get through to someone and identify the product/service we require, why are we given the incorrect follow up number to call?
3. Once we get through the automated call processing system, why can’t the customer services representative do a simple thing for us, by transferring us to a supervisor or competent person with authority to speak to?
4. Why are the customer services representatives so wedded to a pre-prepared script.
5. Why have the management consultants who designed these systems not taken into consideration the basics of Transaction Cost Economics(TCE)?

…we think the rant should end there; but more on TCE to follow in future posts.

theMarketSoul (c)2013

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