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Three years ago the Swiss supermarket chain Migros started an in-store bank. We're not talking just installing ATM machines operated by a large banking conglomerate. These were actual full-service bank branches located right down the aisle from the meat and deli counters. All under the supermarket's own brand: Migros Bank. . . . What were they thinking, right?
Well, here's the thing: Migros has been a smashing success. How is that possible? Here's a tiny bank in a supermarket. Its primary role is to service store customers. The bank does not pay top bankers any bonuses. Nor does it engage in high-risk international investments.
Instead, it has a simple (some people might call it outmoded) business model. It collects deposits from customers and then turns them into low-risk loans. With this approach, Migros deposits surged SFr 2.6 billion to SFr 24 billion, even as customers, worried about fallout from the financial crisis, were pulling their money out of leading Swiss banks like UBS AG (NYSE: UBS).
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