[BAD PR: How to piss customers off] ING Direct Acquires ShareBuilder

by Philip Johnson on November 20, 2007 · 2 comments

in change management, customers, ethics, public relations, reputation management, transparency

ING Direct Acquires ShareBuilder

So, I’ve been with Sharebuilder for months now as they’re the cheapest no frills trading site. And was kind of excited when I received an email that they’ve been acquired by ING Direct.

Great! I thought…

They did a good job announcing it to the world in the above press release, but did they stop and think about current customers? NO.

Does this mean I can use ING now? How can I login? WHAT’S THE PLAN? Where’s the transparency?

I feel left in the dark. Sharebuilder wants me to be excited, but for what? I don’t see it yet. And uncertainty pissed customers off because, well, we expect the worst when nobody is telling us everything. In other words, when will the costs go up…

Tagged as: bad pr, ing direct, pissed, press release, sharebuilder, transparency

  • Anonymous

    As with any mergers or acquisitions, having worked in IT for a long time, I can say for sure, it is not as simple as to turn the switch on or off. I am sure you know that. Customers to be integrated to a single site requires conversion of customers to a single platform etc, until then customers typically maintain their same login approach until notified. Each firm big or small have their own approach on how they create accounts, manage funds data, and manage credentials, of course, all within the bounds of the regulations. I have been involved in conversions and customer notifications, it is unusual for a customer to expect on day one of any merger to have everything in one place. As you know, until it is officially signed and approved as the first day of the company as a single entity, firms cannot share data. This is the right approach and as some acquisitions/mergers failed to pass the regulatory reviews. Hope this provided some insight.

  • http://yoururl Anonymous

    As with any mergers or acquisitions, having worked in IT for a long time, I can say for sure, it is not as simple as to turn the switch on or off. I am sure you know that. Customers to be integrated to a single site requires conversion of customers to a single platform etc, until then customers typically maintain their same login approach until notified. Each firm big or small have their own approach on how they create accounts, manage funds data, and manage credentials, of course, all within the bounds of the regulations. I have been involved in conversions and customer notifications, it is unusual for a customer to expect on day one of any merger to have everything in one place. As you know, until it is officially signed and approved as the first day of the company as a single entity, firms cannot share data. This is the right approach and as some acquisitions/mergers failed to pass the regulatory reviews. Hope this provided some insight.

Previous post:

Next post: