Most people are happy with their present bank or credit union. Here’s a stat to prove it. According to a 2017 American Bankers Association survey, nine in ten Americans rate their bank’s service as good or excellent. They go on to say that a “customer-centric model” that emphasizes “user-friendly experiences” is key to meeting consumer expectations.
Well, duh!
However, we can also look at a global survey by FIS that reports only 23% of consumers believe their bank is meeting their expectations. So which is it? Here’s the kicker: Consumers are only happy with what they know to be happy with.
If you seek to win new members or customers, you have to say with clarity specific reasons why. Why should people do business with you and not the competition? If there is no perceived difference in value, give meaning to why people should bank with you.
Let’s take a look at the world of breads, cheeses and meats – sub sandwiches. Subway, Jimmy John’s, Firehouse and Jersey Mike’s each have their own brand attitude.
Jimmy John’s is “freaky fast.” They pride themselves on speed and have an appreciation for tongue-in-cheek humor with signs offering “free smells” in their restaurants. Meanwhile, Subway has built its brand as the healthy alternative among fast-service options. At the same time, they tout the size of their footlong meals.
At Firehouse, some of the proceeds are donated to lifesaving equipment for first responders. They have built a brand on passion and respect for community. And at Jersey Mike’s, you’ve got spices, “juice” and all the ingredients to make “a sub above.” All of the 1,200 stores across the nation are branded to the original location in the seaside town of Point Pleasant, N.J.
What would be the emotional transfer be if someone were to decide to bank with you?
Trust and security is a staple of the industry and can be found at any financial institution. Think of your community bank or credit union as a lifestyle brand. Could your organization be a symbol for empowerment, inspiration, being rebellious, getting the job done, or even being sexy?
Figure out your brand attitude and you can turn consumers into a brand loyalist.
Flip the Switch: Develop a Brand Attitude for Your Financial Institution
For many credit unions and community banks, branding has been put on the backburner. Loans may even be up, but market share is down, and you are just now mustering up the courage to admit you’re stuck. Download this FREE teal paper. Now is finally the right time to set a clear and direct path to take action with your brand.
