Even consumers are noticing that banks and credit unions are telling the same stories

by: Jonathan Lay

In a study that many financial marketers are familiar with, a market research company found that consumers see more differentiation among soap brands than financial institutions.

While that study is seven years old, not much has changed in the industry.

Why not?

For one, we believe banks and credit unions are telling the same, undifferentiated stories through both their traditional and digital channels, relying upon narratives that center around themselves.

And when these stories focus on commoditized offerings along with “great rates and service,” the reliance upon product-centric messaging does not help your bank or credit union stand apart from the masses of other financial institutions.

As a result, consumers notice.

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