Top brand experts identify 5 critical issues facing bank marketers
Tech-enabled niche competitors are putting pressure on traditional financial institutions to adapt their products, messaging and culture to a very different mix of consumer views and expectations — and do it without abandoning core ethical and trust values. Customer loyalty is at stake, but in the view of these experts, the opportunities are as big as the risks.
Brand is one of the most misunderstood concepts in business, but also the single most important thing to grasp. And yet, even now, many in banking miss the full significance of brand.
There’s a tendency to lean toward messaging, logo and taglines when talking about brand, or to focus on products, advertising or pricing.
As covered in articles on The Financial Brand, people use brands as a form of mental shorthand, to summarize all the things that pop into their minds when they think about a company or a product. Try it out: What comes to mind when you think of Southwest Airlines, Apple, Walmart, Ally Bank, Wells Fargo?
Every interaction with consumers influences how they think about you. Each represents an opportunity to build or reinforce your brand. That’s why all the emphasis in recent years on “experience” is so important. Ultimately brand is about what you do, not what you say.
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