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Financial Industry Messaging that Hits it Out of the Park.

In our last blog, we talked a bit about marketing messaging and some of the art and science that goes into creating a compelling, relevant, message.  Since then, I had the opportunity to catch an ad campaign that, for once in a long time, (in my own humble opinion, anyway) puts some of that art and science to work in a beautiful way.

First, remember Abe Maslow? If you recall, Maslow was the psychologist who figured out that each person has about five levels of needs. He called this his “hierarchy of needs” and to visualize it, he built a triangle. At the bottom of the triangle was the need for basics such as food and clothing. In the middle were safety and friendship. At the top was self-actualization.

If you recall from our last post, this is important because when we are developing the marketing messaging around our products, we want to talk to our audience at the very highest level of the triangle. And that’s because the higher up you go in the triangle, the more important (and emotional), that level of need becomes. I used the example of the hitchhiker and their sign. Which one gets the ride faster?  “Miami” or “Home for Thanksgiving with Mom”? The latter of the two, of course: The one that appealed to the emotions of the driver who stopped to provide the ride.

Backing up a bit, I’m probably one of the harshest critics of marketing creative within several hundred miles of Atlanta. That’s because I grew up in the industry. Case in point: Friends over for football. Come commercial break, everyone finds a reason to get up and leave, to get something to eat or take a “bio break.” I’m the one who stays. This is probably because every spot takes me back to my ad agency days, when my writer partner and I sweated over a creative brief, put our hearts and souls into a concept, storyboarded it and then, presenting it to the layers and layers of agency and client-side decision-makers, hoped it would actually become a commercial. Sometimes, those concepts made the air, more often than not however, they contributed to my “file” of commercial ideas that never saw the light of day… a pile of 20 x 30 foam core boards in the corner of my office.

So, what is this campaign of commercials that I enjoyed (and appreciated for both its creative and strategic brilliance) so much that I felt compelled to write about it? It’s a campaign created on behalf of Mass Mutual. If you haven’t seen it, please click on the link and check it out: thirty-second spot for Mass Mutual. In it, the parents of a Little Leaguer “cheer him on” (sort of) while he’s at bat. I don’t want to give too much away here.  I’ll only tell you that the announcer comes in with just a few seconds remaining: “98% of kids won’t be getting an athletic scholarship,” he says. “Talk to us about college planning today. Feel comfortable about tomorrow.” Back to Maslow and his hierarchy of needs. Mass Mutual isn't just selling a college fund. After all, where's the high-level, emotional need in that? Instead, they’re selling the comfort, security, and peace of mind that comes with NOT having to rely on your child's athletic ability to pay for college. 

In a second commercial, the partner to this college planning spot, a couple ponders the question: Which one of our children will take care of us in our old age? The answer, which they discover by observing their children at play, is a bit concerning. According to the announcer, “55% of parents expect financial assistance from their kids during retirement years. Talk to us about retirement today and feel comfortable about tomorrow.” Should you rely on your kids to take care of you as you get older? Probably not.

This is what we, as an industry, need to be doing. Don’t focus merely on what your products and services do, but what they mean, as well. This is a great example of what we talked about in that last blog.  You could say that a checking account meets the need of having to pay bills from a distance. Or, that a savings account is a way to put money where you won’t be tempted to spend it. Instead, we need to talk about how these products meet those “higher” needs, such as comfort, security, and peace of mind.  Mass Mutual does this beautifully, in a message that blends humor with just enough discomfort.  

Again, that’s why we do what we do here at Bank Marketing Center. We apply the art and science of messaging to help you to get the absolute most out of your marketing dollars.

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging that will help you build trust, relationships, and revenue. In short, build your brand. To view our campaigns, both print and digital, visit BankMarketingCenter.com. Or, you can contact me directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com. As always, I would love to hear your thoughts on this subject.

 

 

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The Great Resignation. Is your bank resigned to living with it?

“Early in the pandemic,” says American Banker in their recent article, “In the war for talent, bank employees gain upper hand,” “early in the pandemic, the number of job openings at Zions Bancorp. plummeted to less than 200. A year later, the Salt Lake City company has three times as many positions available. Zions is offering certain perks to new employees, including signing bonuses for select positions and the opportunity to enroll in benefits immediately, instead of waiting the standard 30 days. But sometimes those enticements aren’t enough.”

Of course, they aren’t enough. After all, we’re now living in the era of The Great Resignation. By now, you’ve probably heard the term.  If you haven’t, it was first coined in 2019 by Anthony Klotz, a professor of management at Mays Business School of Texas A&M University.  Klotz defines The Great Resignation as “the mass, voluntary exodus from the workforce” which we’ve experienced over the last two years or so.

In their article, “Overwhelming number of Businesses Report Difficulty Hiring Workers and Retaining Existing Employees:” US News & World Report speaks to what the Great Resignation has meant for businesses. “Large U.S. companies” it says, “are finding it increasingly difficult to hire qualified workers while also struggling to retain their existing employees. Citing an April, 2021 survey by the Conference Board, the article goes onto say that “more than 230 human resource executives echoed reports of labor shortages across the economy as businesses and other establishments that had shut down or were otherwise restricted by the coronavirus pandemic rapidly reopen.”

Not only is recruitment an uphill battle, but so is retention. A recent Gallup study found that 48 percent of employees are actively searching for new opportunities. The truth is, the pandemic merely fast-tracked a problem that has been percolating in American business since Henry Ford’s first Model T rolled off an assembly line. What the pandemic did was create an environment where workers who have long felt unappreciated, unengaged, and under compensated could actually act upon those feelings and leave. And between just April and June of last year, over 12 million did.

What’s a bank to do?  Recright, a Helsinki-based firm specializing in recruitment and retention, has the right idea:  Employer Branding.  What is Employer Branding?  “It’s the process of positioning your company as the employer of choice to a target group of potential candidates.”

Jill Castilla, President and CEO, Citizens Bank of Edmond, summed it up pretty nicely in a recent LinkedIn post:

“How in the world does a 1 location, $350 million community bank with 55 team members in suburban Oklahoma City end up on American Banker's 25 Most Powerful Women in Banking list? It's the team! It's the culture! It's the community! It’s the legacy! Culture change is hard. Driving change, encouraging high performance and rooting out negativity, unethical behavior and fixed mentalities should be so much easier. Standing out and being a little different can draw as much criticism as it does praise and it's so easy to let the critics get you down. Our team's focus to not only lead our bank and our community, but to also lead our industry into the next 100 years inspires me every single day. If you like to do big, impactful and sustaining work, Citizens Bank of Edmond should be your partner, your bank, your employer.”

Back to “employer branding.”  This is what it’s all about. If your bank is that employer that inspires, encourages high performance, and roots out negativity, unethical behavior, and fixed mentalities, you need to climb up to the nearest mountaintop and shout it out. If there’s no mountaintop nearby or you’re afraid of heights, you can always get that message out through branded messaging. Toot your own horn a bit, it’s okay. Be the brand that attracts the best and then work hard to get that message out there.  You’ll find that you’ll spend a lot less time looking for top talent… because that talent will be coming to you.

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging that will help you build trust, relationships, and revenue. In short, build your brand. To view our campaigns, both print and digital, visit BankMarketingCenter.com. Or, you can contact me directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com. As always, I would love to hear your thoughts on this subject.

 

 

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What Banks can Learn from Caramel Colored, Carbonated Water

All the talk these days seems to be about digital transformation and offering a personalized digital banking experience. Or, on the in-branch side, the need to offer the kind of personalized, financial guidance that people simply won’t find with non-traditional institutions, such as digital only banks. It seems to be all about services; that the only way to win and keep customers is by offering them products and services that are better than the competitor’s. Which, as a former ad guy, leads me to ask this question: What happened to branding? 

To answer it, I invite you to take a time-machine spin back to 1985-86, which was the height of what was then called “the cola wars.” The warring factions? Coca-Cola USA and PepsiCo. Coke and Pepsi were at the time, and I believe the same holds true today, within a point or two of each other in terms of market share. The soft drink market, at the time, was a $26 billion market, and the two giants battled it out by spending hundreds of millions of dollars, largely on television. If you’re too young to remember, it was kind of fun to watch. Brand image campaigns were supplemented by “taste test” commercials. Oddly, but not surprisingly, both sides claimed to win these taste tests, which only added to the fun… and confusion.

Back then, Coke’s brand position was “Always Coca-Cola” while Pepsi went with “The Choice of a New Generation.” Coke watched as Pepsi, making use of superstar athletes, actors, and musicians as endorsers, began to grab that much-coveted target audience; the pre-teens who were “transitioning” from juice drinks to soft drinks.  You see, it was (and still is) common knowledge among those in the soft drink biz that cola drinkers are some of the most brand loyal on the planet. So, winning that pre-teen was (and still is) critical to a soft drink’s success.

As Pepsi earned the loyalty of these just-starting-to-drink-cola youngsters, the folks at Coca-Cola, of course, began to panic. Their solution? To develop and market a product that could better compete with Pepsi. Makes sense, right?  What happened afterward, however, didn’t. The decision was made to take the current Coke product off the market and replace it with this new product; one that, with a re-formulation, would taste more like Pepsi… less carbonation with a bit more sweetness. This “new” coke would be called “New Coke,” a cola that would hopefully appeal to the younger market by offering them “the great taste of Coca-Cola with the sweetness of Pepsi.” Unfortunately, Coca-Cola was somehow ignoring another critical market: Their current, brand loyal customers.

On July 20, 1986, the New York Times published an article entitled, “Keeping New Coke Alive.”  The article described just how difficult a time Coca-Cola was having with the new product.  At the time, McDonald's, along with Denny's, "several other fountain customers," and many of Coca-Cola's bottlers wanted nothing to do with New Coke. Coca-Cola Classic, the new name for the old cola that New Coke was supposed to replace had, in less than two years since New Coke's launch, outsold New Coke by a margin of more than 4 to 1. Ironically, the brand that Coca-Cola had sought to shelve saw record sales and profits with the New Coke launch with revenues climbing almost 20%.

So, why do I think that this anecdote is relevant to today’s discussion about services, digital transformation, AI-driven user experiences, etc.? Because what those of us in the banking industry need to remember is that while the products and services we offer are important, so is building and supporting the brand.

Fast forward to the present day. Marketing pundits now frame it this way: “No one cares what you do. They’re only interested in why you do it.” A superior digital experience is important, and so is in-branch financial advice, but consumers consider more than just features when choosing a brand. In the ABA Journal article, “What are you doing about customer loyalty?” author Phil Seward had this to say: “In the digital age, financial services providers have seen the industry drastically change due to an increase in competition from non-financial institutions. Technology organizations are embedded in consumers’ daily lives, and pride themselves on putting the customer experience first and foremost. This expectation of an enhanced customer experience has made it harder for traditional banks to break through the noise and remain top of mind, putting them at risk of losing customers. Building brand loyalty can be a powerful way to influence customer behavior and enhance the bottom line.”

Look at Coca-Cola. The company had created such powerful brand loyalty for Coca-Cola Classic that when they tried to replace it with something new and improved, Classic came back stronger than ever. Classic's brand was so strong, that New Coke never had a chance and taste wasn't even a consideration; it was all about a brand with fans, a brand that, nearly a century old, people knew and loved.

So, what can banks learn from the cola wars?  Know, and love, your audience. Build your brand around these individuals. Supplement your product/service messaging with consistent messaging that reinforces “why you are,” instead of what you do.  Constantly remind your customers how important they are to you. Build a strong brand by building strong relationships. Do this and, like Coca-Cola Classic, your brand will be well prepared to defend itself from any attack.

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging that will help you build trust, relationships, and revenue. In short, build your brand. To view our campaigns, both print and digital, visit bankmarketingcenter.com. Or, you can contact me directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com. As always, I would love to hear your thoughts on this subject.

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Let’s not take Community out of Community Banks.

The CEO of Chime, the U.S. technology neobank company that provides fee-free financial services through a mobile app, just a week or so ago had this to say about traditional banks in an article on cnbc.com: “COVID-19 and the pandemic have just accelerated the trend that was already in motion. There’s an increasing willingness to provide and manage your finances through a mobile app. Particularly for the younger generation, the notion of going in to fill out forms, to get basic financial services is really becoming a relic of the past.”

Which begs the question, if you’re a community bank, what will your community look like in the not-too-distant future?

 By that I mean, is the online community all that’s left for banks? Individuals who seem willing to trade personal data for convenience? Those who would prefer to never consult with a human being, an expert, when it comes to managing one of the most important and difficult areas of their lives? Their finances?

Personally, I believe there is still a place for that “off-line” community… the one surrounding your branch locations, the one that consists of individuals and local businesses who are connected with each other and value that connection.

But, hey, what do I know?  Seems like every time you open a news page in your browser there’s some article about digital transformation, monetizing data, turning branch banks into internet cafes… is that really where we’re headed?  And, should we?

Granted, I wholeheartedly agree with Mr. Britt, Chine CEO, that “the pandemic has just accelerated the trend that was already in motion.”  This finextra article from just the other day included this proclamation from Paul Walker, GM of Q2 BaaS. “Now any bank can have its own Marcus or Chime in a matter of a few weeks.”  Wow, the race to trade one community for the other is really is running full steam ahead.

Further proof is a recent Financial Brand blog about digital banking insights that can be learned from China’s We Bank. The Shenzen-based, digital-only bank has experienced exponential growth since its inception in 2015. How? The cynic might ask this question: Could it be that they are raking in cash not because of a digital banking model worth emulating but, instead, a model that allows them to monetize data and loan money to high-risk individuals without fear of running afoul of regulatory agencies?

Case in point. We Bank has built a business of over 200 million customers by opening accounts with an average revenue per user of around $10 USD.  Their per-account operation cost is only 3.6 RMB, or roughly $.50 USD. And, they can process a loan application in just 5 seconds.  5 seconds!  How is that possible?  Henry Ma, CIO explains it so: “We work with a lot of internet platforms. Essentially, we embed our financial products into our partner platforms. And we also work with our partner platforms and leverage the data and the user base that they have and do a lot of pre-underwriting on the users. When we work with a particular platform, the user will get pre-underwritten and receive an invitation from us. Once the user accepts the invitation, we have already gotten some idea of what kind of a credit worthiness this user deserves.”

“We leverage the data and the user base and do a lot of pre-underwriting…”  Hmmm.  Where does this data to which Mr. Ma refers come from?  Sounds to me a like it might be Big Brother Banking, where your bank, in bed with Big Data Bad Boy, knows everything about you and then uses that information to sell their products (which of course, are products that create the revenue they didn’t generate when they sucked you in with a bait-and-switch offer.)

If this sounds a bit skeptical and cynical that’s because, frankly, it is.

Back to the original point here.  What “community” are digital banks serving and do our true, traditional, local community banks want to go there? The pandemic may have accelerated the digital banking trend, but that doesn’t necessarily signal progress or a direction in which banks need to necessarily go. People need community and connections. Yes, they want convenience, but once this pandemic is behind us, will those digital customers still feel the same way? Perhaps, but perhaps not. I could see the pendulum swinging back the other way with a re-birth of the branch bank. 

And why not?  E-tailers are doing it.  In “Why are Online Retailers adding Brick and Mortar Stores?” DeFi Nucleus Vision says, “Online shopping lacks human interactions. Customers don’t get a chance to ask in-store stylists for advice, it’s a solitary experience and customizations aren’t as easy to organize. Having a salesperson who greets you, tells you what looks good on you, gives you the right size, and offers a better color scheme can help brands build a deeper connection with the customer.”  A “deeper connection.” That sounds a lot like community banking to me.

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging that will help you build trust, relationships, and with them, your brand.

To view our marketing creative, both print and digital – ranging from product and brand ads to in-branch brochures and signage, visit bankmarketingcenter.com.  Or, you can contact me directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com.  As always, I would love to hear your thoughts on this subject.

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Congress, Cannabis, and Covid-19 Put Banks in the Weeds.

With the arrival of Covid-19, there’s been quite a bit more discussion about marijuana.  Not just its use, not just the trend toward legalization at the state level, but its potential ability to actually help stem the coronavirus tide.

Back in the early fall, Forbes reported that “cannabis may help in severe Covid-19 cases.”  Since the first outbreaks, cannabis consumers have been wondering whether cannabis use will hurt or help. Over the last months, research has been pouring in.  Unfortunately, like lots of research and data interpretation, the available facts seem to point to two very different conclusions:  Yes, it can help and no, it is in fact, a contributory factor.

The main body of research suggesting cannabis might help those with Covid-19 points to cannabis derived chemical, CBD, as a potential treatment during severe cases of Covid-19.  Researchers from the University of Nebraska and the Texas Biomedical Research Institute first flagged the possibility, pointing out that CBD may be helpful for fighting the Covid-19 inflammation that is often fatal. Unfortunately, some research has pointed in the other direction. A recent study conducted by researchers at the University of Western Australia compared cannabis use in the US with Covid-19 infection rates and found that the two were correlated - with cannabis use tied to an increased risk of the disease.

An industry that’s growing like a weed. (Sorry!)

This is a growing industry that’s comprised of an increasing number of businesses; growers/suppliers and retailers, just for a start. How big a business is it? The pot industry, comprised of MRBs or marijuana-related businesses, is a $50-some-odd billion industry. According to Marijuana Business Daily – I kid you not – the economic impact of the marijuana industry is predicted to reach $130 billion by 2024, exceeding the GDP of 9 US states. Currently, the industry employs more American workers than coal.

Where does this leave banks?

Banks, of course, want to stay in the good graces of regulators, shareholders, insurance carriers and the courts. Visit the American Bankers Association website today and read the ABA Positionon cannabis and you’ll see that the financial industry could really use some guidance. The site points out that there are at this moment thirty-three states that have enacted laws that legalized the use and distribution and manufacturing of medical marijuana along with 10 states plus DC, where legalized recreational marijuana is now the law. Here’s the rub; “the possession, distribution or sale of marijuana remains illegal under federal law, which means any contact with money that can be traced back to state marijuana operations could be considered money laundering and expose a bank to significant legal, operational and regulatory risk.”

So, again, where does this leave banks? In a bit of a marijuana induced fog, unfortunately. There is currently a tremendous legal risk for banks serving cannabis industry entities and individuals, “as indirect connections to marijuana revenues are hard, if not impossible, for banks to identify and avoid.” Banks are, as a result, hamstrung by a rift between federal and state laws, making it difficult to balance their desire to serve the financial needs of their local communities with the threat of federal enforcement action.

According to the ABA, “(we) take no position on the moral issues raised by legalizing marijuana, but the growing number of states that allow its sale and use raises practical issues that must be addressed. ABA believes the time has come for Congress and the regulatory agencies to provide greater legal clarity to banks operating in states where marijuana has been legalized for medical or adult use. We look forward to working with policymakers of both parties to find solutions that provide the legal and regulatory certainty banks need to best serve their communities.”

In the meantime, ABA Insurance Services, has created a “Cannabis National Bank” webinar that does a phenomenal job of talking through the issues of serving marijuana-related businesses. I highly recommend it.

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging that will help you build trust, relationships, and with them, your brand.

To view our marketing creative, both print and digital – ranging from product and brand ads to in-branch brochures and signage –  visit bankmarketingcenter.com.  Or, you can contact me directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com.  As always, I would love to hear your thoughts on this subject.

 

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A Random Act of Kindness Goes a Long Way.

[H/T: Uproxx, photo via Reddit] 

[Photo via Reddit]

Never has pouring a beer engendered so much media hype. Of course, I’m talking about the press around Dave Grohl of the Foo Fighters pouring a fan a beer while on stage at a Foo Fighters concert a while back. What does pouring a beer have to do with banking?

Granted, you can’t – at least in your official capacity as their banker – buy a customer a beer. (What you do on your own time is your business!) But you can show the equivalent amount of understanding and compassion in other ways. 

What if you took advantage of SMS (Short Message Service) capabilities/opportunities and simply texted your customers every now and then?  Simple messages that, for instance, ask: “How are we doing?” or, better still, “Is there anything we can do for you?”  Offering a compliment or offering assistance seem like simple propositions. How hard is it?  Well, unfortunately, many find it remarkably hard.  When was the last time someone told you something, or asked you something, that actually made you feel good?  Rare even in the best of times and now, with a pandemic that has isolated us, rarer still.

It’s a known fact, yet often ignored, that a little caring goes a long way. And folks need it now more than ever. According to apnews, “the coronavirus pandemic has put millions of Americans out of work, but even many of those still working are fearful, distressed and stretched thin. A quarter of U.S. workers say they have even considered quitting their jobs as worries related to the pandemic weigh on them.”

In their recent article, Delivering Trust with Empathy – Where Next for Financial Brands, brandingmag.com tells us that “consumers engage with brands that understand their lifestyle and life stage. Financial brands really need to understand what matters to their customers…”

True. Importantly though, however, financial institutions need to do more than that. “Understanding customers” means more than simply offering products or services that happen to coincide well with a customer’s needs at that particular moment in their buyer journey. It’s almost like saying, “hey, we’re not here to sell you anything.  We just want to know how you are.”  Sounds odd, doesn’t it? That’s because, unfortunately, people seldom take the time to offer their appreciation or understanding.  While it might be a case of feeling it, but not expressing it because it can be uncomfortable, the result is the same; it doesn’t get said.

Grohl didn’t have to offer that fan a beer.  After all, the guy was already a fan, already in the audience and had, obviously, already purchased a ticket to be there. No sell was necessary. It was simply a completely selfless gesture.  And that’s what makes it all the more powerful.

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging that will help you build trust, relationships, and with them, your brand.

To view our marketing creative, both print and digital – ranging from product and brand ads to in-branch brochures and signage –  visit bankmarketingcenter.com.  Or, you can contact me directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com.  As always, I would love to hear your thoughts on this subject.

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Is the Google shortcut worth the risks?

Google’s initiative to offer checking accounts is, from what I hear, called Project Cache… or is it Cash?  Pretty bold.

There is, as we all know, a race among financial institutions toward “digital transformation.”  That is, to offer customers an online banking service that can earn new customers and keep existing.

It’s a race that requires patience, hard work and of course, a pretty significant investment of time and money.

But, there’s a short cut out there and some banks, instead of doing the work themselves, are taking it.  And that’s a partnership with Google.

It’s no secret that Google has a checkered past. Google has been before Congress more than once and more than once has been allusive on matters such as privacy and data sharing.  It seems to me that I’m pretty regularly reading articles about Google where the company “did not respond to a request for comment,” or “did not respond to lawmaker’s requests.”  Most recently, that reluctance to be transparent about the company’s policies and practices was chronicled in an American Banker article, “Google Checking Accounts: Why Banks Want In.”  The article was riddled with phrases such as “neither side was forthcoming,” “yet to be disclosed and discussed,” “declined to share any specifics,” and “no one will answer this today. Google declined a request for an interview on Monday.” 

Now, I get that sometimes these deals are still “evolving” as one interviewed individual put it, but vague statements like these seem to be an essential component of Google’s brand personality. Which brings us to what would make the most sense in a Google partnership:  Brand cache.  In the aforementioned article, Emmett Higdon, director of digital banking at Javelin Strategy & Research, puts it this way: “Banks are most likely looking for what some experts call an innovation halo effect.”  And, I believe he’s right.

Granted, Google has a tremendous brand. And, while surveys have indicated, supposedly, that Google and Amazon users would jump at the chance of signing up for banking services offered by either of these giant tech companies, I do wonder…

Is that really the reality?

 What might some of those survey questions have looked like?

1) If Google offered checking account services, would you be interested? 

Most people would probably say, “yes, absolutely.  Google’s a great company. I love my gmail!” 

What about a question phrased this way?

1) Would you like your banking information to be handled by the same company that worked with the Chinese government on a censored search engine,  refuses to answer questions from the US Congress, and can share your personal data with any third party without getting your permission?

The answer might have been quite different.

My point is this. There are no shortcuts in life. Trying to take a shortcut to digital transformation through co-opting Google’s brand halo is, I believe, a risk not worth taking.  Banks need to do the hard work and do it themselves, instead of taking shortcuts that, frankly, if the partnership goes south for some reason, can completely destroy their brand and their business.

But, I guess that’s a risk that some banks seem willing to take.

About Bank Marketing Center

Here at BankMarketingCenter.com, our goal is to help you with that vital, topical, and compelling communication with customers; messaging that will help you build trust, relationships, and with them, your brand.

To view our marketing creative, both print and digital – ranging from product and brand ads to in-branch brochures and signage –  visit bankmarketingcenter.com.  Or, you can contact me directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com.  As always, I would love to hear your thoughts on this subject.