GLOBAL 2016: Banks | Brand Building Action Points
1. Cultivate brand identity.
Consumers have a lot of banking choices. Create and develop a point of differentiation to distinguish the brand and attract and retain customers. And keep rebuilding character and trust, which has been an ongoing category issue for banking since the global financial crisis.
2. Be an innovation leader.
Offer digital services and utilities before they are picked off by financial technology start-ups. Regulations and licensing requirements create a high barrier to entry, at least for now. But complacency is not only dangerous - it also squanders an opportunity for bank brands to create new products and services based on insights they can derive from vast amounts of customer data.
3. Welcome younger and less affluent customers.
These audiences may not drive profitability and share price now, but waiting until they do may be too late. Crowd funding is one area to potentially compete. By definition, crowd funding is about non-traditional transactions. But banks can leverage their traditional strengths, such as providing security. If well communicated, this would draw the attention of younger customers.
4. Attract young talent.
Be receptive to the ambitions of young people and their interest in technology and innovation. Perhaps adapt a part of the bank to be more receptive to the style and interests of creative technologists. If the bank gains its technology expertise through acquisition, preserve and nurture the acquired sub-culture; it will balance the established, secure and stable strengths of the bank. This combination can be differentiating and worth communicating.