Banking on a Powerful Brand Experience

© 2016 Brandworkz Ltd

Banking on a Powerful Brand Experience Article by Anna CottonPresentation by Allysa Vitch

Are traditional banks a bust?

No business/industry is guaranteed long-term success. Traditional banking is no exception.

The increased use of alternative payment services through Apple, Google, Amazon and others cut consumer interaction with traditional banks.

U.S. Success

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When Apple Pay launched in the U.S. one million credit cards were launched within three days of business.

Apple Pay continued its success across the globe.

Growth of Alternative Payment System in the U.K.In the first six months Apple Pay went live, 3.2 million journeys were made on the London transportation network.

200,000 of those journeys originated from smartphones on alternative payment applications.

That grew to almost 1% of all journeys through the London Transportation network.

The Big Questions

Why are digital alternatives to traditional brank so compelling?

What can conventional-style banks do to stay in the game?

Positive brand experiences lead to trust

Why do consumers trust brands like Apple, Uber and Amazon?

They are relatively young businesses with strong brands, and a modern understanding of the present marketplace.

The public respects and uses these products without question.

A customer will pick up new services from a brand if they enjoy and trust its original services.

Consider the ways you can promote trust within your company and your current relationship with customers.

The consumer is the focus

Prioritizing competition within the industry or analogue systems over attention to consumers is the downfall of traditional banks.

1) Leading tech companies make customers the main component of their brand story.

2) Traditional banks need to embrace the customers importance and understand their experience.

The ease of a digital experience

When done well the digital experience is ultimately simpler and more time efficient than that which traditional banks offer.

When consumers can pay for things safely and efficiently without a credit card in hand, it consumers are likely to come back to.

Reconnecting with the consumer

The crucial bank-to-customer relationship is lost when the consumer uses an alternative payment system.

Consumers need that positive interaction with the bank for there to be trust, without trust, there is no chance of a positive relationship.

Consider and study Fidor, First Direct, Simple and Moren as examples for financial institutions with strong business to customer relationships.

The trust they have with consumers in no different than that of Apple or Amazon.

Four main takeaways

1) Listen to your consumers. Facilitate discussion and ask for feedback.

2) Make it easy and enjoyable to interact with your bank.

Four main takeaways3) Be clear with your brand values and educate

internal teams on these values regularly.

4) Study the successes of internet businesses;a) Their success is all digital, like the competition.

b) Partner with other companies and outsource technologies you don’t have the capacity to create yourself.

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