Four Hot Trends in Credit Union and Bank Branding
Credit union and bank brands are often stereotyped as staid and predictable. But with millennials ages 18-34 now making up the country’s largest living generation, financial institutions large and small are stepping outside their comfort zone to win the hearts and minds of 75 million consumers with $1.3 trillion to spend.
Here are four trends to watch for:
- Omni-channel brands
For millennials accustomed to Uber, Airbnb and Mint.com, automated self-service channels are an essential part of most elite brands. That poses serious challenges for credit unions and banks, since a major study indicates that only 38% of financial institutions are capable of meeting most customer needs via self-service. Industry giant Deluxe predicts that “digitally comfortable consumers will reward brands offering a frictionless loyalty model that delivers more value with less effort.” That means delivering on your brand promise so comprehensively, offline and online, that it’s easier for a customer to stay than to leave.
- Video banking
Expect more institutions to offer video banking online or via mobile devices, interweaving digital technology with face-to-face expertise. At Creative Co-op we have already seen clients such as Claremont Savings Bank implement video tellers for a new level of convenience and differentiation. Other potential benefits include increased productivity, stronger customer engagement and more conversions for high-revenue product areas. These advantages, and the declining number of customer visits, have led some institutions to conclude that video could replace 70% of all branch appointments within five years.
- Personalization
Perhaps the most widely discussed trend of the year, the use of new data and analytic technology to give banking customers the same level of personalization they enjoy in other sectors will be a priority for years to come. If you think it’s enough to display “Welcome, (Name)” on your homepage, think again. According to The Financial Brand, today’s customers expect institutions to communicate with them “at the right time, right place, right channel and on the appropriate device. They want their primary financial institution to know them, look out for them and reward them.”
- Internal champions
Branding and design powerhouse Landor sees this year as a year when employees are often at the heart of the best marketing campaign. “Catchy slogans and entertaining commercials used to be enough for brands to make an impact. Now, customers care as much about employees’ opinions and how companies treat employees as they do about the services a company offers.” At Creative Co-op we’ve long believed in the power of putting employees front and center for clients ranging from community banks to electric utilities. Watch for more emphasis on training employees to be brand ambassadors.
If you’d like to discuss the future of your own brand, we’d love to talk! Contact us today at (603) 658-1600.
LINKS
http://adage.com/article/cmo-strategy/hip-ways-banks-market-millennials/299176/
http://thefinancialbrand.com/57858/banking-retail-experience-delivery-strategy/
http://dx16.deluxe.com/wp-content/uploads/2016/01/Financial-Services-Trends-To-Track-2016.pdf
https://www.youtube.com/watch?v=ZLuHZcH9Gcc&feature=youtu.be
http://thefinancialbrand.com/58103/banking-personalization-research/