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Brand experiences and banking
May 26, 2010, 2:57 pm
Filed under: Experience

Presented at the Retail Financial Lending Summit 14th May 2010

If everyone from supermarkets and search engines to phone companies and airlines offer banking services where does this leave banks?

Might focusing on your brand experience and your customers change the game?

Why can’t complex organizations provide great brand experiences?

What’s going on in the branch?

  • That customers want to be served face-to-face. If banks are to move beyond acquisition – to retention and to wallet penetration – then they must reinvent the branch from a glorified transaction centre to a product sales and advisory service center.
    • Up to 90% of customer relationships are formed –  and lost – in branches.
    • Banks will not succeed at maintaining and growing customer relationships unless they provide customers with quality sales and service in branches.
  • The conundrum of customer centricity, however, is that most customers don’t see banks as providers of advice-based services. This is not surprising given the extent to which branches have been deskilled over the last decade. The perception map shows that banks deliver only on broad knowledge and bright smiles—not what is needed to deepen client relationships.

The reinvented bank

Aligning brand promises into brand behavior

  • You can understand where you’re NOT delivering
  • In order to work out where you can make improvements
  • But you need to inspire your team’s BEHAVIOUR
  • And understand that your team is made of different types of people
  • Who have different engagement needs
  • Warmth and Wisdom
  • There are no miracles

Research compiled for this presentation can be found here: http://delicious.com/katiechatfield/banking

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4 Comments so far
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[...] This post was mentioned on Twitter by Katie Chatfield, mo' stash, Don Chanch, Inspired Magazine, SocialMedio and others. SocialMedio said: Brand experiences and banking http://bit.ly/9sdnw5 [...]

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Cracking presentation insightful and great research piece into the future of banking trust it was received well

Comment by David Wesson

A large chunk of this text comes from The Financial Brand. It would make me more comfortable if a hotlinked attribution was included.

http://thefinancialbrand.com/5465/why-chase-is-killing-occasio/

Comment by Jeffry Pilcher | TheFinancialBrand.com

Hi Jeffry- no wories with the WAMU attribution- your post is one of many I need to point people to
I had all of the references in my speaker notes in the presentation which didn’t get up loaded by Slidshare.
There was a link there – but not to your post (which was my intention).
I’m updating my notes today- thanks for bringing this to my attention

Comment by katiechatfield




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