Good Branding Makes Good Sense for Banks and Credit Unions

From FDIC insurance to competitive products and interest rates, most financial institutions know the importance of good sense business. However, many banks and credit unions pass over the importance of good branding and aligning their brand promise for new and existing customers.

We know all about good branding at KidGlov. For 10 years, we’ve made it our business to help organizations share their message and connect with consumers. More than a clever name and pretty graphics, a brand is a critical component of customer recognition and loyalty. And for financial institutions especially, a good brand can ward off competitive threats, end the cycle of competing over similar products and set the stage for a more positive culture.

Banks, Banks, Everywhere

Between banks and credit unions, consumers have literally thousands of choices. And with a new focus on digital services, consumers no longer have to “shop local.” So, how do you stand out in the crowd? Good branding can be the answer, but not all brands are created equal. Good brands should encapsulate the “who,” “what,” “when,” “where,” “why” and, for financial institutions specifically, the “how” of doing business.

Consider one of our clients, MembersOwn, a credit union based in Lincoln, Nebraska. Through the KidGlov Brand Advancement Process, we learned a key value of the credit union was “empathy.” Their tagline “It’s all about you.” perfectly aligns with this core value and immediately provides a promise to consumers. The “you” focus is carried out through the MembersOwn brand—from customer service to ongoing communication strategies.

Interest Rates and Savings Accounts

For many industries, competing on product features is a good move. But for banks and credit unions, it just doesn’t make good sense. Products are too similar, interest rates too volatile. Consumer experience and overall trust is king, and branding helps banks articulate that message.

First Bank & Trust Company, Mountain View Bank and Waypoint Bank came to KidGlov for help in streamlining their three brands into one brand to better connect with customers. The name “Waypoint” perfectly encapsulated how the bank does business to help consumers find the right path for financial success. “Guiding your success” became the perfect tagline and, immediately, a way for consumers to connect and identify with the bank’s mission and values.

Positive Cultures

Gallup research reveals that when consumers are aligned with a brand, they give it twice as much share of wallet as those who are not aligned with that same brand. And for financial institutions, there’s a lot of room for growth. Gallup found that only 40 percent of financial services customers are familiar with and aligned with brand, compared with a 90+ percent alignment with other industries like airline and retail.

Farmers & Merchants Bank came to us after spending the past decade acquiring offices, adding products, modernizing technology and fine-tuning bank operations. Over the years, the bank grew to be the 15th largest in Nebraska, but they just weren’t seeing those numbers turn into new and engaged customers.

When we polled their customers for insights, what we heard most often was how the team at Farmers & Merchants would go above and beyond to empower their customers to create financial well-being. Smart. That’s what we thought, and the bank’s new brand promise and tagline became “Smart Bank. Smart You.” The brand not only elevates the customer but creates a positive internal brand that employees can get behind.

Connecting consumers with brand has never been more important. And for the financial industry, it’s vital to success. Since 2008, when U.S. consumer confidence in banks hit an all-time low, banks and credit unions have been working to re-establish trust and fully connect with consumers.

Brands are a perfect way to connect employees and customers with core values and a promise for doing business. If you need help buttoning up your bank or credit union’s brand promise, give us call. We’d love to help you make a difference with your message.

 

The post Good Branding Makes Good Sense for Banks and Credit Unions appeared first on KidGlov.



source https://kidglov.com/good-branding-makes-good-sense-for-banks-and-credit-unions/

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