It’s no secret that modern-day consumers have an abundance of choices regarding their bank partnership. There are many factors that customers consider while deciding on a financial institution-- services, community involvement, proximity, brand, and more aspects. While the choices are endless, a survey by Edelman, a global communications firm, shows that 81% of consumers say they need to be able to trust a brand to buy from them. The same goes for financial institutions; their brand shapes how consumers perceive a particular bank.
UNDERSTANDING YOUR BRAND ON A SURFACE LEVEL
Digging into your brand is the first step into understanding your bank’s appeal to consumers. Looking from the outside in, what is appealing about your brand? What does a potential customer see when researching, visiting, or even driving past your financial institution? Is your logo and color scheme appealing to your target demographic?
We know that it takes less than 7 seconds for a consumer to create a first impression. Take a look at the surface details, and ensure your bank is evoking a positive, trusting, and long-lasting impression.
DIGGING EVEN DEEPER
While many think a brand consists of just a logo and chosen colors, your bank’s branding consists of many other aspects, sometimes hidden. What are your bank’s values, and do they align with your target audience? What do you offer customers? How would a loyal bank customer recommend your institution to a peer?
These details make up the majority of your brand, and if overlooked, surface changes to your brand will not resonate as successfully.
IMPLEMENTING REFLECTION’S FINDINGS
Once necessary changes have been identified, it’s important to implement your new brand across all platforms—both internally and externally. It is now time to establish your bank as a trustworthy brand that resonates with current and potential customers. In a crowded marketplace, a strong brand is the key that unlocks long-term consumer relationships, fostering financial stability for both the institution and its consumers.
To learn more about developing and fostering a successful bank brand, download the whitepaper, “Banking on Your Brand: A Guide to Ensuring Your Brand Fuels Your Financial Institution”. In this guide, we dig deeper into trustworthiness and discuss brand auditing, brand development and implementation, and how to incorporate it into your branch environment and digital channels.
