Brand Building Action Points
1. Manage the tension of change
The impact of millennials and their comfort with technology continues to create unknowns, particularly about what bank profit pools will look like in the future. At the same time, banks need to meet the needs of their existing consumers who drive most of the profit. Managing these tensions is critical.
2. Embrace new technologies
Find ways to use evolving technologies, such as artificial intelligence and blockchain, to create competitive advantage and differentiation.
3. Build and protect trust
The most compelling reasons for people to care about brand in financial services has to do with trust and security. It may not be the top priority of a young person now using an app to send money to a friend. But in a few years, when that individual wants to buy a house, more than a smart phone swipe may be needed.
4. Sustain trust
Banks have rebuilt some trust. But sustaining it will require quickly fixing things that go wrong and getting a lot of things right—and that includes being transparent, improving the user experience, having the best offer, and treating all customers fairly.
5. Be inclusive
Make banking a welcoming and easy of experience for everyone, regardless of any impairment—and everyone is somewhere on that continuum.
6. Demystify language
Much of the banking sector still speaks in jargon, according to a recent Kantar report. The jargon was created by men and reflects how men—not women—think about finances. That obscurant approach generally puts off at least half of the world’s population. While the differences in how men and women think about finances are important to acknowledge, it is most important understand the specific needs of each individual customer and respond with clarity.