A recent Harvard Business Review blog post titled Why the Financial Services Industry Is Showing More Women in Its Ads contained the following: “Financial institutions portray women today as competent and self-confident, and often feature attractive, middle-aged advisors talking to couples in which the woman is similarly well dressed and clearly attentive. It makes sense…
Marquis Software’s Member Value Statements (MVS), calculates specific dollar amounts for each members showing the relative value of their credit union’s products compared to similar products offered by nearby FIs. This is a great example of Competing On Performance.
Many marketers are confused when it comes to concepts like rational/irrational and logical/emotional decision making. Any one consumer’s decision about who to bank with comes down to some combination of quantitative and qualitative factors.
Bankers love to talk about becoming Amazon, but few really understand how Amazon is different. Amazon does not care what you buy, as long as you buy it from Amazon. The same cannot be said of banks.
Every thing you need to know about life can be learned from just three movies: Animal House, Monty Python and the Holy Grail, and This is Spinal Tap. What does this have to do with marketing and banking? Read the blog post.
PwC released an excellent report recently, titled Retail Banking 2020: Evolution or Revolution? Reading through the report triggered some thoughts.
The concept of myopia is a big problem facing banks today. The problem isn’t about being “digital.” It’s misunderstanding how the business is changing, what business banks need to be in, and how the business model needs to adapt. Bankers need to see themselves in the “money management” business, not the “money movement” business.
Exactly how digital (or not) are banks? Urban Airship released the results of a study that might help provide some answers. UA’s findings suggest that, relative to other industries, financial services companies might not be as backwards as some folks want to make them out to be.
The most prevalent (if not only) reason why consumers open a bank account is that they need or want the product. What too many studies identify are the factors that influenced consumers’ decisions.
EY released its 2014 Global Consumer Banking Survey recently, and found that a larger percentage of consumers cited “institutional stability” factors than did those who listed “customer experience” factors as reasons for having trust in their bank. I guess the “customer experience” isn’t that important after all, eh?