Bank Study

Commerce Bank | Wachovia | Bank of America | Chase | Wells Fargo | Citibank | Washington Mutual (WaMu) | SunTrust | BB&T | Conclusion

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Commerce Bank

Commerce Bank comes closest to owning a brand, although its position is not emotionally intense. They have positioned themselves as “America’s Most Convenient Bank” and have adjusted their hours to reflect that promise. This is a legitimate position and has some meaning in a market lacking authentic brand differentiation.  It speaks to the bank’s focus and promise, but does not identify a customer precept beyond “I am a person who demands convenience.”

Our market research indicates that convenience is not a switching trigger. Most bank customers already believe their current bank choice is a convenient bank.  As an aid in growing share, the position might influence customers who have to change banks because of a move or change in job but it is not enough of a brand preference to encourage the vast majority of customers to switch. 

It most certainly matters to Commerce Bank customers, who are evangelical about the bank. But, even this remarkable activity (in banks anyway) has not demonstrated the ability to influence anyone other than the already converted.

Here is the important point, though: When the need for bricks and mortar vanishes — so will their current differentition.

Grade- B

Commerce Bank | Wachovia | Bank of America | Chase | Wells Fargo | Citibank | Washington Mutual (WaMu) | SunTrust | BB&T | Conclusion

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