Bank Study

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

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Conclusion

End Notes

There is more opportunity in the banking market today than in almost any other industry. The major banks remain undifferentiated and deliver little to no brand meaning. Bank of America and Commerce Bank come closest to having effective brands, but both have fallen short of success.

Banks currently define themselves and their brand in terms of commodity products and expect customers to switch banks so that they can have “all the things they currently get from their current bank.”

As the ability to impress customers with convenient locations and spiffy lobbies becomes less and less important — as technology improvements allow customers to never go to the bank — the industry needs a new and more vital brand strategy to deliver importance. As always, importance is directly connected to how much the brand reflects and speaks to the customer and not how much the brand speaks to the business or company.  

Who Is To Blame?

Are banks responsible for the mess they are currently in? Sure, even though the current economic situation has made the mess worse. They are guilty of bad financial decisions and they carry responsibility for thinking that “if you build it they will come.” That same thinking is leading them to more problems in the very near future. If they continue to behave and market themselves as if they are commodity banks, the target audience will continue to think that way until a competitor wakes up and wins. When that happens, the other banks will fight for the crumbs.

What banks need is a new brand promise, one that is a reflection of who the target audience is when they use that bank and is positioned against the competition. The problem now is that the players in the market say the same thing so they are not positioned against anybody.

Take The Test

Is it as bad as we have said?  Take the test. Take any bank you can think of and insert its name here-

• (Insert Bank Name Here) has many ATMs
• (Insert Bank Name Here) has convenient hours and locations
• (Insert Bank Name Here) has free checking
• (Insert Bank Name Here) has friendly employees
• (Insert Bank Name Here) has online banking
• (Insert Bank Name Here) has credit cards
• (Insert Bank Name Here) gives you more
• (Insert Bank Name Here) really wants my business
• (Insert Bank Name Here) has competitive rates

These tough times are an opportunity for any bank that can get out of their own way and is willing to change.  Soon, it won’t matter if banks are willing. Change is coming.

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

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