Banks ARE the status quo

Tom Dougherty, CEO – Stealing Share

13 May 2009

Angry at banks? You’re not alone.

If you were to look at the marketing of banks recently, even among the smallest players in the market, you’d think customers were judging which financial institution to bank with based strictly on who seems the safest. We have been doing a lot of work within the financial industry recently and I can tell you even the little, community bank down your street is talking about how “our money is safe here.”

Does anyone believe their money is not safe at where you currently bank? Of course not. It’s federally insured. Nobody’s running for the hills when their bank gets bought. (Hey, I still bank at Wachovia, for crying out loud.)

And now we have the data to back up that claim. We recently completed nationwide, projectable research with consumers and found that 60.2% of Americans believe their money is safe. No wonder no one is switching. If a bank offers safety and stability as the reason to choose, why would you switch to something you already have? You have to keep your customers’ money safe to be a bank. It’s like saying, “We have free checking. So switch to us.” (Oh right. Banks do that too.)

three_blind_mice_by_bexlyteThe banking marketers are simply refusing to deal with that we’re all angry. They’re scared of it. Our research showed 59.8% of Americans are angry at the banking industry and I believe too many of those in the industry are afraid to touch it. They think it will bounce back at them. Not true. There’s a way to align yourself (as a bank brand) with that emotion – the most intense in the market – in order to be more resonate with target audiences.

Understand this. Few industries are more about the status quo than banks. Despite all that’s happened in the economy today, you’d think banks would actually change. In terms of creating preference, the market is likely to go nowhere and market shares to stay roughly the same.

Our research also showed that half of Americans said they believed the experts would pull us out of the current economic crisis. I certainly hope they’re right. But judging by how out of touch the industry seems to be, I wonder.

See more posts in the following related categories: banks Marketing Research


Submit a Comment

Your email address will not be published. Required fields are marked *

UFC sets the future of ESPN+

  ESPN+   Tom Dougherty, CEO - Stealing Share 23 January 2019 UFC sets the future of ESPN+ UFC fans are ushering in the future of streaming television, and ESPN+ is reaping the rewards. The streaming app collected more than a half million new subscribers after...

Toyota calls BS on Chevy ads

  Chevy ads   Tom Dougherty, CEO - Stealing Share 21 January 2019 Toyota calls BS on Chevy ads Ha ha ha. It’s about time someone (other than me) called bullshit on the Chevy ads that are insipid at worst, outright deceiving at best.You know the series of ads. The...

Stealing Share branding nonprofits

Tired of hearing the same old shit?

We know its crazy. Read our white paper on fixing what's wrong in the banking and finance category.

Congratulations, your white paper will be coming soon!

Share This