With the millions that are spent on marketing in the financial services industry you’d expect there to be some really ground breaking work out there. We’re not talking about the day to day campaigns as we’re sure they are very effective and maintain a good relationship with customers. But is the real branding really creating any cut through? Let’s look at some of the more recent attempts. ‘Hello Fairer Banking.’ Which bank would you associate this particular claim with? NatWest? No, me neither. However, it is what NatWest’s latest billboard states opposite Manchester Piccadilly station. What does it mean to the consumer? What action are we encouraged to take? Where’s the substance?
TSB is another great (or not great) example. “The Nations Favourite Bank”. Is this statistically proven fact? It’s certainly not in our office. We’re generally fans of First Direct… Isn't TSB just Lloyds Banking Group under a different brand. Do most UK consumers realise this?
On the flip side when you look at HSBC and their “The World’s Local Bank” strap line, we really do get what they are trying to say. The campaigns across continents showing people doing business in different countries really got the message across – we’re big but to you, we can also be small. With their disruption brand, First Direct, they seem to have most bases covered.
And finally, Atom Bank. The new innovative “banking system” that takes advantage of the growing digital world and focuses on delivering convenience and ease of use to it’s customer base. We’re predicting that there will be true innovation here. As it’s being set up by folks that used to be at First Direct we’re expecting something really genuinely different.
The banking sector is a really interesting world out there at the moment with all of the major brands vying for market share in a world where consumer confidence is relatively low. It will be interesting to see how the different approaches affect market share and genuine customer satisfaction. That will be the only true test of the fairest or favourite bank. IMAGE CREDITS: SLWOODS, THISISMONEY, HSBC, THEJOURNAL