The public outrage over bank bonuses has returned with a vengeance. Right or wrong, it’s a threat to your bank’s brand.
The only question is, what are you going to do about it?
The public is in no mood to be educated about variable compensation. And, as far as consumers are concerned, banks are all guilty by association. Battening down the hatches and hoping to ride it out isn’t going to help either.
Here are three strategies you can use to protect—and even improve—your brand:
- Be Perfect
Customer experience is a major contributor to your brand. Make sure all customer touchpoints—frontline, website, call centers, etc.—are functioning at their absolute best. Start by assuming they’re not, then look for shortcomings and fix them. - Mirror Your Customers
Talk their talk. Share their values, aspirations, and concerns. Turn up the empathy. If they see themselves in you—if your story is their story—you’ve got brand. People are drawn to doing business with people like themselves. So be like them. - Get Real Local
Amp up your community participation. Think micro as well as macro. Gestures like sponsoring a little league team (and showing up for games) are powerful bonding agents. Seize every opportunity and seek out more. Actions, not words, are key.
Obviously, the object here is to focus on empirical evidence that your bank is different.
The more local you get, the less national issues will reflect on your brand. The more that customers identify with you, the less likely they’ll be to lump you in with other banks. And the easier you are to work with, the more they’ll be inspired to spread the word.
The amazing thing is, as you put these three strategies into practice, you’ll realize—along with your customers—that you actually are different.
Welcome to Outside-In Banking, a blog for bank marketers and anyone else involved in financial services. I believe that many banks are way too internally focused for their own good, so I try to provide an outside-in perspective. Expect a lot of opinions, raves, rants, and unsolicited advice. I hope to get the same from you. 
