Thursday, April 25, 2019 – Like most industries, the financial services sector has its own fair share of hot-button issues. These are seemingly ubiquitous concerns that tend to rise to the top of nearly everyone’s priority list. But while you’re focusing your energy on addressing what seems most pressing, what’s bubbling in the background? That’s what the Financial Brand wanted to explore in Below-The-Radar Issues Banking Execs Shouldn’t Overlook. To do this, they tapped key industry leaders attending the Financial Brand Forum from April 15-17 who embody the adage: well-informed is well-armed.
These experts went beyond industry buzzwords and groupthink to identify key areas of focus for banks and credit unions who want to begin discussing these issues today before they become the elephant in the room tomorrow. Adrenaline’s President & CEO Sean Keathley shared his thoughts on brand strategy and how internal and external forces of change have “distracted financial institutions from the key marketing mission of developing, nurturing, and maintaining an overarching brand strategy.” Sean says that brand should always be primary, because it’s what institutions rely on in good times and bad.
In the article Sean says, “Brand credibility and reputation are absolutely critical both to create differentiation and to be authentic. Let’s be honest, banking isn’t really known for its expertise in brand marketing and creating a compelling brand narrative or story. Without it, that’s going to make it hard for them to be set up for future success.” That’s especially true with today’s need to attract, retain and train the right types of employees for the more consultative experiences. Sean finds that “Realistically if bank brands are flat and uninspiring, they are not going to be able to build a next generation workforce.”
Interestingly, the same focus on brand was also spotlighted by the Financial Brand Forum 2019 keynote speaker Gary Vaynerchuk who believes that everything begins and ends with brand. His presentation focused on the understanding of banking is a commodity-based business. Vaynerchuk says as a commodity, the one advantage you have over your competitors is the value of your brand. Like Sean, he urges financial institutions to rethink and reinvent their brand strategy to make a meaningful difference in a world where everything has been disrupted.
To find out more about brand differentiation and how to enhance brand equity in financial services, contact us at email@example.com.