The Stackpile

From the ABA Marketing Network New England Chapter Spring Conference last Friday, it is clear that many banks are not focusing on their unique brand personalities, and further are not focusing on their target market’s needs. As more and more banks are increasing giveaways and gifts for their free checking products, there is a clear misunderstanding about the needs of their market – yes, the target audience wants a free checking product (who typically wants to pay for a checking account), but they need to feel compelled to open a new checking account with a bank that they trust and that provides further services or unique features that they want. And the experience of banking with the selected institution needs to be realistic to the marketing message. Giveaways do help increase new account acquisitions, but if these new depositors do not find greater benefits or a preferred experience with their selected bank, they are likely to move their account again for the next checking account giveaway.

Posted by Christina on May 23rd, 2007
Filed under Banking, Marketing | No Comments »