The Bankwatch

Well stated conclusion on this study of US Bank brands. This particular quote resonates:

Banks currently define themselves and their brand in terms of commodity products and expect customers to switch banks so that they can have “all the things they currently get from their current bank.”

The piece is full of memorable quotes, and goes on to say

What banks need is a new brand promise, one that is a reflection of who the target audience is when they use that bank and is positioned against the competition. The problem now is that the players in the market say the same thing so they are not positioned against anybody

Finally, here is their “take the test”. Their point is that the statements apply to all Banks, and are instantly recogniseable.

Stealing Share | Increasing Market Share | Brand Company | Bank Study

Is it as bad as we have said? Take the test. Take any bank you can think of and insert its name here-

* (Insert Bank Name Here) has many ATMs
* (Insert Bank Name Here) has convenient hours and locations
* (Insert Bank Name Here) has free checking
* (Insert Bank Name Here) has friendly employees
* (Insert Bank Name Here) has online banking
* (Insert Bank Name Here) has credit cards
* (Insert Bank Name Here) gives you more
* (Insert Bank Name Here) really wants my business
* (Insert Bank Name Here) has competitive rates