Differentiation: the "Art Effect"

This fall, Park Avenue Bank plans to unveil a truly unique point of differentiation. Business Wire reports: “Charles J. Antonucci, President and CEO of the Park Avenue Bank has announced plans for the construction of a museum quality art gallery within its first retail branch in Manhattan at 350 Park Avenue.”

American Banker - Community Banking Magazine recently published an article titled: “Staffing a Branch: Tellers, Managers and a Curator.” The magazine quoted Antonucci as saying: “In New York, there are branches on every corner, and every bank is doing the same thing. We wanted to create something unique” In addition, they reported Martin Mullin, the director of the art gallery, as saying: “the idea behind the gallery is to promote the museums, enhance the neighborhood – and, of course, attract more potential customers to the bank.”

Community Banks should take note of this example. Park Avenue Bank understands its competition and is committing to a true point of differentiation, one that is truly different from the highly competitive landscape of New York City. In addition, the Bank obviously understands its customer base and its market; its efforts will compliment the other galleries and museums in the area that already exhibit art from around the world. Perhaps most important, Park Avenue Bank understands that in order to attract new customers to the bank – they must go above and beyond providing good customer service and a wide variety of products; the gallery concept will attract PR, appeal to existing and potential customers – and allow the Bank to stand out from the rest.

Keep an eye out for this type of thinking – and we’ll see what kind of results the “Art Effect” will have at Park Avenue Bank’s new branch.