“All banks and credit unions are the same.”

We spent a great deal of time in 2006 researching bank and credit union value propositions, messages and taglines – and most of them are mediocre at best. Today’s customers don’t want to hear you talk about your “great service,” they expect it. That being said, here are five over-used value propositions that will not differentiate your institution from the competition:

1. We provide exceptional service
2. We are your community bank/credit union
3. Our decisions are made locally
4. Our people make the difference
5. Come see what makes us different

Success in today’s commoditized financial services industry depends heavily on value added – value that is truly different from the competition, and the effective communication of that value. Until a unique value proposition is communicated, most consumers will tell you that all banks and credit unions are the same.

Does your value proposition look like any of the five listed above? These may have done the trick in years past, but do little in today’s financial services industry to differentiate based on real value. Remember, in order to differentiate yourself you must be different, truly different – and not just say that you are.

Learn more about Market Insights' Differentiation and Messaging Program.