Bank of Opportunity

Bank of America is ready to elevate its marketing efforts. As reported by the Wall Street Journal yesterday, and confirmed in a press release issued by the Bank, B of A is adopting a new tagline, investing big money in advertising and pushing forward with its most aggressive marketing campaign to date. The theme of the campaign “Bank of Opportunity” definitely positions the Bank to appeal emotionally to customers and, as WSJ reports “The campaign underscores the company’s strategic need to squeeze more business from existing customers.”

The new tagline “Bank of Opportunity” will be introduced as the replacement of “Higher Standards” during television commercials that will run first during the Academy Awards on Sunday night. The campaign will take shape on Monday morning as representatives dressed in B of A red aprons will be passing out coffee vouchers to commuters in select markets; the vouchers will emphasize opportunity with the message “Wake Up to Opportunity.”

Perhaps the most interesting part of this new campaign is the fact that it shifts the focus back to the customer. “Higher Standards,” as discussed in the WSJ article, was more about how Bank of America conducted business, while “Bank of Opportunity” is clearly more focused on value-added to the customer.

This value-added message is an excellent example of how financial institutions, especially community institutions, must move away from talking about themselves only in terms of products or rates. The commoditization of financial products and services demands that institutions establish and cultivate an emotional relationship with their customers, which can ultimately support the development of customer loyalty. Bank of America has certainly built a strong physical presence in many markets across the country, and it will be interesting to see how this campaign is leveraged to maximize organic growth for the Bank.

Redefining Bankers' Hours

Today’s customers are demanding. They want access and they want convenience; and they want it on their terms. And in an industry flooded with customer-centered value propositions (which often times end up being little more than hot air), many would expect that customers’ demands for access and convenience would translate, at the very least, into extended operating hours - beyond the traditional 9-5, and certainly beyond Monday-Friday and Saturday mornings.

It’s surprising that more institutions haven’t adopted similar extended-hour strategies like those of TCF Bank ($14.4bil.; Wayzata, MN) and BankAtlantic ($6.2bil.; Ft. Lauderdale, FL). These two institutions obviously understand the value of their customers’ time; they have adopted non-traditional operating hours (for banks); and, most importantly, they allow this convenience to drive their value propositions.

“Open 7 Days” and “Florida’s Most Convenient Bank – 7 Days a Week” clearly communicate real value to the customer or prospective customer; and, because many financial institutions are still operating with “normal” business hours, TCF Bank and BankAtlantic have a clear differentiator that will truly set them apart from the competition.

Throughout Chicagoland, TCF Bank has taken substantial steps to incorporate its tagline: “Open 7 Days” not only into its marketing materials, but also into its branch signage – indicating that this is not temporary; and institutions should take note. I recently saw an advertisement for TCF Bank which expands upon the message of being “Open 7 Days” to include the message: “Redefining Bankers’ Hours,” and this statement couldn't be more true.

In addition, while many institutions can’t comprehend staying open later than 5:00 or 6:00pm, BankAtlantic has many branches that are open until midnight. Jarett Levan, the Bank’s president had this to say about the initiative: “we remain extremely committed to redefining bankers’ hours…As time increasingly becomes a precious commodity for our customers, we hope we are providing a convenient alternative to help with our customers’ busy schedules.”

Let’s face it – change can be difficult, especially when it means that you and your staff will be working weekends or working later than 5:00pm. This isn’t to say that every institution should be open 24/7; but rather, that institutions must adapt to their customers’ needs – and, more often than not, this will mean stepping outside of your comfort zone, changing the way you do business and offering real value to your customers.

Actions Speak Louder Than Words

I completely agree with Seth Godin's post about this picture: "Just because a marketer says something is amazing, exciting or just plain wow doesn't mean it is."

And just because a bank says it provides excellent customer service, doesn't necessarily mean that it does. Today's financial services customers are smart, and when they hear claims of "excellent customer service" they expect a level of service that exceeds (not merely meets) expectations.