Inside The Aisle » banking

SunTrust’s New Ad Campaign Profiles New Shopper

Alex Delotch Davis — Mon, 22 Dec 2008 21:36:41 +0000

SunTrust’s new ad campaign entitled, “The Joneses” suggests that consumers are moving away from “big and flashy” consumption to products that are more practical and meaningful.

What does this mean for how marketers will communicate with shoppers going forward? How will this play out in the retail environment?

See the commercial below.

Will Banking Be Televised

Alex Delotch Davis — Thu, 16 Oct 2008 21:29:16 +0000

With all the fear looming globally around banking, industry leaders are trying to find ways to stay connected to the customer. ICICI Bank, India’s largest private sector bank, partnered with Dishtv to launch televised banking. Interactive Banking Service, or ICICIACTIVE, will enable Dishtv customers to access information on ICICI Bank products and services through their TV. At the outset, it will simply be a marketing tool. As the technology develops, however, ICICI expects that customers will be able to actually perform basic transactions through the television.

This sounds like something that may work in India, but not so well in the US. As of 2007, the US had Internet in 74% of homes, in India the number was 3.7% — very different markets. It’s an interesting concept, but I doubt we will ever see TV based banking in the US, as it would be a step back from the online offerings most all banks have currently.

Not to mention, people like to go to the bank. When online banking began to take off, analysts questioned whether or not it would replace brick-and-mortar. While online banking has mushroomed, banks have continued to build branches. The branch experience is an important part of the relationship between the bank and the customer. And now, in the midst of a financial crisis, people definitely want to see the place that’s holding their money.

Banks Can Use Multimedia to Meet the Customer

Alex Delotch Davis — Tue, 14 Oct 2008 22:07:47 +0000

Communicating with customers is going to be a fundamental part of the rebound strategy for the troubled banking industry. A few weeks ago, bank customers who were unsure and confused about the state of the union rushed to pull money out of banks which accelerated the demise of Washington Mutual. Pundits are disquieting and consumers are afraid. JP Morgan and Bank of America will have to introduce themselves to millions of new customers acquired in the shuffle and disseminating information at the speed of the market may prove daunting.

Not now, but soon, the new owners of defunct banks are going to have to decide if they want to keep the identity of the old institution, introduce themselves as the new owners or forge a totally new brand of the combined entities. JP Morgan’s purchase of Washington Mutual is a perfect example. While Washington Mutual was the approachable bank serving 11 of New York’s 30 lowest income neighborhoods, JP Morgan is a staunch Wall Street landmark for the wealthy. How does JP Morgan build trust with their new customers?

Digital signage could play a useful role in easing the transition. A few banks have experimented with digital media and found that it’s an easy way to inform customers of rate changes, new product offerings, investment tips and suggestions for responding to changing market conditions. It demonstrates a sense that the bank cares to keep customers informed and educated. Digital signage could be the perfect medium to build relationships with a captive audience — inside the branch.