Headlines, snapshots and misc. stories of interest

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Here are recent stories of interest from around the web.
Click on the hotlinked headlines to read more.

Article blames WaMu problems on ‘café-style’ branches

An American Banker article suggests Chase’s takeover of WaMu is some sort of referendum on innovative branch design, and that traditional, conventional branches are the way to go.

Beyond the fallacious inference that WaMu’s branch design had anything to do with their collapse (hint: subprime mortgage lending), the article also described the bank’s the branches as “cafés.” There are a lot of words to describe WaMu branches, but café? Nope, doesn’t fit.

WaMu never ever tried to make their branches “hangouts.” They didn’t provide any comfy seating. There wasn’t any ambient alternative music. There wasn’t any free coffee. What ING Direct does can be called a café, but not WaMu’s Occasio branches.

The only thing WaMu did that was really any different was replace a traditional teller line with transaction “pods,” which supported the bank’s emphasis on transactional efficiency.

Research revises playbook for 700+ Wells Fargo copywriters

Wells Fargo researched how effective its written communications were. Following its ethnographic study (defined here), the bank shared its learnings with 700+ content writers in 30+ workshops. Among the findings:

• Marketing messages, especially those with presumptive language like “Congratulations!” or “Good News,” were viewed quite negatively; customers used words like “ploy” and “scheme” to describe them.
• The bank could mitigate negative reactions to bad news like a notice of insufficient funds if the communications provided relevant advice.
• Many consumers view the bank’s Website as the primary visual reference point, noticing differences with layout, color, and other design elements across communications.

Oh happy days… Credit union logo jet, circa 1999

The economy sucks now — the salad days are over and the gravy train has left the station. But less than a decade ago, even credit unions could afford to put their logo on jets.

Great advice for building your financial brand

October’s issue of American Banker has a fantastic article on bank branding — especially for its length (just over 700 words). The author, Cristi Kirisits, VP/Marketing at Silverton Bank, makes a number of excellent points, including:

• Your brand absolutely has to deliver on its promises
• You create familiarity and trust by delivering a consistent experience
• Every interaction is a make-or-break experience that will leave a lasting impression
• Establish an internal team of “brand champions”
• Only one competitor can be the cheapest — all the others must use branding

Earlier this year, The Financial Brand wrote about how Cristi’s bank changed names and became Silverton. They definitely “get it,” and are walking their talk.

Shrinking footprints, growing profitability

According to an expert quoted in a CUES article, branches traditionally break even with deposits in the $30-40 million range, although branches with smaller footprints and fewer employees can turn profitable at under $15 million. That may help explain why the average square footage of branches is dropping from 3,900 in 2004 down to 3,500 last year. You can even get away with 2,500 square feet in some markets. And some in-store branches are only 600 square feet.

Login to Wells online banking, see “safe & sound” splash screen

As Netbanker notes, the best time to get your customer’s attention is right after they log in to look at their account. That’s why login-screen marketing should be in your mix. Just don’t overuse it, or you’ll piss people off.