What is “unbanking?” It’s a marketing term created by various credit unions (and perhaps some banks) for use in ads, brochures and other creative materials. Some use “unbanking” as a conceptual platform and wrap all their brand messages around it, while others use it to make a singular, standalone statement, perhaps just in a tagline.

“Unbanking” isn’t necessarily the opposite of “banking.” It’s a philosophical rejection of those (frustrating) things that often plague consumers’ banking experiences. In this day and age, when bankers are reviled more than big tobacco lawyers, it’s easy to understand why a financial institution would want to distance itself from the nasty taint of big banks. Many banks and credit unions looking to keep Wall Street at arm’s length simply go negative and bash the snot out of competitors. The message behind most anti-big bank campaigns isn’t more complex than “We don’t have a jet.” So what?

But “unbanking” creates this same kind of separation and engenders the exact same sentiment in a much more engaging, evocative and positive way. “Unbanking” lets a financial institution say “We’re not like big banks” without having to dwell purely on banking’s ugliness. And heck, let’s admit it…it’s just more fun than dragging the other guy down.

So join The Financial Brand, take a look at how a few credit unions using the concept of “unbanking” in their marketing.

Harborstone Credit Union

Harborstone is one of the oldest retail financial institutions to use “unbanking” in its marketing, and quite possibly the first. The credit union first introduced the word back in 1993, then received an official USPTO trademark for “The Unbank” in 1994. If they wanted to, they could probably create a mountain of legal problems for any other financial institution who may be tempted to use “unbanking.” It appears, however, that as long as no one treads on their turf, Harborstone seems content to share its trademark with others.

The credit union still actively uses “unbanking” today. Its slogan, “Choose the Unbank,” is central to a current ad campaign, and they even have a microsite: choosetheunbank.com.

Northwest Georgia FCU

This credit union uses “Un-banking, Unbelievable” as a tagline that anchors all its marketing materials. But they didn’t stop there. Their entire creative platform is built around “un,” Headlines incorporate just about every “un” word under the sun: “Undeniable,” “Unmistakable,” “Understatement,” “Unexpected,” “Unshaken,” “Unsung,” “Unreal,” “Understood,” “Unafraid.” The ad agency, Third Degree Advertising, describes the work as “un-corporate, un-stuffy, and a little bit unexpected.”

NORTHWEST GEORGIA CREDIT UNION – UNBANKING. UNBELIEVABLE.

“From hard hat wearers to do-it-all homemakers. To say you work hard is an Understatement. So why are you playing games with a financial institution that doesn’t work as hard for you? Get Unstuck with a not-for-profit credit union that helps folks and families like yours to hang on what you’ve already hard-earned. Unbank with Northwest Georgia Credit Union. Where the difference is unmistakable. Northwest Georgia Credit Union. Unbanking. Unbelievable.”

Connex Credit Union

This is another credit union that takes its unbanking seriously. They have an unbanking microsite (www.unbanknow.org), a toll-free unbank “emergency hotline,” and their slogan is “Unbank with us.” They have unbanking ads promoting Unbank Checking, call themselves “the unbank,” and have various unbanking messages splattered throughout their primary website. They even set out to recruit a Gen-Y summer intern with the lofty title “VP of Unbanking.” Note the use of a bloated, slab-face “U” as a graphic design element in some pieces.

Fed Choice Credit Union

The first section in this credit union’s “About Us” page is a section titled “The Un-Bank,” where they define their unsurpassed experience, uncommon benefits, unbelievable convenience and unbeatable service. Fed Choice is also using the “un” concept in ads.

People’s Trust FCU

“Happy Un-banking” is the slogan this credit union uses to deliver marketing messages with a little levity. They have a design style and overall copy tone that appropriately matches their tagline.

Fort Financial FCU

Fort Financial uses the tagline, “Unbank Your Life.” The credit union decided to secure an official USPTO trademark on the slogan in October 2009. Except for tacking the tagline onto marketing materials, it doesn’t appear that they explore unbanking and what it means in any great depths.

SkyOne FCU

There isn’t much material from SkyOne available freely on the web, but the credit union is clearly taking the “unbank” message to the market. Using the tagline “Unbank Yourself,” SkyOne runs with the “un” theme in headlines, although they’ve added a twist. Instead of using the predictable “un” words, they’ve opted to coin some new and rather creative verbs. SkyOne’s loan offers invite consumers to “unhide the fees,” “unmuddle the terms,” “unlimit your rewards,” “unaccept excessive penalties,” “unhike the loan rates,” “unwaste your time,” “unpeddle the pricey extras,” “uninvolved the middleman,” “unraise your payments.” It’s a fresh angle and good copy.

Federal Savings

At one point in time, a company called Federal Savings used “The Unbank” as its slogan. Apparently they were indeed an “unbank”… they were fraudsters offering CDs with a bazillion-percent APY.

The Unbank Company

This Minnesota-based check-cashing store has been in business since 1984. You’ll notice in the photo below that it is right next door to its sister company, “The Unloan” store. It’s shocking that Harborstone Credit Union, who holds a USPTO registration for “The Unbank” would let this slide.

unbank.com

The much-coveted URL unbank.com belongs to a bank who couldn’t care less about the whole “unbanking” thing. University National Bank in Kansas has owned the savory domain since 1996. Some people might confuse this with the “U.N. Bank,” which doesn’t exist – the United Nations calls it the World Bank. There is, however, a U.N. credit union (unfcu.org).

“This won’t happen overnight, but we will be open about our progress.”
— Brian Hartzer, CEO
RBS and NatWest

In an effort to repair a brand image tarnished by bailouts, the Royal Bank of Scotland and sister bank NatWest launched what the pair of financial institutions call their “Customer Charter.” Created by- and for customers, the charter includes a set of 14 promises clustered into four themes: easy, helpful, community support and listening.

The banks say they condensed “the views of more than 30,000 customers” into the 14-point Customer Charter.

Some of the highlights from the new charter:

• Early morning and late night opening in 200 branches by the end of the year.
• Aim to serve the majority of customers queuing in our branches within 5 minutes by introducing a queue measurement tool to our busiest 300 branches.
• Pledge to stay open for business if we are the last bank in town and will consider a range of options to ensure a local banking service is available.

RBS and NatWest vow to monitor the progress made against each promise, and will make the results public — along with an independent audit by Deloitte.

“Every six months we’ll publish a report to let you see how well we have fulfilled our commitments and identify any areas which need improvement,” RBS promises on its website.

“We don’t expect to achieve all of them immediately, and we know that we have work to do, but we will be open about our progress.”

RBS & Natwest Customer Charter

» We are committed to making banking easy

1. We will extend our opening hours in our busiest branches. By the end of 2010 we intend to have 600 branches open on Saturdays, plus selected branches will open early in the morning or late in the evening.

2. We will aim to serve the majority of customers within 5 minutes in our branches. This year we’ll introduce a new queue busting program in our busiest branches to ensure every available member of staff is out serving customers during busy periods.

3. We will provide you with friendly, helpful service whenever you deal with us. We’re aiming to get 9 out of 10 customers to rate our service as helpful.

4. We will help you to make the right choices for you and your money. All of our branch literature will be simplified and rewritten in line with customer feedback. We will also introduce a new Customer Service Review program by the end of 2010.

5. We will provide a 24/7 telephone banking service. Our call centers are UK-based and we’ll always give you the option to speak to a real person.

» We are committed to helping when you need us

6. We are committed to keeping you safe online. We provide free market-leading enhanced security software for all online banking users, and in July we’ll publish our Online Banking Security Promise.

7. We will help you quickly if your debit card is lost or stolen and you need access to cash. Our emergency cash service is available to all customers whose debit card is lost or stolen.

8. We will continue to be a responsible lender and are committed to finding new ways to help. We don’t provide credit limit increases to those who are struggling to meet payments on their credit card and will continue to work with independent organizations to help people in financial difficulty. We will also introduce a dedicated support team to help those who are falling into financial difficulty.

» We are committed to supporting the communities we work in

9. We pledge to stay open for business if we are the last bank in town and will consider a range of options to ensure a local banking service is available. We’ve already identified over 100 ‘Last in Town’ locations where we’ll continue to provide a local banking service.

10. We will teach over 25,000 financial education lessons in schools in 2010. We will provide young people with financial education through our MoneySense program.

11. We will actively support the local community in which we live and work. We will do this by creating a community fund. In addition, we’ll offer all our employees a day off for local voluntary work with the aim of providing 7,000 days of community volunteering in 2010.

» We are committed to listening

12. We will resolve customer complaints fairly, consistently, and promptly. We are aiming for 75% of customers to be satisfied with the way their complaint has been handled.

13. Twice a year we will publish the most common of complaints. And we’ll strive to address the causes.

14. We will actively seek your thoughts and suggestions on how we can become more helpful. We will launch a new Customer Listening Program to ensure our staff, including Executives, can hear first hand about the needs and frustrations of our customers.

Sounds good. For a bank looking to rebuild its brand image after the costliest bailout in the world, this is an excellent start.

Key Question: How were staff involved? What communications did they receive? How were they trained and prepared to live out these promises?

Both RBS and NatWest are running ads pushing a new tagline, “Helpful Banking,” in support of the Customer Charter. Global ad agency M&C Saatchi is heading up the campaign, and (presumably) had a hand in the crafting of the banks’ 14 promises.

“We had a searing experience as a business and are thankful we were rescued,” Brian Hartzer, CEO, RBS and NatWest said in a press release. “We have since taken stock on how we do things. There’s a lot we do well for customers, but we can do more and we want to change.”

“This won’t happen overnight,” Hartzer continued. “But the Customer Charter is our pledge that we are on the case and will be held to account against the progress we make.”

RBS, which owns NatWest, is itself 84% owned by the government following a £45.5 ($75 million) bailout that kept it from collapsing during the height of the global financial meltdown.

Further Reading: RBS also has a Customer Charter for its small- and medium-sized business clients. You can also check out manifestos from Citizens Bank and ING.

Credit unions are celebrated for their smallness much more often than they are maligned by the ABA for their bigness. They are frequently lauded by the mainstream press, Congress and money management experts as cute, community-based financial institutions. But how small is too small (if there is such a thing)?

When Chuck Bruen, the CEO of First Entertainment Credit Union, wrote in his blog that some credit unions are “too small to exist,” he touched off a sensitive debate among credit union leaders about what role — if any — America’s tiniest credit unions should play.

The failure of Convent FCU in New York City, the 11th credit union to be liquidated in 2010, sparked Bruen’s controversial suggestion.

“It is my opinion that there are credit unions that are too small to exist,” Bruen wrote.

How small is too small? “I don’t know,” Bruen continued. “But a credit union with 213 members and $175,000 certainly falls in that category.”

Bruen recommends shuttering any credit union less than $1 million, then raising the bar from there.

This suggestion triggered a reaction from Sarah Snell Cooke, Editor in Chief at the Credit Union Times, on the publication’s website. “Eliminating all credit unions under $1 million would destroy the only financial hope some people have beyond payday lenders and pawn shops,” she cautioned.

Even though Snell Cooke argues there’s a need for small, hyper-focused credit unions, she wonders about their viability. Regarding Convent FCU and its failure, she wrote, “I’m not sure how a credit union that size remains in business in the 21st Century.”

Another commenter named “Jerry” said he felt “the bottom limit for credit unions should probably be $3 million. Below that size, they are not economically viable. Within five years, that lower economic limit will probably be $5 million.”

Cliff Rosenthal, President/CEO of the National Federation of Community Development Credit Unions, thinks time will take care of these ultra-small credit unions, regardless of where one stands. “The gears of regulation and examination will slowly (or not so slowly) grind away many of those institutions whose death Mr. Bruen would like to hasten,” Rosenthal observed in the comments of the Credit Union Times blog post.

Rosenthal likened Bruen’s suggestion to euthanize small credit unions to “death panels.”

What do you think? Take the poll below and share your thoughts in the comments.

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All statistics calculated by The Financial Brand using 2010 data provided by Callahan & Associates (CreditUnions.com).

For the average consumer, banking is a chore akin to scrubbing the toilet. It’s something that has to be done whether one likes it or not, and most people don’t. There are a million things we’d rather be doing.

People detest banking because it’s rife with complex nastiness like math, numbers, fractions percentages, forms, queuing, waiting and bureaucracy. Consumers are concerned more with how they spend their time than their money, so they think about banking as little as possible. “It’s boring. I’m busy.”

The consumer view of money is actually very straightforward. People either have money or need some.

HOW CONSUMERS VIEW BANKING
It seems pretty simple and obvious, but have you ever looked at banking this way?

Most bankers are incapable of translating financial services from this consumer perspective. They typically only see the industry through the lens of ROI, risk analyses, legal disclosures, regulatory issues and compliance concerns. Some bankers like the fact that it’s confusing, while a few deliberately exploit banking’s complexities for profit.

Marketers sensitive to these realities see an opportunity — quite literally a “simple” solution. They know that making banking easier is something that would really resonate with the vast majority of consumers who would rather be doing something (anything!) else. It’s an intuitive conclusion, and one that doesn’t require a deep data dive or tons of market research to validate.

Reality Check: Making banking easy ain’t easy.

If making banking easy was an easy thing to do, someone would have done it already. Yet surprisingly few financial firms have even attempted this direction. National City had been on a “simple” kick for a few years before being swallowed up by PNC. More recently we’ve seen Ally Bank, with its focus on transparency and its “Straightforward” slogan. And certainly PFM providers like Mint and Geezeo are doing what they can to improve one part of the overall banking experience. But no full-service financial institution has stepped up and dedicated itself 100% to the concept of making banking easy.

There’s been much buzz among thought leaders in the financial industry over BankSimple, a startup venture with plans to pursue the “easy banking” strategy. Albeit BankSimple will only handle transaction accounts, so the strategy should more aptly be called “easy checking.” What about loans, credit cards and other financial products?

The nascent company claims to have the solution that will conquer consumer apathy towards banking. The BankSimple motto: “Don’t suck.”

“By not sucking, we will win,” says Joshua Reich, a BankSimple founder, on the company’s blog.

Reality Check: There’s a lot more to making banking easy than simply “not sucking.”

Despite being somewhat vague about their offering, the guys at BankSimple are right about one thing: the financial marketplace is ripe for startup brands that challenge the status quo. It’s part of the anti-incumbent attitude running rampant in America.

Despite BankSimple’s optimism and idealistic ambitions, they will likely find that change — especially from within the industry — doesn’t come easy. Truly implementing an “easy banking” strategy is one of the hardest things a financial institution can attempt. For starters, when you make anything easier for someone else, that usually means you are making things more difficult for yourself. It’s a zero-sum equation where you shift the workload off their shoulders by taking on more of the burden yourself. This is a huge mental leap from the philosophical position financial institutions are operating from today: “We make more money when we do less. We want consumers to handle more for themselves, on their own.”

Reality Check: There’s an important difference between “easy” and “easier.” Many banks and credit unions that have ventured down the “easy” path turn back when they realize how many barriers, roadblocks and other SNAFUs are in the way. What they often choose to do instead is cherry-pick a select few items that can be simplified here and there, then sell the world on how they are “making banking easier.” It’s a cop out. Just because you chop some steps out of a couple of processes does not mean it’s easy to bank at your institution.

Financial marketers fantasize about creating simpler solutions while frequently underestimating the energy and effort it takes to achieve this dream. Reducing banking’s complexities consumes a lot of internal energy and resources, and innovating new processes takes time. For example, how long would it take your organization to completely overhaul all its forms? How can forms be shortened? What forms can be eliminated or combined with others? What forms should be online? Five committee meetings and six months later…

And that’s just the beginning. If you want to make banking easy, you have to look at the complete relationship. When viewed in aggregate, how much are you asking people to do — e.g., get a debit card, a credit card, enroll in online banking, mobile banking, sign up for e-statements, etc.? How much time does all that take? How many different employees, forms and touchpoints are involved?

But wait, there’s more:

• Processes – How hard is it to get a loan? Or open an account? Or enroll in online banking? How many steps does it take? Are there unnecessary policies or complex procedures interfering with efficiency? How long does it take? Where are consumers frustrated by bureaucratic baloney? What hoops do you make people jump through?
• Locations – Are your branches easy to find? Or are they in awkward locations, buried far from beaten paths? How accessible are your ATMs? Is it easy to get in and out of your parking lots? Once inside, do people intuitively know where to go and what to do?
• Online – How hard is it for consumers to find what they are looking for on your website? How far do they have to dig? How many clicks does it take? Is your site map counterintuitive? Is the interface confusing? Do you overwhelm visitors with links? Can people open accounts and apply for loans online? Can people ask you questions live online?
• Service Delivery – What could people do online that they can presently only do by making a trip to a branch? How many times is someone handed off before they get the information they need? If someone talks to three different people, will they get three different answers? What’s your automated phone system like?
• Products – Do you make it easy for consumers to compare products? Are your products easy to apply for and use? How much paperwork is involved? Can people easily access current account information via various channels?
• Choices – Do you offer too many? Are the differences clear? How do you make it easier for people to make the right decisions?
• Transparency – Are you upfront about how are your products structured? Are you honest, candid and straightforward? Are you clear about what the costs will be to each consumer? How complex are your disclosures? Do you bury conditions, or cloak them in confusing legalese?
• Image & Identity – What does your brand identity say about you? Does your logo, slogan, colors, etc., convey and reflect a “simple” way of doing business? Do you have multi-page brochures? Do you send new customers away with a folder full of printed materials?

These are merely cursory items on a partial list.

Bottom Line: Simple, easy banking is one of the financial industry’s Holy Grails. Just don’t be naïve about what engineering an “easy banking” experience entails. There is more to making banking easy than just making checking accounts marginally easier. If you really want to simplify banking, you must be prepared to retool everything. That means revamping your entire product lineup, your marketing, staff training, and probably even your core data processing system.

In early 2009, Fitzsimons Credit Union engaged Art + Business ONE for a rebranding project that was to launch in November later that year. The Financial Brand conducted this brief Q&A interview with Art + Business ONE to ask them about the strategy for Fitzsimons’ brand.

The Financial Brand (TFB): What was Fitzsimons hoping to accomplish?
Art + Business ONE (AOB): A key objective of the new Fitzsimons brand was to revitalize their connection to their current members, and appeal to a brand new audience of potential members. Their membership was in transition from a mainstay of military personnel to a new generation of health care and high-tech oriented professionals. Their main branch and corporate office was also moving to the Fitzsimons Technology Park. Elevating internal service standards was also a primary objective. This was the ideal time to launch their new brand and unique value proposition – A Partnering Credit Union – which declared their customer-centric orientation, and made their next generation of members into something even more valuable — partners.

OLD LOGO, NEW CORPORATE IDENTITY
The five symbols in the logo represent Fitzsimons’ principles of partnership: “Pride…in who we are. Passion…for delivering our value-promise every day, every time, to every partner. Integrity…in our words, our actions and our motivations.”

TFB: What did the development process involve?
ABO: The three-stage Art + Business ONE brand development process was used to create the Fitzsimons brand program:

1. Information Gathering began with an assessment of current marketing materials, site tours of branch locations, and a management interview to understand the enterprise’s mission, values and vision to best guide development of the new brand. This session also incorporated discussion regarding target markets, and must-haves for new brand. Information Gathering also included conducting qualitative and quantitative surveys of current Fitzsimons members.

2. The Discovery stage involved creation of the Unique Value Proposition and corresponding visual identity. The purpose of the unique value proposition is to differentiate Fitzsimons Credit Union from the competition and help guide the premise for all initiatives. Art + Business ONE designed comprehensive layouts to showcase
new brand in key applications.

3. Brand Implementation was a collective effort of Art + Business ONE and the Fitzsimons internal marketing department. Together budgets were established and a schedule was determined to coincide brand launch with the ribbon cutting ceremony at their new branch. Art + Business ONE created final art for initial brand applications including building signage. Implementation of the brand was facilitated by the internal Fitzsimons marketing department, using templates and brand standards created by Art + Business ONE. Brand standards not only included visual specifications, but also included brand language guidelines that could be followed to create future pieces. Before the brand was launched, brand internalization training sessions with the entire Fitzsimons staff also took place to ensure consistent, enthusiastic support by all key internal audiences.

TFB: How long did it take?
ABO: The first two stages of brand development, Information Gathering and Discovery, took approximately four weeks to complete. Brand Implementation took approximately 12 weeks to complete, although the official brand launch was held until the grand opening of their new branch.

TFB: How has it evolved since?
ABO: The Fitzsimons internal marketing department has done a tremendous job maintaining brand consistency while creating new brand applications. The brand has evolved to embrace messaging regarding new product offerings and awareness, with the Unique Value Proposition of “A Partnering Credit Union” has remaining consistent.

“Building on Fitzsimons’ 50-plus year legacy with a keen eye on the changing dynamics of their marketplace and a strong allegiance to customer-centric brand strategy lead to a brand program we are very proud of,” said Lance Jackson, Strategic Brand Director, Art + Business ONE.

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BofA’s brand is in the toilet. At least that’s what every journalist and blogger in America seems to believe. Headlines like “Bank of America Shines TARP-Tarnished Image,” and “BofA Uses Its American Heritage to Start Rebuilding Its Brand” assert a populist, pitchfork presumption that BofA’s brand is in the doghouse.

Is this fair? What is it that causes people to draw this conclusion? Smarmy marketing? Predatory lending? Subprime foibles? TARP? In BofA’s case, it seems that there is little more than the belief that “big banks are bad.”

People may despise TARP because the temporary recapitalization system wreaks of “bailout,” but you can’t take shots at BofA’s brand for the bank’s participation. BofA didn’t really need- nor want to receive TARP money. As you may recall, every major bank in the United States had TARP money crammed on its balance sheet so as to not trigger runs on deposits at “sick banks.” In late 2009, less than a year after receiving TARP money, BofA announced it would give it all back, which was probably as quickly as Congress allowed. Early in 2010, BofA became one of the first big banks to fully return its TARP funds — $45 billion — along with billions more in interest for taxpayers.

In many ways, BofA’s forced participation in TARP could be viewed as a government-imposed dowry for the bank’s acquisition of Merrill Lynch… another decision for which BofA is often ridiculed. Why is that? BofA had always wanted to break into the retail investment sector, and had lusted after the Merrill Lynch brand for years. When the opportunity finally arose in late 2008, Bank of America snatched up the venerated investment brand at a firesale price. Some onlookers rushed with their judgments — “the sick preying on they sicker,” as it were. But it’s hard to criticize BofA when you compare the deal’s potential with its cost and risks.

There are also critics who deride BofA’s 2008 acquisition of failed subprime lender Countrywide. Again, this wasn’t a rash decision. It was part of a decades-old strategy to evolve BofA into — quite literally — “America’s all-purpose bank.” Step 1: Back in the 80s and 90s, the bank established its ubiquitous branch and ATM presence. Step 2: Then it expanded into credit cards by acquiring MBNA. Step 3: And in 2008, it was time to expand into yet another market — home lending. When Countrywide went on the auction block, BofA made its move — again at a firesale price. Prior to the acquisition, BofA’s relative share of the mortgage market lagged behind other big bank lenders like Wells Fargo and Chase, and BofA knew it needed to shore up its mortgage business. If it didn’t, it risked seeing smaller banks like WaMu balloon into major retail banking competitors.

It’s hard to imagine the consequences had BofA not scooped up Merrill and Countrywide, but one could argue that the bank helped prevent a further- and greater collapse of the financial system. Despite rescuing these two huge, troubled financial institutions (and taking a mountain of flak for it), BofA has remained profitable throughout the financial crisis, spare a quarter here and there. Since January of 2000, Bank of America has reported cumulative net income of more than $114 billion, more than any of the large, U.S. money-center banks.

Would it have been possible for BofA to achieve this level of performance if it was knee-deep in subprime doo-doo? Unlikely. In fact, a BofA spokesperson told The Financial Brand that the bank had exited the subprime mortgage lending business in 2001. If you haven’t been seeing any media coverage about BofA’s subprime exposure or about a predacious decay in its lending standards, it’s because there is no story. If there was, we all would have heard about it. Big time.

Some lash out at BofA saying the bank could be lending more to help the economy, even though BofA lent $760 billion in 2009. That’s roughly $3 billion every business day, and way more than other financial institutions. And what about those folks who have lost their jobs or are underwater? Since 2008, BofA has modified the loans of some 600,000 customers, including principal loan reduction in some cases. Does that sound like a big, bad bank?

Reality Check: Financial firms like Lehman Brothers and Bear Stearns (along with their conspirators at ratings agencies like Moody’s) had a lot more to do with the economic mess we’re in now than most major banks. But that doesn’t matter. People need villains they think are responsible for the financial meltdown, so they blamee big banks they know instead of the obscure and exotic investment firms they don’t understand.

It’s very hard to argue with BofA’s marketing acumen. The bank smartly aligns itself with all things American. They call themselves the “Bank of Opportunity” because it reflects the American Dream — new beginnings, building things from scratch, entrepreneurial spirit, etc. BofA realizes banks will never transcend into “cool” status and have real fans, so instead they draft off the caché of American sports franchises to offer co-branded checks and debit cards sporting people’s favorite teams. BofA is the official sponsor of the NFL, Major League Baseball (America’s pastime), the Dallas Cowboys (America’s team), the NY Yankees the Olympics and NASCAR. They may as well declare themselves the Official Sponsors of Mom & Apple Pie while they’re at it.

BANK OF AMERICA – “KEEP MOVING FORWARD”

Kiefer Sutherland (aka Agent Jack Bauer, America’s hero) narrates this spot (circa 2009) over an awesome soundtrack. The script reads: “This is America. And no matter how… No matter where… No matter what… We… keep… moving forward.” How can you not feel inspired?

Some critics accuse BofA of trying to “advertise its way back,” even though the bank cut way back on advertising in 2009. When you do see an ad for Bank of America (which really isn’t all that often), the approach is practical, with messages striking the right tone, acknowledging the industry’s mistakes, and spelling out how BofA is fixing what went wrong.

In 2009, BofA established Clarity Commitments, simple straight forward summaries of debit, home loan and credit card accounts. BofA was the first — and remains the only — big bank to eliminate Overdraft Fees on debit card purchases, something so wildly unpopular with the rest of the industry that everyone else is waiting until the very last second before implementing Reg E.

In all fairness, you have to admit BofA has been proactive and very strategic throughout the crisis and its recessionary wake.

Bottom Line: People may think BofA’s brand is in the doghouse just for being a big bank, but you can be sure that years from now, BofA’s brand will still be strong. They may be big, but it’s hard to argue with BofA’s strategy and performance. They seldom make a misstep.

By Sean Tracey, Brand Strategist/Creative Director at Sean Tracey Associates

How “Big, Hairy, Audacious Goals” apply to financial marketing

Most of you have heard the term BHAG. If not, it’s pronounced BEE’hag, and it stands for “Big, Hairy, Audacious Goal.” BHAGs should push you way outside your comfort zone — something scary-but-doable, provided you have a lot of faith, a positive attitude and the ability to ignore naysayers.

Well, you want your brand to have it’s own BHAG. You want it to be pushed to new ground, higher ground, a leadership position. Ford’s BHAG was to “democratize the automobile.” Microsoft wants “a computer on every desk and in every home.” Amazon offers “every book, ever printed, in any language, in less than 60 seconds.” Twitter aims to be “the pulse of the planet.”

When you first hear or think of your BHAG, it should scare you. It should be rare (or never seen before). Think “Bigfoot.” That’s right, the Sasquatch. It leaves a big footprint…if you’re lucky enough to find one in the first place. It leaves you wanting to learn and see more. In other words, BHAG branding makes a huge impression. It can generate earned media like Bigfoot, who has never placed an ad and yet still gets so much buzz.

Town & Country FCU in Maine, uses the word “love” when describing how their customers feel about them. This came from a series of branding workshops conducted a couple years ago, part of a re-branding project. As you might imagine, senior management was not comfortable with the “L” word when the term first came up. It’s scary. “Would consumers believe that someone could actually love their bank?” they wondered. “Would it seem frivolous? Disingenuous?” But Town & County was confident it was appropriate and would match their member experience. So they pushed through their fears and went with it.

For these guys, using the word “love” in their ads and making sure their service always lived up to it was a BHAG. Eighteen months later, research showed that people not only remembered and retained the credit union’s ads, but were actually moved by it.

TOWN & COUNTRY FCU – “PEOPLE LOVE TOWN & COUNTRY”

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Sean Tracey is Brand Strategist/Creative Director at Sean Tracey Associates in Portsmouth, NH. Sean Tracey’s “ABC’s of Marketing” includes Audacious Advertising, BHAG Branding, Concise Creative, and Dogged Development. Feel free to send Sean an email.

Citizens Bank is dumping its current tagline, “Not Your Typical Bank,” and replacing it with a new brand theme, “Good Banking is Good Citizenship.” The bank will be using the “citizenship” concept as its primary brand platform, starting with an ad blitz Citizens describes as its most comprehensive to date.

“The new corporate platform brings to life our central and long-standing belief that a bank should contribute to the growth and vibrancy of its communities, as well as the success and prosperity of its neighbors,” Citizens said in a statement.

“We believe that banks have obligations and responsibilities to the communities they serve,” the bank says on its website. “Banks allow citizens to invest in other citizens, and in the businesses those citizens create.”

This campaign builds on a previous concept where Citizens used the “citizenship” theme. In an earlier campaign, Citizens marketing talked about “one good citizen helping another.”

In the current campaign’s media mix, Citizens has two TV spots, one titled “Townhall” and the other “Lending” that can be seen at the bank’s website. (You can find and view another pair of spots in the video player below.)

In “Townhall,” modern financial consumers discuss banking citizenship with America’s founding fathers. It’s an anachronistic fantasy — the way consumers might wish Congressional hearings went down these days.

The campaign also includes print, online, outdoors and branch MERCHANDISING.

Banking citizenship manifesto

Citizens Bank wrote a manifesto explaining what good citizenship means for a bank.

“We have gone through an extraordinary period in our nation’s history. But what lessons have we learned along the way?” the bank muses. The answer: “Banks have obligations and responsibilities to the communities they serve.”

“Good banks allow citizens to invest in other citizens,” the bank asserts. “One man’s savings is another woman’s mortgage. One man’s investment is a new factory or day care center. A good bank lies at the center of it all…”

CITIZENS BANK MANIFESTO
The bank prepared this document to explain its philosophy of banking citizenship.

Walking the talk?

In the second spot, “Lending,” Alexander Hamilton tours Citizens’ headquarters. He asks everyone what they are doing, but no one is banking. “I’m cleaning up a neighborhood,” says one employee. “I’m handing out toys for tots,” says another.

Citizens says its employees have volunteered 570,000 hours of their time in the past three years. In 2009, their time was divided between 3,000 different community organizations.

Citizens also cites its CollegeSaver accounts as evidence of its banking citizenship.

In an interview with Adweek, Scott Morgan, whose ad agency works with the American Bankers Association, wondered if Citizens — a multi-billion-dollar bank — can “really deliver that level of ‘citizenry?’” They run the risk of “being construed as another big bank trying to look small and community-focused,” he said.

Ron Shevlin, a senior analyst with Aite, shares Morgan’s concerns. “Advertising that tries to increase consumer trust in a banking brand is doomed to fail,” Shelvin said. “Trust is a multi-dimensional construct, of which perceptions — which might be influenced by advertising — is just a small part.”

“Consumers’ trust in banks comes from their experiences with the bank — how they experience the banks’ attempts to manage and grow the relationship, the bank’s policies and procedures, and the banks’ ability to provide high quality service and products,” Shevlin added.

The campaign is the work of Citizens’ ad agency, Ogilvy & Mather, New York.

Citizens, headquartered in Providence, Rhode Island, has $144 billion in assets, more than 1,500 branches, approximately 3,500 ATMs and around 22,700 employees. The bank spends about $20 million annually on ads.

Australian banks had long dominated New Zealand’s financial industry, sucking as much as $3 billion annually in profits from its smaller neighbor. But in 2002, that changed with the launch of Kiwibank. In only eight years, Kiwibank has grown to over $10 billion in assets, 700,000 customers and 300 branches, more than any other bank in New Zealand.

Thanks to a partnership with New Zealand’s postal system many PostShops (“post offices”) also double as a Kiwibank branch, giving the bank a number of advantages: lower overhead, massive savings in capital expenditures, and extended hours including weekends. Thanks to this unique partnership, Kiwibank is the only New Zealand based financial institution with national reach.

Kiwis have friendly-but-palpably competitive feelings towards their Aussie cousins. There’s a strong sense of national pride in New Zealand, and these passions have become the cornerstone of Kiwibank’s brand.

“Yes, there is gentle rivalry between the countries, but quite strong feelings about bank profits being repatriated to Australia,” notes Bruce Thompson, a spokesperson with Kiwibank.

The bank is playing the “local” card heavily in its brand, encouraging Kiwis to keep their money in their own country, starting with the slogan, “It’s ours.”

AUSSIE INVASION

In one promotion, Kiwibank made a Flash-based game where native New Zealanders could throw pies at Aussie bankers.

Kiwi Thinking

In late February 2010, Kiwibank launched a new branding initiative called “Kiwi Thinking. What is Kiwi Thinking?

According to a brand strategy document provided to The Financial Brand by Kiwibank, Kiwi Thinking is:

• Finding simple solutions to complex problems.
• Thinking around problems. If Kiwibank can’t solve a problem directly, we will look for other ways to get around it.
• Not accepting the status quo.
• Loving a challenge.
• Taking a pragmatic approach. We just get on and do it.
• Coming up with stuff that is useful, not just clever.
• Having a straightforward, common sense way of approaching things. We start with where we want to get to, then find the most direct route.

Sounds like a brand that’s big into innovation. Indeed, the bank welcomes new ideas, and is inviting people to submit their suggestions — not just about banking — at its website.

Kiwibank believes that — because it is newer — it isn’t tied up with the red tape and infrastructure that other banks are, and thus can be more responsive.

“We are flatter, nimbler and more flexible,” the bank says. “This frees Kiwibank up to question why banking is done the way it’s done today, and why banking can’t be more like other aspects of modern life.”

Inasmuch, Kiwibank is able to relate- and respond to the contemporary environment, whereas other banks are still either catching up or trying to undo their ways of the past. It’s harder for other banks to change. When they say “no” or “it can’t be done,” it’s partly because they don’t want to and partly because they can’t.

Reality Check: It’s a lot easier to build a differentiated bank brand that resonates with today’s consumers when you’re starting from scratch than it is to try and steer a 100-year old financial institution in a new direction.

The Kiwibank Brand Identity

The bank’s ad agency, a part of the world-renowned Ogilvy network, helped develop the brand strategy and executed many of the materials Kiwibank uses today, including the latest Kiwi Thinking campaign. The bank also has an 18-person internal marketing department.

Kiwibank has recruited actor Sam Neill (of Jurassic Park fame) to serve as spokesman. He has an 18-month contract.

“He’s Kiwi like us,” “very credible, and he’s done New Zealander’s proud.”

KIWI THINKING TV
You can watch a :60 TV spot on Kiwi Thinking staring actor Sam Neill (of “Jurassic Park” fame) here at the bank’s website.

Raymond, the Little Green Smart Car

Cleverly, the bank has tied a Smart Car — branded in Kiwibank’s signature lime green — into its Kiwi Thinking concept. They call the car “Raymond.”

“Raymond evolved from an idea that Ogilvy presented for an advertising campaign,” Blake recalls. “The first campaign starring Raymond debuted in April 2006. It was a ‘vehicle’ (pun intended) to represent the bank.”

“Raymond is small and nimble, taking on the world of banking,” Blake observes. “In our advertising we try to make it seem like the car drives itself around, kind of like KITT from the TV show Knight Rider.”

The super huge speakers on top of the car were a prop specially built for Kiwibank, but they do work.

“We have taken the car on the road before,” “In parades we play our theme song — the national anthem — through them.”

Kiwibank World

Kiwibank really wanted to reflect its unique brand through its website – something a bit different, quirky and friendly.

Kiwibank uses recognizable scenes from around the island country to give the site a distinctly New Zealand feel. A large part of the website’s interface is built around lifestages embedded in an intricately beautiful illustration, something they call the “Kiwibank World.”

The bank frequently uses this branded, make believe world in its advertising. For instance, in the bank’s “Go Fly” credit card campaign, a little plan flew around the Kiwibank World towing a promotional banner.

The online Kiwibank World also gets fun treatments for holidays and special events such as Easter, Christmas and ANZAC Day.

KIWIBANK WORLD

Wellington-based web agency Springload designed the site. It took 6-7 months to completely redevelop. Kiwibank has one of the best-looking, better-branded websites in the financial industry and worth exploring.

GoFly Credit Card Campaign

When you live on an island, air travel is a constant reality. There isn’t anything particularly novel about a bank with an airline rewards program…except for the way Kiwibank executed this one.

More Creative Materials

When marketers talk about consistency, they are often referring to the look-and-feel. They say you should stick with the same colors, same design style, same typefaces, etc. When operations people talk about consistency, they usually mean staff doing things the same way and following procedures. Both are right.

In order to build your brand, you have to be consistent with everything you say and everything you do. When your organization is saying different things, doing different things and going in different directions, people can’t draw a bead on you. They have no clear picture about who you are or what you really stand for. This is why consistency (Step 1 Consistency, in the diagram below) is so important to your organization’s brand. You have to be consistent from one channel to the next, one person to the next, one ad to the next, one day to the next.

Humans have highly-tuned radar that alerts us to inconsistencies, whether that be the way things appear or the way things behave. We seem to be inertly wired to sense and suspect anything around us that speaks or acts erratic. We inherently distrust anything incongruous. We aren’t willing to get close to someone (or something, like your financial institution) when we can’t figure out what they are about. Who knows what they’ll do? Who knows what they’ll say next?

We are only able to progress to the next step and approach someone when we have narrowed down their behaviors within a predictably narrow range (Step 2 Familiarity).

Trust (Step 3) is the almighty bedrock of every financial relationship. Without a basic level of trust, people won’t do business with your financial institution. When you look and act inconsistently, people can’t trust you. In fact, they won’t even bother getting to know you.

When a customer gets one answer from a teller and a different answer from someone in your call center, your inconsistencies are going to undermine that customer’s trust. If two different branches use two different policies or procedures, your inconsistencies are going to piss customers off — no way to build customer loyalty.

The only way you’re going to build loyal customers (Step 4 Loyalty) is doing and saying the same things consistently over many years. You’ve got to say what you mean, do what you say, and get it done when and how you promised.

If you do all this — consistently — then you might be fortunate to develop “brand evangelists” (Step 5). These folks are so impressed and grateful for the reliable service experience you deliver that they’ll gleefully advocate for you. And what’s
more valuable than a glowing word-of-mouth recommendation from a loyal and enthusiastic customer?

This article is intended to help financial institutions maximize their marketing capital. It is an opportunity to weigh strategic priorities.

As you review this list, please realize that The Financial Brand is not saying, “Social media has no value.” But many of the items on this list have arguably more impact than what 98% of financial firms have been able to achieve with social media so far.

Please don’t feel bad if you don’t have many of these initiatives underway. It would be quite surprising if any bank or credit union has all of the following under control.

1. Define your brand — If you’re honest, you’ll admit your organization hasn’t really identified its true brand. An effective brand strategy should be able to align every aspect of your organization around one concept. Without an overarching, fundamental strategy, it’s hard to make any social media project fit with your brand or business model.

2. Develop a real Gen Y strategy — Don’t confuse “social media strategy” with “Gen Y strategy,” and vice versa. Social media is NOT a requirement to reach this audience. To successfully increase your Gen Y market share, you need a balanced approach that includes branches, products, events, financial edutainment, mobile banking, etc.

3. Develop a Gen Z strategy — When are you going to start planning for the next generation of banking consumers …Gen Z (or whatever term generational experts give Gen Y’s kids). In many ways, it’s too late to worry about Gen Y, as most of them already have basic banking relationships in place. Heck, in five years, the oldest members of Gen Y will be grandparents. It’s time to start worrying about what comes after Y. Don’t let Z sneak up on you the way Gen Y seems to have caught the financial industry off guard.

4. Non-traditional/guerilla marketing — Is your marketing plan on auto pilot? Do you just do the same things — newsletters, annual reports, the occasional print ad? If you’re looking to shake up your routine, you can try something arguably more fun and effective than online social media marketing. When was the last time you tried anything fun and crazy like setting up a “Banking Confessional” on the street or hosting a Guitar Hero duel? Financial marketing doesn’t have to be dull.

5. PFM — Few things have made as big a difference to consumers over the last couple years — from a practical perspective — as the introduction of online Personal Financial Management tools. These tools aggregate information from multiple financial institutions into a single view enabling consumers to track spending and manage all of their money online. Companies offering online PFM services like Mint, Geezeo and Jwaala have taken the financial industry by storm.

6. Develop an attack plan for a failed competitor – It looks like 2010 is on pace to match the number of banks that failed last year. Are there any distressed competitors in your market(s)? Be prepared and have a plan. You’ll scoop up a lot more business than anyone else — far more than your fair share. Take a look at how one credit union turned a bank’s demise into a golden opportunity.

7. Matrix mail — This is more than sending out a few letters and postcards every month. This is a highly-targeted, strategically-segmented approach to communications with your customers or members. The entire audience should be classified based on tenure of relationship and the products they already hold. Each segment you define should receive a strategic sequence of communications — one for people who have online banking but not billpay, one for those who have billpay but not mobile banking, another for those with term deposits that will expire soon, etc. If you have less than 25 different targeted messages, you still have some work to do.

8. Redesign your website — Your website is increasingly the first experience consumers have with your brand. What does it say about you? If you haven’t fundamentally redesigned in your website in the last five years, you’re way overdue for an overhaul. If you have 50+ links on your homepage, it’s time. And you know whether your website looks up-to-date…or like dung.

9. Secure your trademarks — It doesn’t take a lot of time nor cost a lot of money to pursue federally registered trademarks through the U.S. Patent & Trademark Office. At least start with your name, logo, slogan(s) and branded products. It may not seem that important, but protecting your hard-earned brand equity can be worth millions of dollars in legal battles down the road.

10. Online chat — Why should consumers who prefer online channels have to sacrifice access to the information and answers they need? With live online chat, you immediately address the needs of people who are interested in your products and services. It’s simple online conversation (like AOL Instant Messenger) that helps you simulate the dialogue that would naturally occur in your branches.

11. Optimize your website — The web is the most important channel for financial institutions today. The public has been actively using the internet for more than a decade now. People have become savvy and more finicky. Just being “faster” doesn’t cut it anymore. They expect everything in an instant. And yet you still run across bank and credit union websites that run like mud. Robbie Wright recently optimized TheFinancialBrand.com and cut load times by 60-85%. That means a lot to impatient people who are now sensitive to time in milliseconds.

12. Selling inside the online banking firewall — You have captive, engaged users inside a a trusted platform you control. If you aren’t using your online banking platform to promote your products, services, special deals and other marketing initiatives, you’re leaving easy money on the table. The publishers of Netbanker.com have an entire report dedicated to this subject. If your online banking provider limits you, it’s time to think about dumping them.

13. SEO/Adwords — What’s the point of having a beautiful, streamlined website with online chat if no one can find it? The ROI on Search Engine Optimization is measurable, and you can refine an AdWords strategy with precision down to the penny.

14. Remote deposit — There are so many different ways you can provide remote deposit options, there’s no reason you shouldn’t be doing it already. The more people you have making mobile- or online deposits, the fewer costly transactions you’ll have to process in your branches, and the more people you’ll have on your online banking platform.

15. Mobile banking — Does Gen Y really want to “engage” with your financial institution on the latest social media platform? Or would they prefer you give them maximum freedom and flexibility to manage their accounts wherever they go and with whatever device they prefer (or have handy)? Which leads us to…

16. iPhone app — Here’s a simple question. Which do you think your boss would be more impressed by: (A) 750 people following you on Twitter, (B) 750 fans/likers on Facebook, or (C) 750 people using your iPhone mobile application?

17. Online advertising — Hey man, it’s not the 90s anymore… It’s time to get with it. Big or small, no matter what size your financial institution is, there is an online media plan that will work for you. You could probably take your entire print ad budget and shift it online.

18. More creative savings accounts — Savings is the new craze. But why does saving have to be so boring? For instance, consider goal-based savings and automatic savings plans like BofA’s Keep The Change, Wachovia’s Way 2 Save and Citizens Bank’s GoalTrack Savings. And how about prize-linked savings?

19. High-interest, online checking accounts — This is a classic quid-pro-quo. You pay people an interest rate they really love, and have them adopt the habits you’d like them to have in exchange. By requiring people to actively use online banking and their debit cards, you can afford to pay above-average rates.

20. Brand training for staff — You can tell staff that your brand is the most important thing in the world, but it doesn’t mean anything if you aren’t rewarding them accordingly. When was the last time you had a training session deliberately connecting to your brand strategy? Does HR use your brand to guide its policies and decisions? Remember that your brand is built by what you do/deliver, not by what you say/promise. It’s vital that staff be on board all the way.

21. Intranet — Even if you already have an employee intranet, it probably isn’t being utilized to its maximum potential. Or perhaps you have one that isn’t capable doing what you need. And if you don’t have one, you should get one. Employees complain endlessly about how little communication they get. Tackling the problems with your intranet may seem easy to dismiss as a lesser priority, but this is one area that can help get everyone on the same page (literally).

22. New core data processing system — If you thought the idea of wrangling with your intranet sounded unsavory, then you will have even less of an appetite for this initiative. The truth is that most financial institutions are handicapped by legacy systems. These systems are often kept alive with a crude form of life-support and band-aids. How many times has your team been excited about a new product or innovation only to be shot down by your core system’s limitations? Changing a financial institution’s data processing system is never pleasant, but if it’s holding you back you need to bite the bullet.

23. Online newsroom — Create a page on your website consolidating news, events, press releases, major promotions, etc. Allow comments and provide an RSS stream. Some people might call this a blog, but it isn’t really one. You’d keep it real professional. You could call it an online newsroom.

24. Strategic branch makeover — A substantial chunk of Gen Y uses branches every month, so you should use MERCHANDISING in your branches specifically to target this audience. Are you using branch MERCHANDISING to promote products and services designed just for Gen Y? Also deploy Gen Y-specific sales training and in-branch promotions.

25. Open new branches — Branches may be getting smaller, but they are no less relevant. Opening more branches has continued to be one of the most reliable ways for financial institutions to grow new banking relationships. Now is the right time to reevaluate your BRANCH NETWORK. Where should you open new branches? Are there any unprofitable locations that should be closed.

Kelley Parks is creator of gira{ph}, and former VP/Marketing & Business Development at Call FCU. These days, Kelley has teamed up with iDiz to help credit unions discover and amplify what is unique about their organization and create chemistry with consumers. Kelley is a regular contributor to SharediDiz and an Editor for CUWaterCooler.com. Here Kelley shares what she learned while rebranding Call FCU (see the companion article, “A Doodad Logo and an iDude Mascot.”)

1. Rebranding exposes your credit union on all levels.

It brings to the surface the deep dark secrets that are uncomfortable to talk about. Are you ready to open the closet door and free the skeletons? To rebrand effectively you have to be willing to talk about your weaknesses.

2. Rebranding is emotional.

If you want to butt heads and become unpopular with your management team and board members, rebrand your organization. When the going gets tough, you find out very quickly who is committed and driven to take your organization to a new level. Unfortunately, not everyone shares the same levels of passion and enthusiasm.

3. Rebranding takes an “outside in” approach.

You’re too close to your organization to really see what needs to be changed. Have noticed how big a forest is when you’re standing in it? You have to stand back at a distance to see really appreciate the whole thing. It really helps to hire experts who can help you stay out of the weeds and see the organization from 35,000 feet.

4. Rebranding isn’t about a consensus of opinion.

As soon as you start rebranding, everyone in your organization suddenly becomes an expert in things like logo design. You need to resist the temptation to please everyone. Whatever you do, don’t water down your brand. If everyone likes something, then there’s a good chance no one will absolutely love it.

5. Rebranding is initially shocking.

Change is hard for most people. It’s especially hard for those that have been with the organization a long time. People have always associated your organization with the old logo and colors. Seeing it in a new image takes time to digest. Those that have creative vision may see the potential immediately, but be patient with those that don’t. The challenge is to get people who were committed to your organization in the past excited about your future.

By Kelley Parks, creator of gira{ph}, and former VP/Marketing & Business Development an Call Federal Credit Union. These days, Kelley has teamed up with iDiz to help credit unions discover and amplify what is unique about their organization and create chemistry with consumers. Kelley is a regular contributor to SharediDiz and an Editor for CUWaterCooler.com. She shares her story on rebranding Call FCU here. Also be sure to read Kelley’s companion article, “5 Truths about Rebranding (What I Learned).”

Call Federal Credit Union had reached nearly 90% of its potential membership. Growth had slowed from about 9% a year down to 1-2% per year. We opted to add several underserved areas to our field of membership, giving us access to over 500,000 potential members. Before launching into these new markets, we decided to rebrand the credit union. We wanted to define who we were union and how we wanted to be perceived by members and future members. This was a perfect opportunity to reevaluate our positioning.

Call FCU’s Goals:

• Redefine who we were as a credit union so as to effectively penetrate new markets
• Refresh our look to better reflect who we were as a credit union
• Attract a younger demographic to the credit union
• Inspire credit union employees to “live” our brand
• Make our credit union stand out from our competition and attract new members from our potential markets

We conducted surveys and focus groups with members, asking them what they loved about the credit union. We also conducted similar research with staff. Members overwhelmingly described Call FCU as friendly and bright, yet the credit union’s existing brand image didn’t reflect that spirit. The most profound aspect of the research was the stories the members told. Many said the credit union had assisted them through some point in their life, such as helping them through a divorce or purchasing their first home. These were moments where members overcome an obstacle.

“To empower our members to become the heroes of their financial lives.”
— Call FCU Vision Statement

From this research came Call FCU’s vision statement, “To empower our members to become the heroes of their financial lives.” We decided our brand should be about empowerment, and portray the bright, friendly, caring nature of our employees. We wanted to empower our members to live better lives as a result of their relationship with the credit union. Everything about Call FCU comes back to this.

The Doodad

Call FCU created a list of action verbs captured what the credit union did best, then associated each verb with a color. Each verb+color became a component of the symbol in the new logo — what Call FCU calls its “doodad.” The logo can be viewed as a circle of six lowercase letter “i’s.” Each “i” (and color) in the logo represents the different aspects of one’s financial life. And it also represents the members putting their heads together in a union – a credit union.

OLD LOGO vs. NEW LOGO
Each color represents one of six components, which make Call FCU members “financially whole.”

A Living Mascot

Let’s face it. As an industry banking has become a commodity. It’s just another chore in our peoples’ lives. At Call FCU, we decided this was cause to look at examples of companies from other industries that have been successful in their branding.

We found that strong brands have icons and give life to their brand through a personality (think “GEICO Gecko” and “Energizer Bunny”). Call FCU wanted a mascot that would connect members to the credit union — a symbol of empowerment, the embodiment of our brand. So we created iDude.

iDUDE

iDude the lowcase letter “i” that pops out of the Call FCU logo. He’s kind of like a superhero who stands for empowerment and says things like “i can do anything.” He lives on the Call FCU website, and members can interact with him. You can ask him questions and he changes color based upon what what area of your financial life and you ask about.

The credit union had a professional mascot costume created so that iDude could roam about the community. We even chronicled some of his adventures on his blog: “i can do anything, mI adventures as a credit union mascot.”

Ugly Branch Makeovers

We wanted to make sure that the brand was living through every touchpoint. This not only included our collateral and signage, but also the look and feel of our branches. And many of our branches were beyond ready for a new update. We also created a new branch branding concept for all future branches.

BRANCH MERCHANDISING
Graphics inside branches now reflect the brand.

iLuvRichmond

Call FCU’s first official media blitz included TV, billboard, newspaper, and iDude appearances. The “iLuvRichmond” campaign showed photographs of new cars occupied by the iDude mascot in locations around the credit union’s area. The creative hook: “Making Richmond more beautiful, one car loan at a time.”

http://cuidiz.com/?page=portfolio_web_callfcu

A microsite for the promotion allowed visitors to send in their own photos of themselves in locations around town.

A second site, “I luv Cabarrus” was also created for a second market area.

iLuvRIchmond.com
A unique approach to a microsite that promoted Call FCU’s
civic pride and linked the credit union to the community.

Building the Brand From the Inside Out

How you look on the outside is important, but even more important is your internal culture. Call FCU launched an internal program where staff were given incentives to volunteer in the community and help other goals that relate directly to the brand. It was called SMORS, which stands for “Staff Mission Ownership Reward System.” The program tied specific goals to each of our verbs. If staff accomplished them and lived out the brand, they receive a percentage of their salary in the form of a bonus.

Parting Thoughts

No one made the fast rule that banking had to be boring. There’s an aching need for it not to be.

As managers, we spend a lot of time trying to figure out salaries and benefits. But the truth is that no one enjoys their job because their employer offers a great HMO. People want to work in places where they can connect with something greater.

Call FCU partnered with credit union branding and design firm iDiz. Call Federal wants to empower their members to be the heroes of their financial lives. With a mascot called “i-Dude” and a motto of “i can do anything,” their logo became a reflection of that brand.

A palette of different colors were selected to represent the active verbs that build upon that brand – empower, dream, connect, enrich, build, and restore – and are reflected in their logo and stationary, with brochures and collateral to match.

EARLIER CAMPAIGN SETS THE STAGE
Call FCU’s “Be the Office Hero” promotion which ran just prior to the rebranding initiative. Call FCU carried the fun, guerilla, youthful nature of the campaign into its rebranding efforts.

TV SPOT
Introducing a brand theme, “Where Principles Matter,” along with a corresponding microsite.

EMPOWER CHECKING MICROSITE

DIRECT MAIL PIECE
For the “Tie Dye” Student Visa Card.

TWITTER ACCOUNT
Call FCU’s iDude mascot can be found on Twitter. iDude loves Richmond, Virginia, but the Twitter handle has unfortunately been abbreviated down to iDudeLuvsRic. Umm, who’s Ric?

Ask any bank or credit union in America what differentiates them from other financial institutions and invariably their answer will be “service.” They all emphatically declare, “Service is what differentiates us! Service is what our brand is about!” Here are four reality checks that should encourage your organization to look in the mirror and be honest.

Reality Check #1: As a financial service business, your service has to be good. If it isn’t, you’re out of business.

Of course “service” distinguishes financial services firms from one another. “Service” is, in essence, the “product” service firms produce. If you’re going to differentiate around “service,” you have to be a lot more specific and work a lot harder to define precisely how your service is different and why it is any better. The unique style and flavor of “service” is what differentiates each and every service business in the world.

What if you asked a car company what made them different from all the other car companies and they told you “our cars?” It sounds ridiculous, don’t you think? It dangles a question so obvious and implicit, it’s insulting: “Precisely how are your cars different?” And yet this logic doesn’t seem to apply to financial institutions. There are very intelligent people who never question precisely how their financial service firm’s “service” is any different from anyone else.

“We’re personal.”

Guess what? That’s what the other guy says too.

“We truly care.”

Ditto.

It’s not just players in financial services that struggle with this. It’s something that every service firm in every industry wrestles with — from plumbers to dentists.

Reality Check #2: If everyone says “our service is better,” someone is lying.

Service may be what your organization does best, but that doesn’t mean your service is comparatively better than anyone else. Even if it is true and the level of service at your financial institution is indisputably extraordinary, “service” is so commonly used by financial institutions as a primary brand theme that it is essentially impossible to differentiate around. You can’t take your claim to “better service” out to the public because your me-too message will be lost in the chorus of self-delusional financial institutions. Consumers, unable to sort out who is telling the truth and who is making shallow promises, simply tune everyone out.

Despite what you may believe, all the banks down the street aren’t mean and evil. They have nice people with generally good intentions. They say hello and smile at their customers, just like you do. They have customer service training. Yes, they occasionally drop the ball, but so do you. You’re fooling yourself if you think you can be nicer than the competition.

Reality Check #3: Saying “service is what differentiates us” is a cop-out and a roadblock.

If you ask any financial institution to describe what makes them unique without using the word “service” and you’ll come up empty-handed nearly every time. It’s as if banks and credit unions land on “service” and then never go any further or dig any deeper. It’s lazy. It’s a cop-out that enables financial institutions to dodge the hard questions. Are we really any different?

It’s easy to understand how the notion of “service” gets picked by boards of directors and management teams as the central brand theme for their financial institutions. For starters, it sounds good. Who can argue with “service?” It feels good. Throw on a few zingy adjectives like “premier,” “extraordinary,” “exceptional” or “world-class” and watch heads nod in unison around the room.

The belief that “service is what differentiates us” is the single biggest and most-common roadblock preventing financial institutions from developing a truly differentiated brand strategy.

Reality Check #4: Exceptional service does not mean providing a Ritz Carlton/Four Seasons experience.

A broad, general “service” strategy often leads HR departments to hire consultants who promise to train staff how to deliver the kind of phenomenal, world-class service one finds at the Ritz Carlton or Four Seasons hotels. That may sound great, but it only works if you target rich people who are willing to pony up big bucks and pay premium prices for VIP service. It’s an operational and fiscal reality: it costs more (a lot more!) to provide world-class service, which is something fewer consumers can afford.

Furthermore, it’s erroneous to assume great service always equates with 5-star, red carpet treatment. It’s not simply a matter of going above and beyond and bending over backwards. There are a lot of other factors that people use to define a quality service experience — speed, level of knowledge, responsiveness, ability to customize/personalize, dependability, etc.

Think about Southwest Airlines. No one feels special when they fly Southwest Airlines. You’re not part of the jet set, you’re flying the low-cost “bus of the skies.” And yet consumers love the Southwest brand because it is the most fun airline out there. Southwest’s sense of humor, funny personality and jocular attitude is what distinguishes their service experience. Their brand is about making an otherwise miserable experience fun.

How come there isn’t a bank or credit union with a brand similar to Southwest Airlines? A brand built around fun? What’s stopping them? Perhaps it’s that they all still believe it is their “service” that separates them?

Acronym
Brand names formed from the initial letters (or parts) of a series of words – e.g., NATO (North Atlantic Treaty Organization), laser (Light Amplification by Stimulated Emission of Radiation). In the financial industry, WaMu is a good example. Acronyms are commonly confused with “Initialisms.”

Brand
The collective perceptions and impressions people have formed about an organization, its products and/or its services, whether through direct (ads/purchase) or indirect (word-of-mouth) interactions. Any noun can have a brand, including people, places and things – e.g., Donald Trump, Las Vegas and American Express.

Brand Architecture
Brand ARCHITECTURE is the relative structure of an organization’s brands. The way in which the brands within a company’s portfolio are related to, and differentiated from, one another — i.e, a brand “family tree.” Example: Proctor & Gamble’s brand ARCHITECTURE includes Tide, a Household Care brand, and Crest, a Beauty & Grooming brand.

Brand Asset
Any aspect of a brand that has strategic value — e.g., visual symbols, slogans, sounds, photos, mascots, etc.

Brand Attributes
A specific set of characteristics that identify the visual, verbal and behavioral traits of the brand, much in the same manner that personality attributes define the people we know.

Brand Equity
The accumulated financial and strategic value of all associations and expectations (positive and negative) that people have of brand. Brand equity can be quantified four ways: 1) economic value of the brand and its assets, 2) the price premium that the brand commands, 3) the long term consumer loyalty the brand enjoys, or 4) the market share the brand gains through its reputation alone. Note: brand equity can be negative.

Brand Gap
The difference between the brand’s strategy and the actual experience.

Brand Identity
The outward expression of a brand — i.e., look-and-feel — as created by a system of standards including colors, fonts, images, photos, graphics and design. (Compare to “Corporate Identity.”)

Brand Image
The mental associations, ideas, feelings and beliefs people think of when they see or hear a brand.

Brand Positioning Statement
A clear, concise, focused statement capturing the essence of a brand’s differentiation. (Compare with “Unique Selling Proposition.”)

Brand Promise

Consumer expectations about what the brand will deliver. The experience — good or bad — one can expect from a brand. When an organization defines its brand promise, it should be differentiated, relevant, credible and irreproducible. (Compare with “Brand Image.”)

Branding
An organization’s deliberate and intentional attempt to shape and influence people’s perceptions of their brand(s) in specific directions.

Challenger Brand
A new or rising brand that is viable in spite of other existing brands dominating the category.

Coined Name
A brand name that’s been invented or made up – e.g., Kodak, Experian. The advantage of such names is that they are easier to trademark, and they can be given their own meaning.

Core Values
The principles, ethos and philosophical ideology that all employees of an organization are expected to use, live by and demonstrate on a daily basis.

Corporate Identity
A narrower subset of the overall brand identity including the brand’s core component — primarily its name and logo. A corporate identity system typically includes formal business papers (not marketing) — e.g., business cards, letterhead, envelopes, mailing labels, invoices, etc. (Compare to “Brand Identity.”)

Design Grid
The hidden, underlying system of spatial units defining the organization’s use of imagery and how content is structured in two-dimensional layouts (e.g., printed pieces).

Eponym
Names created around fictional (or real) characters, such as Victoria’s Secret and Betty Crocker. Starbucks was derived from the name of a character in Herman Melville’s Moby Dick (the logo is a Melusine). In the financial industry, John Hancock is a good example.

Initialism
A group of initial letters used as an abbreviation for a name or expression, each letter being pronounced separately – e.g., ING. (Compare to “Acronym.”)

Logotype
The stylized lettering often employed in a logo — i.e., font. The part of the logo with the brand’s name — separate from the symbol or icon. (See also, “Wordmark.”)

Mission Statement
A mission statement is a short, formal written statement of an organization’s purpose, defining its scope and focus in plain, simple, descriptive terms. A mission statement is a practical outline of business objectives that avoids corporate clichés and boardroom buzzwords. Mission statements define what the organization does today, while vision statements describe what the organization wants to become or accomplish tomorrow.

Monogram
A type of logo using the letter(s) from a name to create a sort of visual shorthand or abbreviation. Examples: VW and McDonald’s Golden Arches.

SWOT
Short for “Strengths, Weaknesses, Opportunities, Threats,” a common analysis performed in brand assessments and at strategic retreats.

Tagline (or Slogan)
A frequently repeated word, phrase or statement that captures the essence of a brand’s promise. An expression that conveys the most important attribute or benefit that the advertiser wishes to convey.

Unique Selling Proposition (USP)
The driving competitive advantage. (Compare to “Value Proposition” and “Brand Promise.”)

Value Proposition
An analysis and quantified statement of the benefits that consumers can expect. Note: You can have a value proposition that isn’t unique (i.e., a “Unique Selling Proposition.”)

Vision Statement
The goals, dreams and future aspirations of an organization. Vision statements describe what the organization wants to become or accomplish tomorrow, while mission statements define what the organization is getting done today.

Wordmark
A style of logo that uses type only. These logos are involve just color and font, and have no attached symbol or icon. Examples: Coca-Cola, Old Navy.