This 52-page report from Getty Images, the world’s largest provider of stock photos, looks at the visual trends emerging in the new world of financial marketing. Getty predicts that risk will become a major theme played out in advertising over the next 18 months, and consumers will be increasingly attracted to images picturing balance, anchorage and security. The report includes dozens of ad examples from financial institutions like BECU, WaMu, Mastercard, NatWest, Visa, Citibank, KeyBank, HSBC, and many more. Download the report free here.
An organization in the Canadian credit union industry examines how several financial institutions have embraced social media and expanded beyond traditional marketing and have successfully engaged consumers to think beyond rates and fees. This 25-page report includes case studies from TD Money Lounge, Vancity’s Change Everything, Verity Credit Union’s Our Voices, and Young & Free Alberta. Download the report free here.
A 19-page report from Filene, a progressive credit union think tank, looks at trends in social media and how it is growing to become a powerful marketing tool. includes stats, research and graphs. Register and download the report here.
Another 9-page report from Filene. It explores the challenges and rewards involved in young adult credit card programs at credit unions. Register and download the report here.
Corporate Insight, a financial services research firm, looks at over 100 direct mail pieces from investment firms in October and early November, analyzing both the message and the medium. This 21-page report includes a number of examples from firms such as Fidelity, RBC, Oppenheimer and more. Download the report for free here.
This new Online Banking Report sells for $595, but it’s worth it. Authored by Jeffry Pilcher, the editor here at The Financial Brand, the report includes 72 pages of ideas, tactics, and strategies to grow retail deposits while building your brand in 2009. Includes over 40 examples. Online Banking Report subscribers may download the report here free of charge. Others may purchase it here.
John Varley, the head of Barclays, says banks should apologize to customers to win back their trust. He said the banking industry was facing a “public relations crisis” and would not regain the trust of the public until it had said sorry for what went wrong. “We should share our portion of responsibility.”
William Azaroff, Vancity Credit Union’s Director of Online Banking & Engagement, explains in this 46-slide presentation. He answers questions like when, how and why you engage with bloggers who write about your financial institution. He offers good advice based on real experience that can benefit any financial institution, but especially the ones mentioned here and here.
The deepening recession is making it harder for members of Gen-Y to find jobs and keep jobs, and they have a bigger debt burden than previous generations due to college loans and credit card debt. The impact? Gen-Y will spend more time looking at their finances to make judicious decisions.
Financial institutions targeting Gen-Y will want to put together messages based on honesty and singularity. “It’s all about sharing information and being a true guide and not a marketer,” one expert says. “When it comes to considered purchases, they want the face-to-face interaction.”
This Filene report is yet another reminder that the credit union industry needs a national awareness campaign. People just don’t see any difference between banks and credit unions. And it’s not just the credit union industry that has a branding problem. Filene’s report shows that most individual credit unions lack any kind of real, differentiated brand either.
Many of the financial industry’s most admired brand names have fallen victim to the meltdown. WaMu, a longtime comedic marketer, is gone to Citi. Wells Fargo swallowed Wachovia’s unique and professional image. National City’s “Simple” brand is going to PNC. And now, say goodbye to “Happy Banking,” thanks to Commonwealth Bank’s acquisition of BankWest.
Four community banks, each with less than $200 million in assets, have joined together to send the message that despite Wall Street’s failure and bank bailouts, all is well in Alabama’s Calhoun County, Alabama. The four banks teamed to create an ad campaign emphasizing the banks’ security, strength and ability to lend.
“In most cases
‘On Your Way’
will pay for itself right away.”
– On Your Way website
The credit union industry can add one more firm to the list of companies specializing in Gen-Y marketing solutions. TBA Marketing is joining the ranks of vendors like PSCU Financial Services and Currency Marketing who are competing in the financial industry’s red-hot Gen-Y arena.
TBA Marketing describes its On Your Way program as “the complete credit union marketing program for young adults.”
“Pay Yourself First”
One of the educational videos TBA Marketing offers as part of its On Your Way program.
You can see another sample video, “Avoid the Credit Trap,” here.
On Your Way aims to deliver a turnkey solution to help credit unions recruit members between the ages of 18 – 30, as well as increase the number of products and services used by these members. Program components include:
YouTube Style Videos – Materials created by Gen-Y, for Gen-Y.
Blogs – Focused on issues of interest to Gen-Y.
Rewards – Chances for Gen-Y members to win great prizes each week by using credit union products and services, by referring friends to the credit union, by visiting your On Your Way website on a frequent basis, and by submitting content for publication on the site.
Financial Guidance Videos – Addressing a variety of financial topics intended to help Gen-Y meet the financial challenges they face
Articles – Written by On Your Way staff, as well as submissions from members of Gen-Y themselves.
Direct Mail Campaigns
Research – TBA promises to “conduct focus group sessions on a monthly basis to ensure that program content is on target in reaching this demographic.”
The program also provides instant loan decisioning and online account opening services through TBA’s partnership with MeridianLink — a nice added benefit for those clients who lack these capabilities themselves.
TBA describes the program as affordable for credit unions of all sizes, and in fact, says “in most cases On Your Way pay for itself right away.”
TBA Marketing is a credit-union-only marketing firm based in Dallas. The company’s website says its owners and employees have more than 40 years of combined experience in the credit union industry. Staff members who contribute content to On Your Way are 19, 22, 29, and 33 years of age.
On Your Way is currently in “the enrollment phase” whereby clients can enroll and have their customized program fully operational when the On Your Way website for young adults goes live on January 5, 2009. TBA already has one client, with more on the way.
“We only opened the doors for business, so to speak, about 6 weeks ago,” said Ray Beauchamp, Managing Partner/TBA Marketing, in an interview with The Financial Brand. “Right now we’re pretty much exactly where we expected to be as far as clients are concerned.”
On Your Way provides a limited range creative flexibility, but not much. With On Your Way, you can choose from a selection of pre-designed layouts, then customize it with your logo and three of your own colors. The layout is then adjusted based on which On Your Way components will be included.
Two examples of direct mail pieces available through the “On Your Way” program.
This is fairly similar to how Currency Marketing manages its Young & Free campaigns for its clients. Some credit unions looking for more control and flexibility have found a limited range of branding options to be frustrating.
TBA doesn’t offer exclusivity for the program. “We actually believe very strongly in the cooperative model that credit unions embody,” said Beauchamp.
Bottom Line: If things like “Web 2.0″ and “Gen-Y” are terms that make you uncomfortable, then there are turnkey programs out there that may work for you. But if you’re looking for a unique, fully-customized approach to targeting Gen-Y, a co-branded, off-the-shelf solution probably isn’t right for you.
To better understand Gen X and Gen Y’s current and future financial situation, the American Savings Education Council and AARP commissioned a survey with members of these two generations. The online survey of 1,752 Americans ages 19-39 was conducted back in January 2008.
This research found that:
Many young adults have yet to align their actions with their financial values and goals. While 91% report having financial goals for themselves, only 53% report sticking to a monthly budget. And while 62% have given at least some thought to their own retirement, 61% feel their retirement savings is behind schedule. 42% give themselves a grade of D or F to describe how well they are saving.
There is a lack of financial sophistication among younger generations. Respondents were more likely to say they are very knowledgeable about their iPod (40%), than about how to file their taxes (26%), buy a home (21%), invest outside of the workplace (15%), or save for retirement (15%).
Four out of five young adults report having some type of non-mortgage debt. This includes 63% with credit card debt, 48% with car loans, 31% with student loans, and 27% with medical debt.
Workplace benefits are valued by employed young adults. At least three-quarters of employed young adults say it is important for their employer to provide health insurance, a retirement savings plan, matches or contributions to a retirement savings plan, a wellness plan, and education and/or advice on how to save for retirement.
Many young adults feel things are harder for them than previous generations. Roughly half of those surveyed believe it is harder to support a family (54%), save for the long-term (52%), save for a child’s college education (50%), and buy a first home (47%) than it was for previous generations.
Key Question: If they think things were going to be hard for them back in January, how do you think they feel today, in the throes of a recession?
Bank of America’s Morris on Campus,™ Life According to an Upperclassman™ is designed to “educate and empower students to take control of their finances and bank with confidence in this new academic year,” the bank says.
The campaign includes a microsite embedded within the B of A mastersite. The microsite includes a series of 7-8 video webisodes, some tips, tools and a glossary. Here are the highlights:
13 financial tips (although #2 and #13 are the same)
7 dorm room tips (although #1 and #7 are the same) 9 food tips
7 class tips
5 random tips
======================================
The finalists will have 14 days to use social media tools — including video, PowerPoint, third-party endorsements and a mandatory essay of 500 words (or less) — to argue why their tip is the most helpful and relevant their peers.
======================================
A 65-page guide to basic financial services. Chapters include budgeting, checking, savings, investing, online banking, bank fees, credit cards, identity theft, a quiz and a glossary that’s 10 times better than the one at the On Campus website.
======================================
Includes CampusEdge Checking, with a check card, online banking and a Stuff Happens card that gives you a one-time bank fee refund, no matter what.
======================================
B of A will also be taking its On Campus promotion on tour, with stops at colleges and universities across the country in coming weeks.
This is at least the third high-profile social media initiative from Bank of America this year. In April, B of A launched an online competition to support its Olympics’ sponsorship called America’s Cheer. And in June, B of A introduced Mo Rocca on Banking. (Note: there are blimps in both the Mo Rocca promotion and the Morris campaign. What’s up with that?)
You can read B of A’s press release about Morris on Campushere.
WSECU takes the fight to banks in a small but brave online initiative targeting college students called “What the B.” The campaign includes a microsite, blog and visits at college campus events.
The campaign’s central creative hook centers on a playful-yet-derogatory portrayal of banks. For starters, the credit union has shortened the word “B-A-N-K-S” down to “B—S.” Ouch.
WSECU substitutes a bleep everywhere the word “bank” occurs in the campaign’s copy and videos. You’ll get the idea after you watch this YouTube video:
In addition to Nicole’s testimonial, there are three other videos to help kickoff the campaign, including “Tani,”“Stacie” and “Johnny.”
WSECU is holding no punches. They sling plenty of zingers at banks. For instance, they accuse banks of “going Bonnie-and-Clyde on your assets,” and “giving you the shaft.”
In an interview with The Financial Brand, Eric Jones, Marketing Project Specialist/WSECU, said the idea for WhatTheB was hatched “in a spontaneous moment between a graphic designer and a business development officer.”
Jones said the two were talking when one referred to a “credit union” as a “bank.” “’Hey, watch your mouth. That’s a four-letter word,’” one said to the other sarcastically. And the campaign took off from there.
The content was developed almost entirely in-house by WSECU, with some web support from an outside vendor. Four staffers shared responsibilities for development of the campaign. It took roughly three months to plan and launch the site.
Jones says WSECU’s CEO and board were cautioned about possible reactions to a tongue-in-cheek campaign, but they very much supported the idea of trying new things to connect with Gen-Y. WSECU was ready to take a chance.
“You can’t just put fresh paint on an old Model T and expect the varsity football team to start lining up for test drives.”
– Kristina Walters,
VP/Marketing for WSECU
“We wanted to do something radically different from our more traditional, conservative brand,” said Kristina Walters, VP/Marketing for WSECU. “You can’t just put fresh paint on an old Model T and expect the varsity football team to start lining up for test drives.”
So true.
Jones described WhatTheB as an experiment, saying it’s WSECU’s version of “dipping a toe in the water” to test social media as a member-recruitment tool.
As far as Gen-Y promotions go, the campaign has humble aspirations — nothing of the magnitude of something like Young & Free, a promotion so ambitious it’s got its own roaming Guitar Hero competition truck. With only a blog and a four-page microsite, WhatTheB should be relatively easy to manage, and a good way to “learn on the job.”
It does not appear that the WhatTheB campaign has been integrated into WSECU’s website. What would be really fun is if WSECU hotlinked the 20 or so occurrences of the word “bank” in its main website back to the WhatTheB.com microsite. Better yet, replace the word “bank” with “b@%k” and hotlink that.
Jones says WSECU will continue working on WhatTheB through October when the credit union’s “Join and Get $25” student promotion ends.
In the meantime, WhatTheB’s blog will be fueled by a copywriter and a support staff member, but may be expanded, Jones says. WSECU has an advisory team of Gen-Y staff members who might be able to contribute to the blog and other member-facing parts of the campaign.
There’s a lot of talk in the financial industry about “growing relationships” with a Gen-Y audience. Here’s two things you should be doing.
#1 – Don’t ignore them.
“But we’re not!” you protest. “We have defined Gen-Y as an important part of our future strategy.” Great. But what happens when they walk in the branch? Do you make them feel important? Do they get gold-star service? Does your front-line staff know how critical Gen-Y is to your success? Do they know how to treat them special?
Key Question: How does your staff react when someone who looks like this walks into your branch:
Remember what you looked like when you were young? Do you remember how great it felt when someone took you seriously, listened to what you had to say and treated you like you were important? It’s probably didn’t happen all that often, but when it did, you remembered it. For a long time.
Bottom Line: You’ve got to align your brand strategy with your front-line actions. If you spend a lot of money marketing to Gen-Y, make sure your delivery channels are following through and know what to do.
#2 – Don’t ignore the parents.
Unequivocally, parents are the most important way to win a younger audience. For most kids, their parents (or “the ‘rents” as they call them) set-up their first bank accounts. From that moment on, inertia – that all-powerful force that keeps people stuck in financial relationships – begins to take hold.
Here’s two great articles from Project New Age on the importance of parents in Gen-Y financial services marketing:
So basically, if your financial institution wants someone in their late teens or early 20s, you should have been marketing to their parents 10 years ago.
What comes after Y? Get started now.
So maybe it’s too late and you blew your chance to reach Gen-Y through their parents, but now is the time to start worrying about what comes after Y – the next generation. Don’t wait another 5-10 years to try to figure out what you should be doing to reach Gen-Z. Start marketing to their parents today.
And do you know who that is? Today, it’s Gen-X. But really soon (maybe even now), Gen-Y will be the young moms and dads you should be targeting.
Bottom Line: As a financial marketer, it’s easier and less expensive to reach kids through their parents than it is to battle inertia when those kids get older and grow up.
The Dallas Morning News reports that Resource One Credit Union based out of Dallas, TX is launching a competition for a “spokester” on August 13.
Contestants will submit a 500-word blog and video online during the first phase of the competition. Resource One will then select the top finalists who will have to solicit votes from their community of peers. Top finalists will demonstrate their ability to create viral buzz by creating campaigns that drive votes for their candidacy.
The candidate with the most votes will then be selected as the MyLifeMyMoney “spokester” on October 31, 2008. The winner gets use of a Scion, a phone, laptop, video camera and part-time salary for a year.
The credit union promises more details will be available at their website next week.
Resource One is calling the campaign “My Life, My Money,” coupling it with the tagline, “Banking for my generation.” That generation would, of course, be the highly coveted Gen-Y audience financial institutions across North America are targeting.
The campaign is almost identical to Common Wealth Credit Union’s Young & Free Alberta initiative that was launched up in Canada a little less than a year ago. MyLifeMyMoney copies essentially every component of Young & Free, including the overall strategy, the spokester’s responsibilities, the media used, and the incentives offered to the spokester. Even the term spokester is borrowed from Young & Free.
It’s not clear whether the credit union will be deploying a sub-branded microsite to support the campaign, but based on the Young & Free blueprint, the safe bet is “yes.”
To see the outline for the Young & Free campaign, go to the youngfreealberta.ca website and click on the “Search Archive” tab in the main navigation bar.
Key Questions:
Will Resource One find a spokester anywhere near as awesome as Young & Free’sLarissa Walkiw?
Will the credit union give the campaign the necessary offline marketing support it needs?
Currency Marketing, the agency that created CommonWealth’s wildly popular Young & Free initiative, is franchising the concept. How will this impact them?
Resource One’s announcement also puts to rest a question raised here at The Financial Brand earlier this year about who was behind a logo design contest at 99designs.com. The person that won that contest received $200. (Oddly enough, the contest at 99designs.com inaccurately indicates one of the runner-ups as the winner.)
The logo contest was posted by Resource One’s ad agency. What they, in turn, charged Resource One for this $200 logo remains a question.
Resource One is using the winning design from that contest as its official “My Life, My Money” logo.
Resource One has $265 million in assets and just over 40,000 members.
This 52-page report from 
Marketsmarts: Social Media
Credit Unions & Social Media: Engaging Young Adults
The First Credit Card
Barclays boss: Banks must apologize
The Credit Union Brand: What Is It Good For?
Economic crisis killing cool bank brands
Bank of America’s 
The Dallas Morning News 