Could the Exciting Bank Experience Strategy Destroy Brand Value?
Have you ever heard of Berkshire Bank? It was established in 1846, and is one of Massachusetts’ oldest and largest independent banks. The Bank is transitioning into a regional bank and is attempting to position itself as the financial institution of choice in its retail and commercial markets by delivering exceptional customer service.
All of this sounds completely logical and reasonable as everyone knows that in banking - service is a key element in creating a differentiated experience. So why are we writing a blog on Berkshire Bank?In 2006, Berkshire Bank launched their promise to their customers. The Bank's new tagline is “I’m so Excited!” They state that they are not out to simply satisfy – we aspire to be the world’s most exciting bank. Huh?
An exciting bank strategy, in our opinion, is a very hard sell. In banking, customers want to feel safe, cared for, appreciated, trusted, unique and valued. Exciting is not on the list! Do they really want employees that are dancing around singing “I’m so excited?” Have a look at the video on their website – if you didn’t know it was a bank – you might think it was a commercial for a theme park, or a Club Med vacation.We know that building customer experiences is a competitive differentiator, we have been helping companies build and implement them since 1998. Unfortunately, embracing a customer experience that doesn’t resonate with customers or employees can have a devastating negative impact on the value of a brand that has been around since 1846.
Here is what one of their customers, Peggy Shinn from Vermont, said about the new customer experience:“Some institutions and occupations should simply not be exciting. Standing at the teller’s window, I had to fight the impulse to withdraw all of my money and run from the Bank yelling, “Stop the ride! I want to get off!
I think I’d prefer having my money in a bank that promises “A Passion to Perform (Deutsche Bank); or “The Bank of Opportunity” (Bank of America); or “You’re Richer Than You Think” (Scotiabank) or even “America’s Most Boring Bank!”
Only time will tell whether Berkshire's customers and employees will be engaged by this type of “exciting” banking experience….
In the meantime, if the Bank would like some help creating an experience that is unique and different, yet relevant for the banking world, please give us a call.
Comments
Hi,
Strategy is very important for an organization. An exciting bank strategy, I agree, is very hard sell. I could understand friendly customer service as a strategy. Not the best one but it would be better then exciting. I could just see it now, "I am so excited to reject your loan."
Strategic planning is examines the necessities of today and tomorrow. There is a very good article that you and your viewers may like to read on the subject http://www.organizedchange.com/strategicplanninghome.htm .
Thank you,
Elaine
Posted by: Elaine | April 22, 2008 07:20 PM
Elaine - thank you very much for your comments. I love the way you used the bank's tag-line to show what could happen - "I am so excited to reject your loan"! Thank you for the link to a great article.
Judy
Posted by: Judy | April 22, 2008 07:26 PM