Between banks using scare tactics to sell overdraft protection to credit card companies finding ways to add additional fees, it’s no wonder the market has little trust in our financial institutions. I see commercials daily promising we are your trusted partner, and that we are on your side. The industry speaks a good game with little credibility. Many banks are coming across much like the clear difference between Chevy vs GMC cars. Yep, they are different brands. But what is the real payoff to buying their products? Companies are clearly missing the boat when it comes to truly recognizing consumer benefits. Until companies decide they are willing to stand up for something authentic and real in their customer’s eyes it’s just noise.
I am concerned that everyone is so busy looking at the competition that they forget why banks were in business in the first place. I wish they would take the time to find out who and what their brand really is and move forward.
Is it too much for a company to actually get what it means to be consumer-centric? Many of their actions don’t match what they say in their advertising. Then they wonder why they can’t increase their revenue. Too many houses in foreclosure, too many out of control credit card fees, interest rates, bonuses, and on and on. The public has a bad taste in their mouths. A fancy campaign that touts the right stuff will never really work unless their brand aligns and supports it. Never underestimate the power of the savvy of the consumer. They are educated about products and services like never before.