The Story

I’m just waiting to see a bank or credit union use this headline. Hey, I wouldn’t put it past anyone. After all, other businesses are advertising recession specials and economic stimulus sales. I hope my bank doesn’t, because a) it would have nothing to do with their brand, and b) competing on rates wouldn’t diversify them from other banks.

On the flip side, check out Gray’s Papaya, a NY hot-dog place whose brand has become almost as well known for their recession special as it has for their fruit drinks and dogs.

A little while back I was standing in line at my bank and I noticed something that made me grimace. Behind the tellers were large LCD monitors showing the day’s business news. It was being broadcast from some generic source like CNN, so the bank didn’t have control over the content. During the summarization of that day’s stock market activities, a newsflash came up in gigantic letters stating that my bank’s stock prices had dropped significantly. To say the least, that’s probably not what the bank wants to broadcast in its own branches.

What this little blunder said to me was that the bank marketing team didn’t fully think through their purchase of these LCD monitors. They snapped up the new technology before they knew what to do with it, or how it was going to enhance their brand. Contrast this incident to Jyske Bank, whose branches feature LCD monitors that promote products and display other brand-related messaging. All of the content is custom-made for the bank, and does a lot more than CNN to enhance the bank’s brand.

This behavior is not just limited to in-branch technology. For example, many banks and credit unions are trying to get into social media without following any sort of strategy. What I frequently see occur is that Bank A will create a Facebook profile, consisting of a logo and contact information, and then sit back and do nothing. This is another case where lack of planning can lead to the ineffective use of a potential marketing tool.

New technology can both help and hinder your brand. Facebook pages and LCD monitors are just additional touch points - interactions between the world and your company. A bank that doesn’t have all the newest technology but manages the rest of its touch points well is still going to be more successful than the bank that has all the newest technology but doesn’t know what to do with it.

Banks all have logos, but having a logo is different from having a personality. Ideally a bank’s logo should be representative of it’s personality, but that’s usually not the case. Bank brands typically do not communicate a strong position or message, and neither do the symbols and imagery they choose to stand for them.

Here at CBC, we use Instant Messenger as a way of chatting internally without disrupting the whole office (if you’ve been to our offices, you know it’s a pretty open environment).

We all have different display images, so when we send each other IM’s, a picture pops up next to our message - usually something identifiable or relatable to each person, kinda like an IM version of our alter ego. In essence, each of us has a personal logo, much like any company will have a logo (only ours change a little more frequently).

We go through phases…for a while, we just had our own pictures. In homage to an awesome Foo Fighters concert, I had a photo of Dave Grohl, which led to a whole Nirvana theme, and then other rock stars followed. We’ve had 80’s TV stars, Muppets, scary animals, the list goes on.

Even if we end up with a theme for our photos, our individual personalities stand out by the images that we choose. Right now, I’m Animal from the Muppets because I wish I was as good of a drummer as he is.

But, when I think about my bank and wonder what their IM picture would be if they had one, I can’t come up with anything…because their brand has never conveyed a clear personality. I don’t really know who they are.

Tell your bank or credit union’s story - or, more importantly, prove it - through every interaction and touchpoint. So, when customers think about what your IM picture would be, an image will come to mind right away.

What would your image be? How does your current logo represent your personality?

There’s a definite trend among these tools being presented at Finovate Startup 2008–many of them are very goal-oriented, which I think is cool, and allow users to really track their progress toward reaching those goals. I believe that goal setting–and of course, the ability to execute on a plan to reach those goals–is one of the biggest missing pieces to the puzzle for people today. It’s part of the reason I recently joined the Oregon Council for Economic Education, as well. People need to know how to do some of this basic financial stuff, like goal-setting, and I’m liking that these new technologies are facilitating that. Be sure to check out some of the sites–see reviews from the presenters (including yours truly) at http://blog.banktastic.com.

More from Finovate Startup: Why Does Technology Have to Equal Web App?

Don’t get me wrong…I’m liking what I’m seeing here at Finovate Startup 2008. It’s fun and interesting, and I get to spend time with cool people, and even catch up with some old colleagues. What I’m wondering, though, is where are the companies that are applying technology to offline experiences? In other words, why are almost all of these companies based on web applications? Sure, web apps are probably the most obvious manifestations of new technology these days…but I think there’s an opportunity for more. Where are the technology tools that have NOTHING to do with websites…ones that enhance the in-branch experience, or that create engaging touch points for people out on the street? Or, as I was talking about with David Hawkins from Umpqua Bank, where are the ones that integrate the online and offline experiences?

So far Finovate Startup 2008 (the inaugural year) has been a pretty good event. There have definitely been tech issues with the presenters, which has been frustrating (especially for them!), but overall the program has gone well and we’ve seen some interesting stuff. I continue to be impressed by Mint.com and Prosper.com, and look forward to learning about some new stuff like Sparkroom and SmartyPig this afternoon.

Between the constant Twittering, blogging (and I admit it, just plain e-mailing), and the rapid-fire 5-minutes-per-presenter format, I must admit that my absorption of the content is probably not as good as it could be. Fortunately our blogger buddies at Banktastic are recounting and reviewing the content, so be sure to check them out for details too.

This afternoon will be 20 more presenters, a bit more networking, and of course happy hour. Stay tuned…

I actually think FindABetterBank.com is a good service…I just couldn’t resist the headline, though, to illustrate my point that FindABetterBank.com is missing one big component: brand.

Here’s what I mean. People don’t switch service providers for ONLY rational reasons. Sure, there are many rational factors that influence a bank change (fees, rates, locations, service quality, etc.), but there are brand-related factors too. They switch when they want to go with a bank or credit union they can relate to…one that stands for something they align with. In other words, a brand that resonates with them. I think FindABetterBank.com would be much cooler if it added a component that matched the customer’s personal values with the bank or credit union’s values. It would only take a few more questions to add this functionality.

Of course, that does require one important thing…that banks build strong brands customers can clearly identify.

Check out The Banktastics blog for more live coverage of Finovate Startup 2008.

Today I’m at Finovate Startup 2008, in San Francisco. I thought you might like a few updates here from the show, so throughout today I’m going to blog and tweet a bit to keep you in the loop. If you’re not already connected to us on Twitter, hook it up at http://twitter.com/CreativeBrand.

So far this is a great day. Besides the awesome weather, I’m sitting here with industry pals Brad Garland and Mark McSpadden from Banktastic (and The Garland Group), and Ron Shevlin. I’ve also seen old friend and colleague David Hawkins, VP of Brand at Umpqua Bank. Good times already.

The Finovate Startup format is an interesting one. There are like 40 “startup” companies presenting today….each one given five minutes and NO POWERPOINT. Instead, they do a quick demo and then get the heck off the stage Things are moving fast! I just heard the presentation from Prosper, one of the peer to peer lending leaders.

Also check out the Banktastic blog, which my trio of friends here will be updating throughout the day with posts on each presenter.

Portland got its first IKEA last July, and it was truly a monumental moment. Ok, maybe not monumental, but definitely exciting for those of us used to spending 6+ hours in a car to get to the store near Seattle.

Part of the fun of shopping at IKEA is the showroom that displays products in different environments to help you visualize the furniture in your own space. I love these mini showrooms, but when it comes to finding new furniture for our office, IKEA unfortunately doesn’t have a display space that’s 30′ by 22′.

Test-driving products and services is the norm. (Regrettably the financial services industry hasn’t quite caught on). Gyms all offer free trial memberships. Online businesses generally let you test their services. Clairol allows you to try on different hair colors in their virtual studio before you take the plunge and dye your hair. But without hiring an expensive consultant, how can I know if the furniture I want will look good, or even fit, in our office space - before I plunk down a hefty chunk of change?

IKEA has the answer…IKEA Planning Tools. On their website, they offer 3 downloadable programs, for Kitchen, Bedroom or Office, that you can use to design your own space plan using IKEA furniture (of course). Why don’t banks let me test their online banking platforms with “fake money” to see how I like the usability before I sign up for an account?

At least IKEA gives me a chance to experiment before I commit. I can test out a bunch of different room arrangements, see how different pieces of furniture look and fit, and make an intelligent decision on what to buy before I spend the money - and time to put it together!

Wouldn’t it be nice if my bank or credit union had a tool where I could test-drive different products and services to see if they matched my wants and needs?

It wouldn’t have to be all products or services - for instance, IKEA doesn’t have a Living Room planning tool. Even just giving me a chance to try out their online banking interface would be a big help (because as Wired points out, most banking sites are not too great).

Giving me the opportunity to test my options with select products or tools before making any commitments would be a great way to build a lifelong relationship with me.

I was going to write this blog about how I rented and watched this movie based solely on the design of the DVD sleeve:

Then I started thinking about Berlin Alexanderplatz, a different film I recently bought as a gift for someone and how great that cover was:

Both DVDs are produced by Criterion Collection, a private company that releases “important classic and contemporary films”. I was going to write about how Criterion Collection has such good branding. For example, you can instantly tell it’s them by the graphic design on any one of their DVD sleeves:

Just out of interest, I googled “criterion collection graphic design” and found On Five, Criterion Collection’s official blog, which includes a post by their designer on how he came up with the design for Berlin Alexanderplatz. I read it and was completely blown away. So many revisions. So many people chiming in on how to get the most brilliant finished product possible. So much time spent analyzing the meaning of the film and historical accuracy. This movie, by the way, is 15 hours long and the designer - as well as every other person that influenced design - was a total expert on the film.

Who would do that much intense research for one little printed piece? The answer is simple, really. There is no such thing as one little printed piece. Everything with your brand’s name on it carries the weight of your brand identity, be it good or bad. The naked eye might not instantly recognize it, but the hours of research and hard work (or lack thereof) will show in everything that represents your brand.