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Growing the Union Bank brand by nourishing its roots.
4. Strengths & Weaknesses
1. Meet UB
2. Problem
3. Competition
5. Current consumer
6. Culture
7. Prospective consumer
8. Opportunity
9. New positioning
10. Strategic suggestions
TABLE OF CONTENTS
Heritage
MEET UB
DNA
Environment
Goal
150 year old establishment with $86 billion of assets.
It’s about U, the customer.
Living amongst banking giants.
Highlight major strengths
Who is Union Bank?
How can UB grow without compromising its integrity?
PROBLEM
“You need a slide to set up the competitive landscape in a bit more detail than the following graph” [justin]
COMPETITIVE LANDSCAPE
COMPETITION
DIRECT & INDIRECT COMPETITORS
BoA is so large that makes its customers feel small.
Wells Fargo comes off as cheesy rather than helpful.
Citibank avoids personal human interaction
STRENGTHS & WEAKNESSES
Weaknesses
Misconception of small banks in current economy
Poor digital experience
Thin digital presence
Technical failures
STRENGTHS & WEAKNESSES
Strengths
7 days a week
Foundation for community development
Local and personal banking experience
7 Greenwich awards
CURRENT CUSTOMER
From the brand to the customer
Who is benefiting from these services?
CURRENT CUSTOMER
Who is the current UB customer?
The bank represents the link to their son’s funds
Needs:24/7 access
Safety
Aspirations:Enjoy the empty nest
Provide financial security
Mrs. & Mr. Thompson
CURRENT CUSTOMER
“I have an account with Chase bank that is with my son’s so thatwe can wire money back and forth or transfer funds whenever needed
because I live in the Midwest and he lives on the West Coast.”
Name: JudyPlace: Detroit, MIOccupation: Mother [2 children]
Six major cultural influences
CULTURE
What is affecting customers’ decisions and behaviors?
To understand the context is to be relevant
CULTURE
From ME to WE Generation Economic crisis Emerging behaviors
Doing Good Big banks = intimidating + unstable Mobile is on first come first serve
Relevant to who?
PROSPECTIVE CUSTOMER
Who’s riding the culture wave?
PROSPECTIVE CUSTOMER
Prospective UB Customers
The bank represents the tool to give back and connect with the community
Needs:24/7 accessSafety
Aspirations:Easy, efficient banking
Convenience
Help towards financial independence
Community involvement
Travis
“I’ve been a Bank of America member since I was 15 years oldbut I am planning on changing;
they don’t really do anything for me, they’re just too big.”
“Large banks like Wells Fargo and Bank of America have gotten too bigfor their own good and they forget about the individual.”
Name: AndyPlace: San Francisco, CAOccupation: Small business owner
PROSPECTIVE CUSTOMER
PROSPECTIVE CUSTOMER
What we want Travis to see
Chooses his brands and become advocate.
Vocal customer provide feedback through conversation.
Engages with his online identity.
Influential in peers’ and parents’ life create wider reach.
Living in a transitional phase.
We give back to the community by doing things well and good.
We understand and listen to our customers.
We provide our services where the customers are, online and offline.
We want to help our customers entering financial independence.
No matter how big we grow, we’ll never forget about individuals.
TRAVIS’ EMOTIONAL/LIFESTYLE TRAITS UNION BANK PROMISES
OPPORTUNITY
“Instead of growing more branches, UB needs to nourish its roots.”
OPPORTUNITY
People are scared and don’t rely on trees that may fall
By focusing on its roots
Union Bank can grow preserving its integrity
and providing a superior customer experience.
Nourishing UB roots
OPPORTUNITY
Online Banking:Poor online experience throughout the banking industry
Offer online and mobile banking workshop in order to educate customers and stand out amongst the rest
Banks are cold:Banks are often described as quiet, sterile, and cold
Creating a welcoming, human atmosphere for a better customer and working experience
Corporation vs. Cooperation:Fees and extra charges seem to be banks’ favorite source of profit and customers’ favorite source of frustration
Creating and owning a merciful banking mindset
NEW POSITIONING
Better banking begins with U.
STRATEGIC SUGGESTIONS
Online/mobile banking education
Fee-free ATMs in strategic locations
Local involvement
STRATEGIC SUGGESTIONS
Online/mobile banking education
Fee-free ATMs in strategic locations
Local involvement
One-way vs. conversation
More educated customer = better bank
Relevant to Travis’ needs
STRATEGIC SUGGESTIONS
Online/mobile banking education
Fee-free ATMs | Fee-free bank
Local involvement
One-way vs. conversation
More educated customer = better bank
Relevant to customer’s needs
Maximize access
Meet customer’s wants
Strengthen relationship and mutual trust
STRATEGIC SUGGESTIONS
Online/mobile banking education
Fee-free ATMs | Fee-free bank
Local involvement
One-way vs. conversation
More educated customer = better bank
Relevant to customer’s needs
Maximize access
Meet customer’s wants
Strengthen relationship and mutual trust
Do Good
Tool for customer to satisfy wants and give back
Creates sense of engagement and fuel conversation
THANKS!Olia Kedik Noah Simon Paris Daniell Apo Bordin
[email protected] [email protected] [email protected]@yahoo.com