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GoBank Brand and
Communication Strategy
A Comprehensive Look Inside the Future of Mobile Banking: What Are the Next Steps?
Banking With Big Banks
What do you get?
How do you get it?
How do they reach you?
1.0 million Facebook likesBofA Help Twitter: 229,000 tweets, 44,000 followers BofA News Twitter: 1,200 tweets, 144,000 followers3,600 YouTube subscribers 2.8 million Facebook likes 4,400 tweets, 77,000 Twitter followers3,500 YouTube subscribers
740,000 Facebook likes7,900 tweets, 170,000 Twitter followers3,000 YouTube subscribers
3.7 million Facebook likesChase Support Twitter: 60,000 tweets, 18,000 followers Chase News Twitter: 5,000 tweets, 20,000 followers 1,000 YouTube subscribers
Heavy online following and presence
Constantly updating and monitoring Facebook and Twitter.
TV ads, online campaigns, stadiums, billboards, print media
“So You Can”
“What’s in your wallet?”
“#1 in Satisfaction”
“Citi Never
Sleeps”
Online Presence
College Students and Sports Fans
#CapitalOneBaldwin
Great Thing: College Student Campaign
Customer Service and Community Spirit
Get a response within one business day at BofA (app)
Giving back to the community
200,000 tweets, 44,000 followers, and immediate response
Moven-Take Charge of Your SpendingSimple-Mobile Banking SimplifiedAlly Bank- Tech Savvy Personal Finances HandlerEtrade-Day Trader with Banking NeedsDiscover-Cashback Card and LoansBlueBird-No Monthly, overdraft, minimum balance
Online and Mobile Banks
What Do We Have So Far?
Banks can target you everywhere.
Young couples, old couples, retirees, homeowners, apartment renters, car owners, people with personal finance handling experience, small business owners, savers, spenders, students, single 20s
4 Types of People to Target
Young, inexperienced bankers
Unbanked Minorities
People looking to avoid fees
People spending not saving
STRENGTHS• Easy to use, convenient with
simplified informal bank language• Limited Fees- generally
Americans pay $12 to keep an account open
• Pay-what-you-want system allows for freedom and fosters relationship between bank and customer
• More ATM locations than Chase or BofA
• Partnerships with stores Barnes & Noble, RiteAid, Kmart
WEAKNESSES• Minimal social media and online
presence• Ways to deposit cash are limited• $3000 per month deposit and 10-
day holding period for large checks remain an issue
• Minimal interest features provided
• Pay-what-you-want could lead to people paying $0
OPPORTUNITIES• College students and college
campuses• 18-30 year old mobile users• 18-35 year old Hispanics• Facebook, Twitter and YouTube• People with no previous banking
knowledge• People escaping from big banking• Ease of use and customer centric
THREATS• Big banks offer similar features• Predisposition that switching
banks is complicated• Lots of other banks to choose
from• Other banks offer interest on
savings accounts• Getting GoBank Traction
GoBank SWOT
Pay-what-you-want in monthly fees, GoBank sends checks for you, deposit cash and checks, pay a friend via email, large free ATM network, customizable debit card (low cost), balance bar, custom alerts (purchase of gas/atm withdrawal..), go bank fortune teller (can I afford that), no overdraft fees, and of course SIMPLICITY and FREEDOM
GoBank: It’s About Time
Customer Service
Create a lasting relationship with the bank’s user
Make the relationship stronger and provide an incentive to pay more per month through donations
Give the user a credit to wave one not-in-network ATMs fee
Better Reaching College Students
Create incentives on campuses
Partner with on-campus ATMs or libraries
Stunt on 10 campuses promoting GoBank with the help of Professor Dog
Better Reaching Young Hispanic Customers
Hispanics are the most unbanked ethnic minority
60% of hispanics with mobile phones have smart phones
Spanish speaking radio advertisements
Create and sponsor promotional events at community centers and volunteer networks
Other Efforts
Project Runway has already been used to target primarily women
Feature GoBank on ESPN or College Humor banner ads
GoBank partner with Mashable to spreading the word
Ads on Facebook
GoBank can be used as a temporary bank for fast cash and paying back friends.
Comprehensive Strategy
Give Incentives
Generate and spread content
Customer first attitude