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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
The competitive landscape is a forest of trees.Each tree is tall and skinny – lacking integrity due to rapid growth.They all look very similar and have different, often sparse offerings.
COMPETITIVE LANDSCAPE
Union Bank stands out amongst the other trees.It is a local, wise and old tree with a strong trunk that's full of character.
This tree invites people around to join its presence and seek refuge underneath it’s familiar canopy.
COMPETITIVE LANDSCAPE
COMPETITIVE LANDSCAPE
Large Branches – High Reach
Investment Banking – High RiskMajority
Large Branches – High Reach
Customer Service – High SatisfactionUnion Bank Objective
Small Branches – Low Risk
Customer Service – High SatisfactionMinority
COMPETITIVE LANDSCAPE
Competitive Landscape
DIRECT & INDIRECT COMPETITORS
BoA is so large that it makes its customers feel small.
Wells Fargo comes off as an irritation rather than helpful.
Citibank avoids personal human interaction.
DIRECT & INDIRECT COMPETITORS
Bank of America:Bank Of America has made the largest community development goal everestablished by an American financial institution – 1.5 trillion over 10 years.BOA’s $750 billion goal for community development lending andinvestment creates results at the local and state levels across their coast-to-coast market. This initiative focuses on four distinct categories:affordable housing; small business; consumer loans; and economicdevelopment.
Wells Fargo:Since 1852, Wells Fargo has been committed to diversity — and that commitment continues today. From the Gold Rush to theearly 20th Century, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money and goods,offering both banking and express delivery.
Citi Bank:Citibank offers a wide range of checking, savings, CD and retirement products; everything come with many free services includingonline banking, convenient account access, and 24/7 support. Citibank Online lets you take care of business without visiting abranch; you can pay bills, view account activity, make transfers, send wires, and use a wide variety of self-service options.
The "Mattress":“Returning an individual to the banking system often involves financial education and setting boundaries.” [G.Ramirez, senior vicepresident at Union Bank]There are about 28 million people without a checking or savings account in the US.The ‘unbanked’ are represented by people with two or even three jobs, and new immigrants; however, in the last couple of years,working middle class and professional people like police officers, nurses, and firefighters, merged into this group.This category usually had a checking account that got overdrawn, since they couldn’t pay back the fees, they had to skip out,finishing on the Chex Systems, which is the credit bureau for bank accounts that are overdrawn.
STRENGTHS & WEAKNESSES
Weaknesses
Misconception of small banks in current economy–people don’t know what banks to trust
Poor digital experience
Thin digital presence
Technical failures – ATM and Card malfunctions
STRENGTHS & WEAKNESSES
Strengths
Open 7 day a week
Foundation for community development
Local and personal banking experience
Received 7 Greenwich Excellence Awards inmiddle market and small business banking
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 | 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
If Union Bank nourishes its roots by following the strategy proposed,they will out grow and out last the rest of the trees.
THANKS!Olia Kedik Noah Simon Paris Daniell Apo Bordin
[email protected] [email protected] [email protected]@yahoo.com