Humanizing bank brands.

• Author: Macleod, Charlie

CUSTOMER SATISFACTION WITH U.S. BANKS CONTINUES TO IMPROVE, according to the latest Retail Banking Satisfaction Study from J.D. Power and Associates. While this may be true, there is also evidence that American consumers still retain a lingering perception that many banks place corporate goals and shareholder desires above those of their customers. A recent poll, conducted by The Huffington Post in conjunction with YouGov, found that 61 percent of survey respondents believe that banks have become too big and too powerful.

So, what are banks doing to change perceptions and regain customer confidence? For one thing, they are recognizing that while automated channels of banking have a place, they do not replace the human connection when it comes to building relationships. In addition to moving away from the dehumanized approach that "automation void of people" can foster, they are rebranding with a human approach.

Understanding why humanizing one's brand can help a bank build stronger customer relationships is important for banks of all sizes and regardless of how they may have ranked in any of the latest customer satisfaction surveys.

Let's look at how a bank goes about creating a humanized brand. We'll start with this question: What is a strong brand? A strong brand, according to the American Marketing Association, will:

* Communicate the bank's value proposition.

* Create a positive relationship with its market.

* Motivate prospective customers to use its products/services.

* Build institutional and product/service credibility.

* Instill loyalty.

By humanizing a brand, a bank adds some new elements to this definition. A humanized brand also:

* Lets customers know that they are valued as individuals and not cogs in a wheel.

* Demonstrates that the organization has built its culture and offerings around its customers' needs, rather than around the corporation's needs.

* Conveys that the bank understands that people buy from people--not companies.

* Removes the corporate feeling out of the corporation and replaces it with a human feeling.

When attempting to humanize a bank's brand, a strategic marketing firm will consider several factors and analyze them using a holistic approach. It will assess the bank's core values, corporate culture and environment. It will evaluate the bank's historical marketing within the context of an expanded, deeper understanding of its customers. This evaluation will take into account customer needs, banking...