One of the most important ways banks and credit unions can distinguish themselves in a sea of competitors is by involving consumers in an immersive brand experience from their first point of contact.
When trying to wrap your mind around the concept of an immersive brand experience, one of the great examples is Disney World. From the moment you walk into the park (and even before) you are completely submerged within the brand experience designed meticulously by Disney. Another example is Medieval Times. From the exterior of the castle to the lowering of the drawbridge and all the jousting and sword-fighting within, a trip to Medieval Times is about as authentic a (theatrical) trip back in time can be.
A fair push-back to these examples can sound something like “You’re talking about Disney World and Medieval Times — places that promote and provide supercool experiences. At our bank/credit union, were talking about checking accounts and loans — pretty dry fare.”
Sure, the inside of your bank or credit union probably lacks talking mice and jousting knights, but the principles of brand immersion still apply. To be a memorable financial institution, one that gives consumers reason to come back again and again, you must create and then adhere to a set of brand standards that guide every consumer interaction.
This is best accomplished by a deep-dive brand examination that includes mapping out the journey of your consumers, whether they come to you in person, on the telephone, via email or any other point of interaction (such as social media). You are ensuring that at every point of contact (and every branch facility or contact center you have) your consumers receive the same set of service standards.
This repetition of the brand immersion experience, when repeated consistently and well, leaves an indelible mark in the minds of your consumers – that your bank/credit union is the place to go, the place that understands them, the place best suited for their financial products and services. That’s one of the reasons places like Disney World and Medieval Times can charge the prices they do for admission. Sure, there’s plenty of places to take the family for food and entertainment that are a lot cheaper. But you’re buying into the brand immersion and expressing a lifestyle choice that says something about you as a consumer.
The same thing applies to a bank or credit union. And it doesn’t matter that we’re talking safe deposit boxes and savings accounts. Brand immersion, when done well, works the same for any retail operation. How well does your bank or credit union approach brand immersion to differentiate itself from the competition?