Research and real-world examples in banking show how brand culture propels the industry and institutions forward
As banks and credit unions double down on delivering better banking experiences, new data spotlighted by Independent Banker finds that of employees who report having a positive culture in their workplaces, 83% say they’re “deeply motivated” to deliver high-quality work. These findings underscore the imperative of brand culture in banking, especially with growing competition for top talent and share of wallet. “Whatever mission you’re trying to accomplish, whether it’s growth… or profitability, that’s the fruit of your culture,” says Jay Bearden CEO of Legend Bank, in Independent Banker. “When culture is strong, everything else gets easier.”
But culture doesn’t just exist inside the workplace. Instead, culture’s influence on banking brands is both wide and deep – moving the industry and institutions ahead. Organizations are coming to understand that culture doesn’t exist in a silo. Instead, brand culture is a holistic system of shared beliefs, values, and experiences – influencing how an organization interacts internally with employees and externally with customers and communities. Even more, banks and credit unions that foster a thriving brand culture for their organizations power their performance by motivating employees, promoting innovation, and elevating experiences.
Brand culture is rising in significance across financial services. During American Banker’s Most Powerful Women in Banking conference, leaders focused on how their organizations shape and sustain a compelling brand culture, describing it as both an employee engagement tool and a smart business strategy driving differentiation for their institutions. “Matching with the values, the brand and then really behaving in that [aligned] manner can make a difference and allow people to develop and grow,” according to Jeane Vidoni, president & CEO of Penn Community Bank. Building a strong brand culture is a team sport involving multiple stakeholders.
When banks onboard new employees, for example, brand culture represents a key pillar of strength. But successful organizations understand that building their brand’s culture doesn’t just happen when people start their jobs. For First Community Bank, multipronged communication results in ongoing benefits for the bank. The annual anonymous survey about culture provides a gauge on what’s going right and what’s not. “I would comfortably say that like 80% of the major [internal} changes we’ve made… in the past nine years have come from feedback from that culture survey,” says Brady Stratton, the bank’s senior vice president and marketing director.
In addition to the culture survey, First Community Bank’s employees are invited to weigh in on each year’s upcoming strategic plan, driving what the bank will prioritize each year. “We realize that they’re the ones that will make the plan come to fruition,” according to Stratton. “So they should have a say in there, right?” Engaging employees as core stakeholders for the organization builds an authentic, inclusive brand culture, fostering brand advocacy from the inside-out. Stratton says, “Our employees feel like they do have a voice and that they have a channel for communicating their ideas and seeing those ideas implemented, which is really cool.”
If you’re a banking leader focused on creating a better brand culture, get in touch with the banking experts at Adrenaline. Follow Believe in Banking to stay up to date with the latest news impacting the banking and credit union industries.