Brand Purpose Matters in Financial Services

The Story:

In addition to good customer experience, marketers and consumers agree that brand purpose is an essential value for FIs to demonstrate, with 87% of consumers saying that all of a banks’ actions must align with their core values. The North American banking study finds that brand purpose is no longer a nice-to-have addition – it’s a necessity, especially post-pandemic.

The Takeaway:

Brand affinity is built on a foundation of purpose. “When consistently delivered, it will power and inspire the entire bank so that current customers understand and embrace the brand’s direction,” according to Accenture. “And potential new audiences know and value the brand for all its strengths.” But how that purpose comes to life matters. For customers to feel a sense of pride in their choice of a banking partner, they need to not only know the bank’s stated purpose, but must feel it in every interaction and see it in every communication.

Sources: Accenture, “Banking on Brand Purpose: Three Ways to Unlock ROI,” August 2022