New data shows that banks and credit unions understand the important role of brand identity in attracting and retaining customers to grow their organizations. With people making 95% of their decisions based on emotion, having a powerful brand that’s authentic in its values and built on humanity results in deeper customer connections and lasting loyalty. This is especially true among the coveted Gen Z and Millennial audiences, who want to support brands that align with their values.
In an industry where it’s difficult to compete on products alone, financial institutions are finding meaningful differentiation by reflecting their customer’s values through more humanized, relevant brands. Approaching customer connection through life-centricity where brands recognize customers as multi-dimensional individuals is one way to ensure that banks rise above a sea of sameness.
Source: Adrenaline, “Financial Industry Pulse Report” January, 2023