One green bank surrounded by several grey banks

Seven Things Banks Can Do to Stand Out From the Competition

By Melissa Chefec, Business Development Manager

What’s the difference between one bank and another? They might have slightly different product offerings and rates. Some have more branch and ATM locations than others. If you don’t see any real difference between banks, the bank that’s closest to where you live or work, may be “the best one” from your point of view.

So, how in this competitive environment where banking is ubiquitous, can banks stand out from each other? Here’s some ideas for consideration for bank marketers looking for an edge over their competitors.

Create Unique, Personalized, Financial Wellness Programs: Stand out by offering unique and personalized programs aimed at educating current and prospective customers. These programs can offer advice, information and resources—things like budgeting tools, investment guidance and educational resources to help customers achieve their financial goals. Consider financial literacy programs targeting different demographic groups, like business owners, retirees or students. Educate customers about how to protect their digital identity. This might include teaching about biometric authentication methods, credit monitoring services or cybersecurity education programs.

Go Green: Appeal to environmentally conscious customers by introducing environmentally friendly banking services such as paperless statements and eco-friendly debit/credit cards made from sustainable materials. Offer special financing options for green initiatives such as solar panels or energy efficient home improvements.

Find the Unicorns: Create specialized niche offerings to specific target customers. This requires some sophistication in understanding and identifying niche markets. For example, creating unique banking products for freelancers, small businesses, expatriates or other niche industries can help banks attract and retain customers in these segments.

Offer Rewards: Airlines, supermarkets and pharmacies do it—why can’t banks also create reward programs? Consider partnering with local brands or businesses (better yet if they are existing bank customers) to offer exclusive discounts, rewards or perks to bank customers. This can increase customer loyalty and attract new customers who are drawn to the added value of these partnerships. Additionally, bringing new business and attention to existing customers is a win-win.

Create Workspaces: Where branch space is abundant, transform pieces of branches into collaborative workspaces equipped with high-speed internet, meeting rooms and co-working amenities. This could attract freelancers, entrepreneurs and small business owners who need a professional space to work and network. It may also create positive experiences for customers who typically work alone or in their homes, offering them new and safe places to work.

Offer Health and Wellness Benefits: Partner with healthcare providers or wellness companies to offer unique benefits such as discounted gym memberships, access to telemedicine services or rewards for healthy lifestyle choices. Consider hosting health screening events or blood drives, bringing people into branches and making a positive association between the bank and good health.

Show up in the Community: Partner with local organizations and charities to support community programs and projects. For example, consider hosting financial literacy workshops, sponsoring local events or kids sporting teams. Banks can also encourage bank employees to volunteer in their communities to build stronger relationships and brand awareness.

By implementing and promoting some of these ideas, banks can differentiate themselves from their competitors, better serve their communities, attract new customers and provide added value to existing ones.

MKP communications inc. is a New York-based marketing communications agency specializing in merger/change communications for the financial services industry.