On any given day, Bill Black may be leading a brand identity project, developing new business relationships, or providing strategic guidance to his clients. But above all, he is a client champion. With a variety of client experiences, Black manages Fahlgren’s financial services practice and is “fluent” in several other industries most notably retail Posts by Bill Black
On any given day, Bill Black may be leading a brand identity project, developing new business relationships, or providing strategic guidance to his clients. But above all, he is a client champion. With a variety of client experiences, Black manages Fahlgren’s financial services practice and is “fluent” in several other industries most notably retail Thursday 12th - Mar 2009 @ 10:05 AM
Why now is the perfect time for banks to connect with consumers.
The wagons are circled, the deadbolt is thrown, and the budget is clamped down tight.
While this statement could be referring to any number of industries today, it most certainly rings true for the majority in the banking industry. We are all painfully aware of the on-going upheaval in the financial markets. Banking is in chaos. It’s the media’s topic du jour and is not likely to dissipate soon. The press will continue to hound banks, looking for the conspiracy, because people love to lay blame on someone or something. It’s human nature.
But is it fair to target the Big Four on the Wanted Poster of our current recession? No doubt that Bank of America, Citi, Wells Fargo and Chase all played roles in the current economic crisis, but there is more than enough blame to go around. Investment Banks, Mortgage Lenders, past political administrations (i.e. 1990’s), and even the Federal Banking regulators all helped shape the mess we’re in now. And lest we forget, the American consumer must shoulder some of the blame, too. Their credit-binging habits pushed many to live beyond their means, leading to personal bankruptcies, foreclosures and retirement disaster.
Where does that leave the remainder of the approximately 7,600 regional and smaller banks? Guilty by association? Unfortunate but true.
The media’s net has cast most banks under the same cloud of suspicion and ridicule. Strong, healthy banks are seeing their stock price pummeled by the daily negative barrage from Wall Street. It’s not to say that all of these smaller banks are void of bad decisions or poor credit management (17 banks have failed so far this year). But generally speaking, these are the banks that are lending, are rejecting TARP, and are trying to stay afloat.
So what can the regional and smaller banks do to shed some of the negativity and even move the needle forward a little? Get back to fundamentals.
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Friday 12th - Sep 2008 @ 10:02 AM
Everywhere it seems, marketers are targeting younger and younger customers.
Malls are full of ‘Tweener stores. Print media, like Time For Kids, flood grade school classrooms. On line, social networking sites like Club Penguin have huge followings. And multiple TV networks targeting youth like Sprout and Noggin are prevalent. Obviously marketers see opportunity in chasing this young demo. And it appears this target audience is only getting younger.
One place where customers are actually growing older is in financial institutions like banks and credit unions. And it’s not a good thing. For instance, just look at credit unions, where the average age of an account holder is 47!
It makes sense when you consider that the largest generation of our time, Boomers, who now range in age from 45 to 62, represent 78 million people. This group is well past their prime borrowing years of 25-44 and is moving full speed into retirement. So clearly, banks and credit unions face a challenge in trying to re-balance their customer profile in the near future. The 76 million dollar question is where should they be looking to find their next audience?
Start with middle schools and move up.
Generation Y, or Millennials, will be the next big market for financial institutions. This group’s age range is 14-31 and represents 76 million people. It will have a buying power like no other group before them, wielding $500+ billion in annual spending power, more than their Boomer parents had.
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