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Union Bank: Standing out among the forest

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Creative Planning project …

Creative Planning project

Team: Olia, Noah, Paris, Apo
Instructor: Justin Cox
Client: Union Bank

Published in: Economy & Finance

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  • 1. Growing the Union Bank brand by nourishing its roots.
  • 2. 1. Meet UB 2. Problem 3. Competition 4. Strengths & Weaknesses 5. Current consumer 6. Culture 7. Prospective consumer 8. Opportunity 9. New positioning 10. Strategic suggestions TABLE OF CONTENTS
  • 3. Who is Union Bank? Heritage 150 year old establishment with $86 billion of assets. DNA It’s about U, the customer. Environment Living amongst banking giants. Goal Highlight major strengths MEET UB
  • 4. How can UB grow without compromising its integrity? PROBLEM
  • 5. The competitive landscape is a forest of trees. Each tree is tall and skinny – lacking integrity due to rapid growth. They all look very similar and have different, often sparse offerings. COMPETITIVE LANDSCAPE
  • 6. Union Bank stands out amongst the other trees. It is a local, wise and old tree with a strong trunk that's full of character. This tree invites people around to join its presence and seek refuge underneath it’s familiar canopy. COMPETITIVE LANDSCAPE
  • 7. Large Branches – High Reach Majority Investment Banking – High Risk Large Branches – High Reach Union Bank Objective Customer Service – High Satisfaction Small Branches – Low Risk Minority Customer Service – High Satisfaction COMPETITIVE LANDSCAPE
  • 8. Competitive Landscape COMPETITIVE LANDSCAPE
  • 9. BoA is so large that it makes its customers feel small. Wells Fargo comes off as an irritation rather than helpful. Citibank avoids personal human interaction. DIRECT & INDIRECT COMPETITORS
  • 10. Bank of America: Bank Of America has made the largest community development goal ever established by an American financial institution – 1.5 trillion over 10 years. BOA’s $750 billion goal for community development lending and investment creates results at the local and state levels across their coast- to-coast market. This initiative focuses on four distinct categories: affordable housing; small business; consumer loans; and economic development. Citi Bank: Citibank offers a wide range of checking, savings, CD and retirement products; everything come with many free services including online banking, convenient account access, and 24/7 support. Citibank Online lets you take care of business without visiting a branch; you can pay bills, view account activity, make transfers, send wires, and use a wide variety of self-service options. Wells Fargo: Since 1852, Wells Fargo has been committed to diversity — and that commitment continues today. From the Gold Rush to the early 20th Century, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money and goods, offering both banking and express delivery. The "Mattress": “Returning an individual to the banking system often involves financial education and setting boundaries.” [G.Ramirez, senior vice president at Union Bank] There are about 28 million people without a checking or savings account in the US. The ‘unbanked’ are represented by people with two or even three jobs, and new immigrants; however, in the last couple of years, working middle class and professional people like police officers, nurses, and firefighters, merged into this group. This category usually had a checking account that got overdrawn, since they couldn’t pay back the fees, they had to skip out, finishing on the Chex Systems, which is the credit bureau for bank accounts that are overdrawn. DIRECT & INDIRECT COMPETITORS
  • 11. Weaknesses Misconception of small banks in current economy– people don’t know what banks to trust Poor digital experience Thin digital presence Technical failures – ATM and Card malfunctions STRENGTHS & WEAKNESSES
  • 12. Strengths Open 7 day a week Foundation for community development Local and personal banking experience Received 7 Greenwich Excellence Awards in middle market and small business banking STRENGTHS & WEAKNESSES
  • 13. From the brand to the customer Who is benefiting from these services? CURRENT CUSTOMER
  • 14. Who is the current UB customer? Mrs. & Mr. Thompson Needs: 24/7 access Safety Aspirations: Enjoy the empty nest Provide financial security The bank represents the link to their son’s funds CURRENT CUSTOMER
  • 15. Name: Judy Place: Detroit, MI Occupation: Mother [2 children] “I have an account with Chase bank that is with my son’s so that we can wire money back and forth or transfer funds whenever needed because I live in the Midwest and he lives on the West Coast.” CURRENT CUSTOMER
  • 16. Six major cultural influences What is affecting customers’ decisions and behaviors? CULTURE
  • 17. To understand the context is to be relevant From ME to WE Generation Economic crisis Emerging behaviors Doing Good Big banks = intimidating + unstable Mobile is on first come first serve CULTURE
  • 18. Relevant to who? Who’s riding the culture wave? PROSPECTIVE CUSTOMER
  • 19. Prospective UB Customers Travis Needs: 24/7 access Safety Help towards financial independence Aspirations: Easy, efficient banking Convenience Community involvement The bank represents the tool to give back and connect with the community PROSPECTIVE CUSTOMER
  • 20. Name: Andy Place: San Francisco, CA Occupation: Small business owner “I’ve been a Bank of America member since I was 15 years old but I am planning on changing; they don’t really do anything for me, they’re just too big.” “Large banks like Wells Fargo and Bank of America have gotten too big for their own good and they forget about the individual.” PROSPECTIVE CUSTOMER
  • 21. What we want Travis to see TRAVIS’ EMOTIONAL/LIFESTYLE TRAITS UNION BANK PROMISES Chooses his brands and become advocate. We give back to the community by doing things well and good. Vocal customer provide feedback through conversation. We understand and listen to our customers. Engages with his online identity. We provide our services where the customers are, online and offline. Influential in peers’ and parents’ life create wider reach. No matter how big we grow, we’ll never forget about individuals. Living in a transitional phase. We want to help our customers entering financial independence. PROSPECTIVE CUSTOMER
  • 22. “Instead of growing more branches, UB needs to nourish its roots.” OPPORTUNITY
  • 23. People are scared and don’t rely on trees that may fall By focusing on its roots Union Bank can grow preserving its integrity and providing a superior customer experience. OPPORTUNITY
  • 24. Nourishing UB roots Online Banking: Poor online experience throughout the banking industry Offer online and mobile banking workshop in order to educate customers and stand out amongst the rest Banks are cold: Banks are often described as quiet, sterile, and cold Creating a welcoming, human atmosphere for a better customer and working experience Corporation vs. Cooperation: Fees and extra charges seem to be banks’ favorite source of profit and customers’ favorite source of frustration Creating and owning a merciful banking mindset OPPORTUNITY
  • 25. Better banking begins with U. NEW POSITIONING
  • 26. Online/mobile banking education One-way vs. conversation More educated customer = better bank Relevant to customer’s needs Fee-free ATMs | Fee-free bank Maximize access Meet customer’s wants Strengthen relationship and mutual trust Local involvement Do Good Tool for customer to satisfy wants and give back Creates sense of engagement and fuel conversation STRATEGIC SUGGESTIONS
  • 27. If Union Bank nourishes its roots by following the strategy proposed, they will out grow and out last the rest of the trees.
  • 28. THANKS! Olia Kedik Noah Simon Paris Daniell Apo Bordin oliakedik@yahoo.com noah.says@gmail.com parisdaniell@gmail.com jbordin5@gmail.com

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