Growing the Union Bank brand by nourishing its roots.
1.    Meet UB2.    Problem3.    Competition4.    Strengths & Weaknesses5.    Current consumer6.    Culture7.    Prospectiv...
Who is Union Bank?Heritage150 year old establishment with $86 billion of assets.DNAIt’s about U, the customer.EnvironmentL...
How can UB grow without compromising its integrity?                                                PROBLEM
The competitive landscape is a forest of trees.Each tree is tall and skinny – lacking integrity due to rapid growth.They a...
Union Bank stands out amongst the other trees.                            It is a local, wise and old tree with a strong t...
Large Branches – High ReachMajority                            Investment Banking – High Risk                             ...
Competitive Landscape                        COMPETITIVE LANDSCAPE
BoA is so large that it makes its customers feel small.Wells Fargo comes off as an irritation rather than helpful.Citibank...
Bank of America:Bank Of America has made the largest community development goal everestablished by an American financial i...
WeaknessesMisconception of small banks in current economy–people don’t know what banks to trustPoor digital experienceThin...
Strengths Open 7 day a week Foundation for community development Local and personal banking experience Received 7 Greenwic...
From the brand to the customer              Who is benefiting from these services?                                   CURRE...
Who is the current UB customer?Mrs. & Mr. ThompsonNeeds:24/7 accessSafetyAspirations:Enjoy the empty nestProvide financial...
Name:           JudyPlace:          Detroit, MIOccupation:     Mother [2 children]     “I have an account with Chase bank ...
Six major cultural influencesWhat is affecting customers’ decisions and behaviors?                                        ...
To understand the context is to be relevantFrom ME to WE Generation                   Economic crisis                  Eme...
Relevant to who?              Who’s riding the culture wave?                        PROSPECTIVE CUSTOMER
Prospective UB Customers   Travis   Needs:   24/7 access   Safety   Help towards financial independence   Aspirations:   E...
Name:             AndyPlace:            San Francisco, CAOccupation:       Small business owner       “I’ve been a Bank of...
What we want Travis to seeTRAVIS’ EMOTIONAL/LIFESTYLE TRAITS                                UNION BANK PROMISESChooses his...
“Instead of growing more branches, UB needs to nourish its roots.”                                                      OP...
People are scared and don’t rely on trees that may fall                                            By focusing on its root...
Nourishing UB rootsOnline Banking:Poor online experience throughout the banking industryOffer online and mobile banking wo...
Better banking begins with U.                                NEW POSITIONING
Online/mobile banking education           One-way vs. conversation     More educated customer = better bank         Releva...
If Union Bank nourishes its roots by following the strategy proposed,         they will out grow and out last the rest of ...
THANKS! Olia Kedik           Noah Simon            Paris Daniell            Apo Bordinoliakedik@yahoo.com   noah.says@gmai...
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Union bank

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Union bank

  1. 1. Growing the Union Bank brand by nourishing its roots.
  2. 2. 1. Meet UB2. Problem3. Competition4. Strengths & Weaknesses5. Current consumer6. Culture7. Prospective consumer8. Opportunity9. New positioning10. Strategic suggestions TABLE OF CONTENTS
  3. 3. Who is Union Bank?Heritage150 year old establishment with $86 billion of assets.DNAIt’s about U, the customer.EnvironmentLiving amongst banking giants.GoalHighlight major strengths MEET UB
  4. 4. How can UB grow without compromising its integrity? PROBLEM
  5. 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. 6. Union Bank stands out amongst the other trees. It is a local, wise and old tree with a strong trunk thats full of character.This tree invites people around to join its presence and seek refuge underneath it’s familiar canopy. COMPETITIVE LANDSCAPE
  7. 7. Large Branches – High ReachMajority Investment Banking – High Risk Large Branches – High ReachUnion Bank Objective Customer Service – High Satisfaction Small Branches – Low RiskMinority Customer Service – High Satisfaction COMPETITIVE LANDSCAPE
  8. 8. Competitive Landscape COMPETITIVE LANDSCAPE
  9. 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. 10. Bank of America:Bank Of America has made the largest community development goal everestablished by an American financial institution – 1.5 trillion over 10 years.BOA’s $750 billion goal for community development lending andinvestment 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 economicdevelopment.Citi Bank:Citibank offers a wide range of checking, savings, CD and retirement products; everything come with many free services includingonline banking, convenient account access, and 24/7 support. Citibank Online lets you take care of business without visiting abranch; 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 theearly 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 vicepresident 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. 11. WeaknessesMisconception of small banks in current economy–people don’t know what banks to trustPoor digital experienceThin digital presenceTechnical failures – ATM and Card malfunctions STRENGTHS & WEAKNESSES
  12. 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. 13. From the brand to the customer Who is benefiting from these services? CURRENT CUSTOMER
  14. 14. Who is the current UB customer?Mrs. & Mr. ThompsonNeeds:24/7 accessSafetyAspirations:Enjoy the empty nestProvide financial security The bank represents the link to their son’s funds CURRENT CUSTOMER
  15. 15. Name: JudyPlace: Detroit, MIOccupation: 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. 16. Six major cultural influencesWhat is affecting customers’ decisions and behaviors? CULTURE
  17. 17. To understand the context is to be relevantFrom ME to WE Generation Economic crisis Emerging behaviors Doing Good Big banks = intimidating + unstable Mobile is on first come first serve CULTURE
  18. 18. Relevant to who? Who’s riding the culture wave? PROSPECTIVE CUSTOMER
  19. 19. Prospective UB Customers Travis Needs: 24/7 access Safety Help towards financial independence Aspirations: Easy, efficient banking Convenience Community involvementThe bank represents the tool to give back and connect with the community PROSPECTIVE CUSTOMER
  20. 20. Name: AndyPlace: San Francisco, CAOccupation: 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. 21. What we want Travis to seeTRAVIS’ EMOTIONAL/LIFESTYLE TRAITS UNION BANK PROMISESChooses 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. 22. “Instead of growing more branches, UB needs to nourish its roots.” OPPORTUNITY
  23. 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. 24. Nourishing UB rootsOnline Banking:Poor online experience throughout the banking industryOffer online and mobile banking workshop in order toeducate customers and stand out amongst the restBanks are cold:Banks are often described as quiet, sterile, and coldCreating a welcoming, human atmosphere for a better customer and working experienceCorporation vs. Cooperation:Fees and extra charges seem to be banks’ favorite source of profitand customers’ favorite source of frustrationCreating and owning a merciful banking mindset OPPORTUNITY
  25. 25. Better banking begins with U. NEW POSITIONING
  26. 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 backCreates sense of engagement and fuel conversation STRATEGIC SUGGESTIONS
  27. 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. 28. THANKS! Olia Kedik Noah Simon Paris Daniell Apo Bordinoliakedik@yahoo.com noah.says@gmail.com parisdaniell@gmail.com jbordin5@gmail.com

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