1. BANK ONE
“The Uncommon Partnership”
Akshay Pandey 2014003
Ankur Mukherjee 2014007
Nikita Bindal 2014bhand
2. NAME CHANGE OVER THE YEARS
Sessions and Company
to
The City national & trust company bank (1900)
To
First Bank Group of Ohio
To
Bank One (1968)
3. WHY
▪ City word didn’t make much sense after these acquisitions
▪ According to the survey conducted the name Bank One emerged as the clear winner
▪ Acquisition targeted outside Ohio
▪ Ohio banking law
▪ Customer focussed
▪ The goal was to move to a common identity for all the banks and lines of businesses
affiliated with the Bank One Corp
5. WHY THE NEXT CHANGE
• Growth
• Become ‘the leader’
6. “THE UNCOMMON PARTNERSHIP”
• John B. McCoy hired John Fisher
• Successful in educating both banks and customers
• Differentiated themselves from other traditional banks
• Acquire well-run institutions in attractive markets
• Too many companies in one basket
7. A BRAND TOOLKIT
• Set of guidelines for brand identity and positioning
• Ideal for communicating values, personality and history
• Keeps employees updated with current strategies
• Uniform external communication and service
8. HOW IMPORTANT IS BRAND BUILDING
• Usage vs Experience
• Tangible vs Emotional
• Switching
• Familiarity
• Customer Knowledge
Innovations like BankAmericard service, Plastic card automated teller machines, Kingsdale Financial centre & handle group of broker relationships for VISA cash management Led to emerging electronic banks & experiential branding led to increase awareness and usage of ATM machines and VISA
cards
Ball One Ballpark
Ba
Expand operations to other geographic areas
Customer centric
Merger with first Chicago NBD
John Fisher-From a radio jockey to Senior VP of Marketing
Implemented aggressive advertising campaigns-led to emerging electronic banks & experiential branding led to increase awareness and ussage of ATM machines and VISA
cards
Aggressive acquisition spree
Difficult to run with old decentralized framework as goals, objectives and processes differed
Usage vs Experience: FMCG and Consumer durables, both need to have a brand that focuses on delivering a better quality product. A bank, which provides a service, needs to focus on providing the user with a better experience. Hence, the user experience at every touchpoint needs to be enhanced.
Tangible vs Emotional: A product can be easily evaluated on its physical characteristics since it is tangible. A banking service on the other hand, needs a brand that connects with the customer on an emotional level, evoking emotions like trust and security.
Switching: There is little to no switching in banks by customers, hence they need to create a brand that focuses on acquiring new customers. FMCG and consumer durables have relatively much higher switching and hence are required to create brands that focus not only on new customer acquisition but also customer retention.
Familiarity: Due to lower day to day involvement with the products in banking services, a brand that is long lasting in the consumer’s mind is very important. FMCG products have almost day to day interaction with consumers, while durables also have a relatively higher involvement WRT time.
Customer Knowledge: Customers generally have lower knowledge about the services offered by banks as compared to, lets say, FMCG and consumer durables. Hence, it is of primary importance to create and maintain a brand that enforces a belief amongst the consumers that they are being advised correctly while making them feel safe and valued.
