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

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