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Great brands aim to influence the world. They use purpose to drive action. And according to a recent survey conducted by Accenture Song of North American banking customers, “brand purpose” is no longer a nice-to-have — it’s a must.
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For banks, we define ‘brand purpose’ as an action-oriented articulation of your mission and values, and this is the basis for a good customer and employee experience. When done well, it’s a competitive advantage and a powerful driver of growth, loyalty and appreciation.
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Your brand purpose must be inspiring and consistently delivered in everything you say and do.
Marketers take note: 78% of marketers worldwide say brand purpose is more important than ever after 2020. According to our Marketing Decluttered survey, 71% of financial services marketers globally said their organization is focused on brand purpose to emphasize differentiation.
While the interest is clear, the goal is a C-suite priority that many are not pursuing. Our research shows that 82% of C-Suite executives say purpose is important, but only 42% say their company’s stated purpose has had a significant impact on their organization. We see this discrepancy in the banking sector.
This is important because bank customers also care about the purpose of the brand. Accenture Song’s survey of North American banking customers focused on the importance of brand purpose and found that 78% believe today’s banks should have a strong and visible brand purpose. In addition, 87% agreed that the purpose of a bank’s brand should match the actions it takes.
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To communicate the importance of brand purpose to managers and customers, we have defined a purpose impact framework across three platforms: brand, engagement and empowerment. The framework allows banks to define a purpose and build a holistic brand around it, then activate and execute on that brand to ultimately drive growth.
1. Definition using a brand platform: Explain your brand’s purpose and platform that creates a meaningful connection with your audience.
A brand’s purpose begins with an action-oriented statement of its mission, vision, business strategy and promise to customers, employees and shareholders. This brand platform shines when it is understandable, compelling and forward-thinking. When delivered consistently, it will energize and inspire the entire bank so that existing customers understand and embrace the brand’s direction, and potential new audiences know and appreciate the brand for all its strengths.
As we navigate a post-pandemic world, there is a huge opportunity for banks and they are expected to be on target in every interaction. As a result of this influence, as competition increases and the agility and transparency afforded by digital technology, more banks and fintech companies are doubling down on reaching their customers, employees and communities through their own brand platform.
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Nubank shows us the power of brand purpose. Brazil’s digital bank, now Latin America’s largest fintech, defines its brand’s mission to make banking more accessible in a market traditionally plagued by high interest rates, complicated account opening processes and a reputation for poor customer service.
In addition, Nubank promotes a customer-centric culture that cares about its employees and collaborates with companies such as WhatsApp and Meta (Facebook) to consistently achieve its defined goal. And it all starts with a purpose: “Nubank was created to create this world with you and simplify your financial life with transparency and security. From day one, we treated people as people, not numbers. We deconstruct complexity, bureaucracy and the old fashioned way of handling money.
This alignment of the brand platform with the business and customer strategy creates the foundation for building true advice, increasing financial well-being and building long-term, mutually beneficial partnerships that drive growth.
2. Activation through an engagement platform: Bring brand purpose to life in a unique audience journey.
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While a bank’s brand platform may be well defined, today’s bank must consider how this strategy will translate into customer, employee experience, products and services. In this way, the bank’s onboarding platform is the next step towards activation.
Customers and employees expect banks to deliver intentionally through clear, authentic, inspiring, culturally relevant experiences. This meaningful presentation must be consistent across the bank, from customer touch points, marketing campaigns, products and services to the employee experience and beyond. How will you activate your brand’s purpose through delivery? How do you ensure your purpose is at the heart of every customer engagement opportunity?
As highlighted in the blog post Thriver’s Tips for CMOs, banks need to stay simple and consistent. It is not about maintaining a hot topic at a given time. Your goal should permeate every customer and employee’s brand experience, from social media, advertising, in-store experience, mobile app and more.
We see digital challengers and smaller regional banks stand out as leaders in adapting and enabling purpose, fully committed to delivering on their brand promises across products and customer touchpoints. N26 built its product to serve expats, while Swedish fintech Doconomy focuses on climate action and sustainability. Greenwood Regional Bank has taken a step forward in the Black Lives Matter movement by making statements and customizing products and services with affluence bias in mind.
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Customers and employees look for authenticity and will support brands that not only hold strongly to their values and beliefs, but also consistently demonstrate them in meaningful ways in every interaction.
3. Deploy with an enablement platform: Listen to, respond to, and deliver on your audience’s needs—effectively, across channels, and at scale.
Finally, we come to the critical stage of listening, responding and meeting customer needs. From the bank’s talent and employee experience to technology, processes and data, how the bank enables and delivers with intent will drive results and growth. Remember the power of your answers. Strong communication depends on your ability to respond in authentic and effective ways.
Based on experience, our research shows that customers expect their bank to be consistent and unified, remembering the customer and their behavior and interactions to deliver tailored, personalized and customized services.
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BBVA was recognized as the best digital bank in Western Europe at the Euromoney Awards for Excellence. It drove digital transformation with a people-centric focus and approach to growth and customer retention. This continuous effort to incorporate innovation into its culture has enabled BBVA to better serve its clients by offering more personalized financial advice and other related products and services. These results speak to the power of brand purpose activation.
In today’s world, your purpose is more important than ever. Banks have the opportunity to be useful stewards of the current social, climate and health crises and guide customers, employees and local communities through a changing world. By connecting the elements together, you activate your brand’s purpose to:
Accenture’s 2022 Activating Brand Purpose study focused on the banking, capital markets and insurance industries. The full report will be published in 2022. in the autumn For more information about the purpose of the brand and this report, please contact us. We would like to join.
Jess Lin: Accenture Songs North America Marketing Transformation Strategy Lead and Lead on the Activate Brand Purpose research. Todd Staehle: Head of Global Underwriting at Accenture Song and member of the Activating Brand Purpose Research Group. Jess Murray: Accenture Song’s North American head of banking and capital markets and member of the research team for the Activate Brand Purpose report. Alexandra Tyler: Senior Manager of Marketing Transformation at Accenture Song.
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Special thanks to Alexandra Convey, Accenture Song Marketing Transformation Consultant and Abhit Sahota, Accenture Song Marketing Transformation Lead, for their contributions to this blog post.
Disclaimer: This content is provided for general information purposes and is not intended to be used in consultation with our professional advisors. This document may contain trademarks belonging to third parties. All such third party marks are the property of their respective owners. No sponsorship, endorsement or approval of such content by the owners of such marks is intended, expressed or implied. Copyright © 2022 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture. Despite the headlines about digital disruption in financial services, the big banks are actually holding their own. Globally, financial services revenue has grown by 4 percent annually over the past decade (mainly driven by growth in emerging markets), with fintech startups and big tech companies capturing only tiny slivers of market share so far.
However, digital technologies and big data/analytics still have the potential to shake up the financial sector. Investors believe fintech startups will become a major force in the future as they are valued at $120 billion in the US. USD or 7 percent of all US bank shares.
As we can see, many banks have not set their sights nearly high enough in response to disruptive attackers. They have been overly cautious about playing defensively, with “man-too” digital initiatives primarily aimed at countering the actions of existing or potential disruptors. Even for banks that want to be more aggressive, it’s hard to know exactly what to do. Big banks – like many