Living The Brand Helps Banks
Increase Insurance Sales
“Living the brand” is credited by 2 separate bank investment program executives as a key reason for their companies success in building sales of insurance and investment products.
The concept of living the brand is a marketing strategy that shifts focus away from traditional brand-strengthening programs based on sales promotion and other external media and toward strengthening employees role in building a companys brand recognition.
As explained by the 2 executives during the recent Bank Insurance & Securities Association annual meeting here, living the brand means a couple of things for a financial services firm. One is to establish the company as an expert ally of customers in reaching their own financial goals and the other is to do what top management needs to get all elements of the company dedicated to establishing a strong brand in consumers minds.
Brian T. Moynihan, executive vice president and head of regional commercial financial services and investment management for FleetBoston Financial, said his bank surveyed thousands of consumers before determining that it wanted to establish itself with customers as “a forward-looking financial services leader working with you in pursuit of your success.”
In short, FleetBoston sought to project the image of a knowledgeable financial partner that can help the client make smarter decisions about money, he said.
Part of that strategy includes building relationships on trust and integrity. Moynihan acknowledged that has been a challenge after the bank was implicated with a number of other firms in recent scandals involving late trading in the banks mutual fund business. “Were trying to get the mutual fund issue behind us,” he said.
Setting the tone has to come from the top, and FleetBostons top management intends to push that message down through all levels of the company, he said, adding the bank also has enhanced policies and procedures to bar unethical business practices.