Magazine article Marketing

Editor's Comment: Fresh Shoots for Finance

Magazine article Marketing

Editor's Comment: Fresh Shoots for Finance

Article excerpt

There are no superlatives left to describe the depths to which the reputation of banks has plummeted. In the eyes of many, they can simply do no right.

As the financial-services sector licks its wounds, it will be the job of marketers to craft and fine-tune the branding for three new banks, created on the orders of Chancellor Alistair Darling.

As marketing briefs go, launching a bank in the current climate is about as tough as it gets. It's an issue highlighted in our analysis on page 14.

Dusting off old brands such as TSB is one solution, but the possible emergence of new high-street players provides greater food for thought Younger consumers are feeling disillusioned with banks, creating an opportunity for non-banking brands, such as Tesco or Virgin Money, to offer a fresh way of thinking.

Critics claim that supermarkets underestimate the skillset required to run a banking operation, but, in fact, the gap between banking and retail has never been closer. …

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