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Go bank presentation

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  • 1. GoBank Brand and Communication Strategy A Comprehensive Look Inside the Future of Mobile Banking: What Are the Next Steps?

2. Banking With Big Banks What do you get? How do you get it? How do they reach you? 3. 1.0 million Facebook likes BofA Help Twitter: 229,000 tweets, 44,000 followers BofA News Twitter: 1,200 tweets, 144,000 followers 3,600 YouTube subscribers 2.8 million Facebook likes 4,400 tweets, 77,000 Twitter followers 3,500 YouTube subscribers 740,000 Facebook likes 7,900 tweets, 170,000 Twitter followers 3,000 YouTube subscribers 3.7 million Facebook likes Chase Support Twitter: 60,000 tweets, 18,000 followers Chase News Twitter: 5,000 tweets, 20,000 followers 1,000 YouTube subscribers Heavy online following and presence Constantly updating and monitoring Facebook and Twitter. TV ads, online campaigns, stadiums, billbo ards, print media So You Can Whats in your wallet? #1 in Satisfaction Citi Never Sleeps Online Presence 4. College Students and Sports Fans #CapitalOneBaldwin Great Thing: College Student Campaign 5. Customer Service and Community Spirit Get a response within one business day at BofA (app) Giving back to the community 200,000 tweets, 44,000 followers, and immediate response 6. Moven-Take Charge of Your Spending Simple-Mobile Banking Simplified Ally Bank- Tech Savvy Personal Finances Handler Etrade-Day Trader with Banking Needs Discover-Cashback Card and Loans BlueBird-No Monthly, overdraft, minimum balance Online and Mobile Banks 7. What Do We Have So Far? Banks can target you everywhere. Young couples, old couples, retirees, homeowners, apartment renters, car owners, people with personal finance handling experience, small business owners, savers, spenders, students, single 20s 8. 4 Types of People to Target Young, inexperienced bankers Unbanked Minorities People looking to avoid fees People spending not saving 9. STRENGTHS Easy to use, convenient with simplified informal bank language Limited Fees- generally Americans pay $12 to keep an account open Pay-what-you-want system allows for freedom and fosters relationship between bank and customer More ATM locations than Chase or BofA Partnerships with stores Barnes & Noble, RiteAid, Kmart WEAKNESSES Minimal social media and online presence Ways to deposit cash are limited $3000 per month deposit and 10-day holding period for large checks remain an issue Minimal interest features provided Pay-what-you-want could lead to people paying $0 OPPORTUNITIES College students and college campuses 18-30 year old mobile users 18-35 year old Hispanics Facebook, Twitter and YouTube People with no previous banking knowledge People escaping from big banking Ease of use and customer centric THREATS Big banks offer similar features Predisposition that switching banks is complicated Lots of other banks to choose from Other banks offer interest on savings accounts Getting GoBank Traction GoBank SWOT 10. Pay-what-you-want in monthly fees, GoBank sends checks for you, deposit cash and checks, pay a friend via email, large free ATM network, customizable debit card (low cost), balance bar, custom alerts (purchase of gas/atm withdrawal..), go bank fortune teller (can I afford that), no overdraft fees, and of course SIMPLICITY and FREEDOM GoBank: Its About Time 11. Customer Service 12. Create a lasting relationship with the banks user Make the relationship stronger and provide an incentive to pay more per month through donations Give the user a credit to wave one not-in-network ATMs fee 13. Better Reaching College Students 14. Create incentives on campuses Partner with on-campus ATMs or libraries Stunt on 10 campuses promoting GoBank with the help of Professor Dog 15. Better Reaching Young Hispanic Customers 16. Hispanics are the most unbanked ethnic minority 60% of hispanics with mobile phones have smart phones Spanish speaking radio advertisements Create and sponsor promotional events at community centers and volunteer networks 17. Other Efforts 18. Project Runway has already been used to target primarily women Feature GoBank on ESPN or College Humor banner ads GoBank partner with Mashable to spreading the word Ads on Facebook GoBank can be used as a temporary bank for fast cash and paying back friends. 19. Comprehensive Strategy Give Incentives Generate and spread content Customer first attitude