Welcome to the United Bank of Dystopia

By Neal Reynolds, BankMarketingCenter.com

New normal. Next normal. Full-on normal. No one can even agree on what to call what we’re facing, let alone agree on what that might look like. Which is why, if there is just one thing on which we can agree, that we can all be sure of, it is that this “new” or “next” normal will be no such thing, that it will not bear even the slightest resemblance to what we all like to think of as “normal.” These handles are nothing more than wishful thinking; the thinking that by incorporating the word “normal” into any prediction of the future will somehow make it so… normal, that is.

Truth is, normal as we’ve known it is gone for good. Therefore, in my opinion, there is no “new normal” in banking. Take shopping for instance. What would make anyone believe that the retail experience will ever return, that people so crave the tactile nature of shopping’s days-gone-by that we’ll see a post COVID-19 resurgence in going to the mall? Ain’t going to happen. People don’t want it, nor do they need it.

Look at health care. Here’s the future there: telehealth. Folks talk about how important that personal relationship with their physician is and how empathy plays such a critical role in the doctor/patient relationship. Well, I’ve got news for you. Telehealth is here and it’s here to stay. People aren’t dying (pun intended) to do a doctor’s visit any more. They’re just as happy, if not more so, to see their doctor from the comfort of their couch via a laptop screen. Post pandemic, will things look any different? Healthcare professionals give a resounding “hell no.” Heck, look at grocery shopping. Is it critical to feeding yourself that you push a cart up and down some aisles, squeezing a cantaloupe or two along the way? No way. Even shopping for groceries is going the way of the T-Rex. Experts predict that online grocery will account for 21.5% of total grocery sales by 2025; an estimated $250 billion, which is a more than 60% increase over pre-pandemic estimates.

Now, onto banking. “Offer more than just products” is one piece of advice I’ve recently seen. “Figure out new ways to communicate the human element” is another. I’m not suggesting that you sell everything, move to some remote part of Montana and spend the remainder of your days off the grid. But I am suggesting that this idea that two years from now we’ll recognize even a modicum of banking as we see it today, well, it’s not realistic.

We’re becoming increasingly isolated and impatient. Instant gratification is what drives transactions today, not always relationships, like we grew up with. We see this in the struggle that brands face. Despite their best – and most costly efforts – products and services are fast becoming commoditized.

To sum up, it’s a race to the bottom. When selling your banking services, focus on good, cheap, and fast. There’s an old adage in marketing that these are the three features/benefits upon which you can build the marketing of any product. Only problem is the second part of the adage: You can only pick two. So, pick your two and build your product/service marketing around them. That’s the “new normal” for banks.

Make sure that your marketing team, and your marketing messaging, are as nimble as a Cirque du Soleil contortionist. Be social. Not the kind where you actually meet or talk with people, but the kind where you do absolutely none of that. Instead, take a very promotional approach to your marketing through quick and easy-to-execute messaging via those social platforms where today’s consumers tend to get their disinformation. Forget about building your brand through messaging built on emotional appeal. As Jack Webb used to say, give them, “just the facts, ma’am.” It’s available at this price. Act now. Bank branches will disappear and with them, of course, banks. If your bank takes a very retail/promotional approach to your marketing, forsaking brand and using digital platforms effectively while making sure that your online banking services don’t suck, you may get to stick around for a while.

About the author: Neal Reynolds is President of BankMarketingCenter. com, a web-based marketing portal that is being used by over 300 banks around the country. Banks can create professional marketing materials in seconds, no software or ad agency required. If you’re looking for the “new” or “next” normal, Neal can be contacted at nreynolds@ bankmarketingcenter.com or 678-528-6688. IBA Preferred Vendor