Make Banking Sexy
22 Dec
Over the past few years, we’ve seen a near obsession among bank (and to a lesser extent credit union) execs to borrow from the retailer playbook (i.e., Starbucks), and turn their branches into places where consumers can hang out, sit in comfy chairs, drink coffee, and get Wi-Fi access on their computers.
I’m not sure if I really need to tell you this or not, but it hasn’t worked. In trying to understand why, I figured out what’s missing: Sex.
Carl’s Jr. is set to launch a series of ads featuring Kim Kardashian, who I’m told is a rather sexy reality TV star. Apparently the ads are somewhat on the erotic side. This isn’t the first time that Carl Jr. has used sex to sell his food. A few years ago, I remember seeing hearing about Paris Hilton slithering around in a Carl Jr.’s ad wearing very little.
According to a creative director at the ad agency that did the new spots, “guys love Kim and women really like her because she’s a real woman with curves.” Carl Jr.’s logic must be that running sexy ads will make people think one of three things:
- If I eat Carl Jr.’s food I’ll be sexy like Kim.
- If I eat Carl Jr.’s food I’ll get someone sexy like Kim.
- If I eat Carl Jr.’s food I’ll see someone sexy like Kim at the restaurant.
So, my banker friends, if you’re going to pursue this “we want a great retail-like experience at the branch”, you’re going to have start running sexy ads.
Here’s what I was thinking: How about an ad with Giselle Whats-her-last-name (Brady?) pulling a checkbook out of her push-up bra?
Oh wait, that wouldn’t work because no one has checkbooks any more.
Ok, then, how about Rikki and Vikki from A Double Shot at Love with the Ikki Twins transferring balances from their savings account to checking account on their iPhones while wearing sexy lingerie? (I had to Google “reality TV stars” to come up with this, you know).
Hold on, this isn’t going to work either. It’s women who manage the finances in the majority of the households in this country, so maybe what banks need are ads with hot studly-looking guys. But that logic is faulty, too, since the ad agency dude implied that as long as the woman used in the ad is a “real woman with curves” that that would appeal to women as well as to men.
I guess I should leave the creative part to the “experts” in the advertising business. Clearly, they know what they’re doing here. But what I do know is that it’s time banks made banking sexy.
Its already here… Don’t YOU think Jamie Dimon is sexy?
He was in an ad wearing skimpy clothing? I missed that one. Thankfully.
Leather chairs, fully stocked humidors, and stripper poles would be excellent additions to some bank lobbies–especially the “too big to fail” ones that have used and abused customers and taxpayers over the years. Heck, maybe they could increase non-interest income with cover charges, alcohol sales, and the house take from dancer tips.
Ron, it sounds like you need to visit a North Shore Credit Union (www.nscu.com) branch. You can hang out, sit in comfy chairs, drink coffee, and get Wi-Fi access. We started building these when I worked there and they just rolled out a similar design for their new Whistler branch. Details: http://www.webermarketing.com/showcase_northshore_merch.html
I think you have “sexy” confused with “warm and welcoming.” There’s nothing sexy — nor particularly retail — about having stuffed chairs, WiFi and coffee.
I’ve helped design hundreds of branch experiences (including the upscale North Shore branch model mentioned above), and never once do I recall anyone considering chairs+coffee+WiFi to be either “sexy” or “retail.”
You may have an issue with the idea that people will “hang out” at the bank, a notion I choke on myself. This (flawed?) strategy is probably behind the demise of the Gold Coast café branch concept:
If you want to see retail branches — real retail branches, not just chairs and coffee — look at these:
http://thefinancialbrand.com/2008/11/05/deutsche-bank-branch/
http://thefinancialbrand.com/2008/10/28/jyske-bank-branch/
If you want to see sexy branches — a real sexy branch, not just chairs and coffee — look at these:
http://thefinancialbrand.com/2008/10/15/chebanca-branch/
http://thefinancialbrand.com/2009/01/08/barclays-bank-of-the-future/
Forgot the link to the now-demised UNCB “Gold Café”:
http://thefinancialbrand.com/2008/12/18/uncb-gold-cafes-are-gone/
@JP: I’m not confusing “warm and welcome” w/ sexy. I only raised the point about the branches to demonstrate the focus (obsession) many bankers have w/ creating a retail-like branch (or store) experience.
My (tongue-in-cheek) point was that if banks truly want to follow the retail playbook, they have to play by the complete book. Which for some retailers, involves selling sex.
@benry: You’re absolutely right, I DO need to visit a NSCU branch in Vancouver. Who do I bill the travel to?
I’ve never got the whole “let’s make a branch where people want to hangout” thing either. People don’t want to hang out at a branch or the grocery store because it is chore. An errand. A pain in the a$$. Rather than dropping $3 Mil on some new, kick ass branch, spend $3 Mil on your IT systems, core processing, and debit cards to make sure that you can create they most stable, efficient, and least painful process as possible.
Sigh. I don’t get it. I write about sex, and you guys want to talk about branch design.
You’re right Ron. Banking could be more sexy. Heck, I think most people would settle for “less boring.” If the folks at Charmin can do it with toilet paper, marketers can do it with banks too. Can a courageous competitor choose a risqué direction with sex appeal (i.e., fistfuls of flesh)? Sure. Do I expect to see any financial marketer hitch their wagon to T&A? Not likely. Banking seems like it’s more ready for some metaphorical Viagra than a full-blown sexual revolution. (Richard Branson’s Virgin banking not withstanding.)