I recently commented on a friend’s social media wall, about whether Guaranty Trust Bank (GTBank) would lose customers to other banks, over its recent spat with Innoson Motors. Here are my thoughts.
I’ve used GTBank’s and other banks’ e-channels. GTBank’s is better. What banks fail to realise is that, if a brand is not technologically superior, this generation won’t port to them, even if their current bank is seemingly abusing them.
This generation deeply cares about brand association. The *737# song, Ndani and Facebook Banking did a lot for GTBank’s brand building. Other banks don’t appreciate how branding moves this generation. Then, there’s GTBank’s superior social media presence and its insistence on hiring the best to execute projects. Just look at their branch designs.
GTBank has evolved beyond selling service. That was the previous generation’s value proposition. They are now selling branding, social connection and technology.
We should learn from Harley Davidson. Their bikes are not technically superior to many brands’. Japanese options are competitive. Yet, Harley is able to charge a premium. They are selling an iconic idea, not product quality. Their customers would much rather make excuses for them, than leave them.This generation cares about technology and brand association. Click To Tweet