Don’t bank on it
Brand Z’ is a global consumer brand survey study conducted by Kantar Millward Brown. Marketing speaks with Brad Doble, managing partner – Sydney at Landor Associates, about his organisation’s analysis of one particular segment: retail banking in Australia. Landor’s findings were that retail banks in Australia are underperforming in two key areas that the annual 'Brand Z' study identifies as key drivers of brand power: meaning (the role the brand plays in people's lives) and difference (how it stands out from competitors).
Brands in Australian retail banking sector fared poorly in both, and are ripe for swift disruption, says Doble, unless they find ways to innovate in more than just customer experiences.
Marketing: What’s wrong with retail banking in Australia?
Brad Doble: Banking as a product is quite commoditised. The money doesn’t really belong to the banks, so no matter what bank you go to it’s the exact same money. Interest rates are for the
