Why Small Firms Are Declaring War on Big Banks
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Small financial firms are swapping their conservative tactics for bolder marketing that calls out mega banks for bailouts, high fees and being out of touch with Main Street. The edgier campaigns are meant to lure customers away from competitors like Chase and Bank of America, which are among the top spenders in the category, as well as turn around more than a decade of declining market share.
“We want to go after their disgruntled customers,” said Kevin Tynan, senior VP-marketing at LIberty Bank for Savings in Chicago, Ill. “We need to develop a message that is going to resonate.”
The firm adopted the brand approach in 2013 — when the economy was recovering and discontent for commercial banks was high — with the tagline, “Better banking because we’re not a bank,” and a spot called “Boardroom,” which criticized banks for charging high fees and accepting bailouts.
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