Financial organizations have been dealing with a technology-driven shift in culture from the inside out. One way they’re dealing: New sub-brands.
Marcus by Goldman Sachs, for example, touts itself as the startup inside Goldman Sachs that built an entirely digital personal loan product for consumers — a new set of customers for the 148-year-old company. Two weeks ago JPMorgan Chase introduced Finn, an app for people who would rather skip the branches for completely mobile checking and savings accounts with personal finance tools. Last week, Wells Fargo announced a similar offering called Greenhouse, a standalone mobile banking app with digital-only accounts and personal finance features.
One big reason for the shift is a focus on customer centricity. As financial brands strive to connect with customers in more specialized ways — because offerings have a more off-brand indication or target specific audiences — they’ve been looking for ways to stand for something different from the master brand. It doesn’t hurt, especially, when the parent brand is mired in other issues.
More in Marketing
How GameStop went from struggling retailer to eBay bidder
It’s still unclear how exactly GameStop, at a fraction of eBay’s size, would secure all the money needed for the transaction.
OpenAI makes it easier to run shopping ads in ChatGPT
OpenAI automates product ads for e-commerce brands, tapping existing catalogue infrastructure.
Marketers strain to juggle media budgets, AI and high expectations from CEOs
A new survey reveals sustained pressure on budgets as CMOs struggle to deliver on marketing goals and AI objectives.