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 Ace Hardware built its employee AI assistant
Ace Hardware executives took a careful approach in designing and implementing its new AI assistant to work throughout the chain.
Marketers at Possible adjust to the realities of AI while trying to stay human
Digiday caught up with a raft of executives from across marketing (Geico and Maybelline), agencies (Mediaplus, CROING), content (1440) and research (Marketcast).
‘Maybe ChatGPT is a different kind of a place’: Why OpenAI is saying no to search budgets — for now
OpenAI is coming for performance budgets — it just isn’t ready yet.