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
Marketing’s upper middle embraces AI creative production
Scaled AI creative production is becoming ordinary among CMOS outside the billion dollar club.
‘It scared the hell out of me’: What brands have learned from creator partnerships
At Shoptalk Fall, brands like Favorite Daughter, SharkNinja and Bob’s Discount Furniture talked about what they’ve learned from working with creators.
Future of Marketing Briefing: Agency fees in creator deals are the next transparency headache for marketers
As creator marketing budgets grow, so do questions about what agencies are taking.